Commercial Loan Processor Salary
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.
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.Read More...
Commercial loan processors may assist lending officers and underwriters with any orders, confirmations, and file requirements that may arise, as well as the processing of withdrawn or denied loans. They must also ensure that all post-closing duties on loan files, such as following up on the receipts of final title policies and deeds, quality control, and the payment of fees, are completed in an efficient manner. To ensure that all duties are performed and all parties are kept informed and updated, these processors must also maintain communication with business lending officers and underwriters throughout the loan process.
Strong organizational and communication skills are important in this position, and the ability to multitask is also important to keep up with incoming loans. A bachelor’s degree and at least one year of relevant work experience are generally required for this position, and computer skills are also required for data processing. Commercial loan processors typically work full-time during regular business hours, and travel is not required for this position.
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.