Commercial Loan Processor Salary

A substantial slice of final earnings for Commercial Loan Processors (roughly one-half) arrives through commissions. Median overall income in this area is approximately $41K. Career duration and the particular city each impact pay for this group, with the former having the largest influence. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the greater part. Women make up the vast majority of Commercial Loan Processors (84 percent) who answered the questionnaire. Work is enjoyable for Commercial Loan Processors, who typically claim high levels of job satisfaction. The data for this synopsis comes from respondents who took the PayScale salary survey.

$31,188 - $61,627
$31K
$46K
$62K
MEDIAN: $45,957
10%
50%
90%

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$12.63 - $24.28
$13
$18
$24
MEDIAN: $17.54
10%
50%
90%

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$0$61K
Salary $31,188 - $61,627
Bonus $776 - $6,183
Profit Sharing $3,250
Commission $19,500
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).
)
$28,088 - $61,321
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 101
Hourly Data $0$36
Hourly Rate $12.63 - $24.28
Overtime $20.00 - $36.41
Annual Data $0$61K
Bonus $776 - $6,183
Commission $19,500
Profit Sharing $3,250
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).
)
$28,088 - $61,321
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 111

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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

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

Commercial Loan Processor Job Listings

Popular Skills for Commercial Loan Processor


Survey results show that Commercial Loan Processors typically report just a few professional skills. Most notably, skills in Loan Documents, Document Preparation, Loan Processing, and Commercial Loans are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Customer Service. Most people skilled in Commercial Loans are similarly competent in Loan Documents.

Pay by Experience Level for Commercial Loan Processor

Pay by Experience for a Commercial Loan Processor has a positive trend. An entry-level Commercial Loan Processor with less than 5 years of experience can expect to earn an average total compensation of $35,000 based on 103 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Commercial Loan Processor with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $39,000 based on 57 salaries. An experienced Commercial Loan Processor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $44,000 based on 58 salaries. A Commercial Loan Processor with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $56,000 based on 27 salaries.

Related Job Salaries

Key Stats for Commercial Loan Processor

Gender

Female
84 %
Male
16 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 33 votes.
Less than 1 year
5%
1-4 years
33%
5-9 years
18%
10-19 years
33%
20 years or more
11%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Commercial Loan Processor Salaries

▲37%

▲7%

National Average
$41,000

▼4%

▼14%

Skills That Affect Commercial Loan Processor Salaries


Document Preparation
▲3%



National Average
$41,000

Customer Service
▼3%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 33 votes.

Gender

Female
84 %
Male
16 %

Years of Experience

Less than 1 year
5%
1-4 years
33%
5-9 years
18%
10-19 years
33%
20 years or more
11%

Common Health Benefits

medical benefits
Medical: 88%
dental benefits
Dental: 76%
vision benefits
Vision: 65%
no benefits
None: 10%
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