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The differences between senior loan processors and mortgage processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a senior loan processor, becoming a mortgage processor takes usually requires 2-4 years. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $40,527 average annual salary of a mortgage processor.
The top three skills for a senior loan processor include customer service, FHA and va. The most important skills for a mortgage processor are customer service, FHA, and va.
| Senior Loan Processor | Mortgage Processor | |
| Yearly salary | $50,297 | $40,527 |
| Hourly rate | $24.18 | $19.48 |
| Growth rate | 4% | -3% |
| Number of jobs | 21,995 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 52% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
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 mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
Senior loan processors and mortgage processors have different pay scales, as shown below.
| Senior Loan Processor | Mortgage Processor | |
| Average salary | $50,297 | $40,527 |
| Salary range | Between $33,000 And $75,000 | Between $31,000 And $52,000 |
| Highest paying City | Baltimore, MD | Phoenix, AZ |
| Highest paying state | Hawaii | Arizona |
| Best paying company | Accenture | CyberCoders |
| Best paying industry | Professional | Professional |
There are a few differences between a senior loan processor and a mortgage processor in terms of educational background:
| Senior Loan Processor | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan processors' and mortgage processors' demographics:
| Senior Loan Processor | Mortgage Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 23.0% Female, 77.0% | Male, 24.2% Female, 75.8% |
| 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, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 7% |