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The differences between senior loan processors and senior loan officers 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 senior loan officer. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $37,162 average annual salary of a senior loan officer.
The top three skills for a senior loan processor include customer service, FHA and va. The most important skills for a senior loan officer are customer service, loan applications, and origination.
| Senior Loan Processor | Senior Loan Officer | |
| Yearly salary | $50,297 | $37,162 |
| Hourly rate | $24.18 | $17.87 |
| Growth rate | 4% | 4% |
| Number of jobs | 21,995 | 65,807 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| 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 senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
Senior loan processors and senior loan officers have different pay scales, as shown below.
| Senior Loan Processor | Senior Loan Officer | |
| Average salary | $50,297 | $37,162 |
| Salary range | Between $33,000 And $75,000 | Between $29,000 And $46,000 |
| Highest paying City | Baltimore, MD | Miami, FL |
| Highest paying state | Hawaii | Hawaii |
| Best paying company | Accenture | Salal Credit Union |
| Best paying industry | Professional | Finance |
There are a few differences between a senior loan processor and a senior loan officer in terms of educational background:
| Senior Loan Processor | Senior Loan Officer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan processors' and senior loan officers' demographics:
| Senior Loan Processor | Senior Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 23.0% Female, 77.0% | Male, 69.4% Female, 30.6% |
| 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, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |