Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between senior loan processors and senior underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a senior underwriter has an average salary of $69,375, which is higher than the $50,297 average annual salary of a senior loan processor.
The top three skills for a senior loan processor include customer service, FHA and va. The most important skills for a senior underwriter are customer service, portfolio, and underwriting guidelines.
| Senior Loan Processor | Senior Underwriter | |
| Yearly salary | $50,297 | $69,375 |
| Hourly rate | $24.18 | $33.35 |
| Growth rate | 4% | -4% |
| Number of jobs | 21,995 | 6,726 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 71% |
| Average age | 45 | 44 |
| Years of experience | 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 underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
Senior loan processors and senior underwriters have different pay scales, as shown below.
| Senior Loan Processor | Senior Underwriter | |
| Average salary | $50,297 | $69,375 |
| Salary range | Between $33,000 And $75,000 | Between $44,000 And $108,000 |
| Highest paying City | Baltimore, MD | New York, NY |
| Highest paying state | Hawaii | New York |
| Best paying company | Accenture | Capital Group |
| Best paying industry | Professional | Insurance |
There are a few differences between a senior loan processor and a senior underwriter in terms of educational background:
| Senior Loan Processor | Senior Underwriter | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan processors' and senior underwriters' demographics:
| Senior Loan Processor | Senior Underwriter | |
| Average age | 45 | 44 |
| Gender ratio | Male, 23.0% Female, 77.0% | Male, 42.0% Female, 58.0% |
| 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, 9.3% Unknown, 2.5% Hispanic or Latino, 9.4% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 9% |