Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between senior loan processors and loan originators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a senior loan processor and a loan originator. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $41,291 average annual salary of a loan originator.
The top three skills for a senior loan processor include customer service, FHA and va. The most important skills for a loan originator are customer service, origination, and FHA.
| Senior Loan Processor | Loan Originator | |
| Yearly salary | $50,297 | $41,291 |
| Hourly rate | $24.18 | $19.85 |
| Growth rate | 4% | 4% |
| Number of jobs | 21,995 | 10,716 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 61% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A senior loan processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.
A Loan Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Senior loan processors and loan originators have different pay scales, as shown below.
| Senior Loan Processor | Loan Originator | |
| Average salary | $50,297 | $41,291 |
| Salary range | Between $33,000 And $75,000 | Between $28,000 And $60,000 |
| Highest paying City | Baltimore, MD | New York, NY |
| Highest paying state | Hawaii | South Dakota |
| Best paying company | Accenture | Centennial Bank |
| Best paying industry | Professional | Transportation |
There are a few differences between a senior loan processor and a loan originator in terms of educational background:
| Senior Loan Processor | Loan Originator | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan processors' and loan originators' demographics:
| Senior Loan Processor | Loan Originator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 23.0% Female, 77.0% | Male, 54.0% Female, 46.0% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.6% American Indian and Alaska Native, 0.5% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |