Commercial Loan Processors in the United States can expect to earn an average of $17.17 per hour. Geography is the biggest factor affecting pay for this group, followed by experience level. Most Commercial Loan Processors like their work and job satisfaction is high. Medical benefits are awarded to most, and a strong majority earn dental coverage. There are far more female Commercial Loan Processors who answered the questionnaire than men, making up 83 percent. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.

$31,382 - $59,545
(Median)
$31K
$43K
$60K
MEDIAN: $42,723
10%
50%
90%

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$12.27 - $22.42
(Median)
$12
$17
$22
MEDIAN: $17.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$20K$40K$60K
Salary
$31,382 - $59,545  
   
Bonus
$489.36 - $7,728  
Profit Sharing
$1,185  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$28,160 - $58,784  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 108
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$12$24$36
Hourly Rate
$12.27 - $22.42  
   
Overtime
$18.18 - $34.00  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$24K$48K$72K
Bonus
$489.36 - $7,728  
   
Profit Sharing
$1,185  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$28,160 - $58,784  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 110
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Job Description for Commercial Loan Processor

Commercial loan processors are responsible for receiving and processing all incoming loans for an organization. They typically sort and organize incoming loans according to the business’s criteria and enter relevant information into the system, and they are also expected to prepare and mail disclosures as necessary.

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Commercial Loan Processor Tasks

  • Answer questions regarding closing requirements.
  • Maintain communication with brokers partners and closing/settlement agents with loan status.
  • Authorize funding upon verification of all documentation.
  • Order credit reports, appraisals, title insurance, and all other certifications as necessary.

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Popular Skills for Commercial Loan Processor


Typical Commercial Loan Processors report a focused set of job skills. Most notably, skills in Document Preparation, Loan Documents, Loan Processing, and Commercial Loans are correlated to pay that is above average, with boosts in pay of 5 percent. For most people, competency in Commercial Loans indicates knowledge of Loan Documents.

Pay by Experience Level for Commercial Loan Processor

Median of all compensation (including tips, bonus, and overtime) by years of experience.


More years of relevant experience do not necessarily translate to higher paychecks. In this position, someone who has worked for fewer than five years can expect a median salary of $36K. The median for people with five to 10 years of experience is only a little bit higher at $39K. Commercial Loan Processors bring in $44K after working for 10 to 20 years. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $50K, demonstrating that compensation is roughly commensurate with experience in the end.

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Experience Affects Commercial Loan Processor Salaries

Late-Career
up arrow 25%


National Average
$40,000



Skills That Affect Commercial Loan Processor Salaries



Document Preparation
up arrow 5%

Commercial Loans
up arrow 4%

National Average
$40,000

Customer Service
up arrow 1%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 27 votes.

Gender

Female
83 %
Male
17 %

Years of Experience

Less than 1 year
5%
1-4 years
36%
5-9 years
20%
10-19 years
26%
20 years or more
13%

Common Health Benefits

medical benefits
Medical: 88%
dental benefits
Dental: 73%
medical benefits
Vision: 64%
dental benefits
None: 10%
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