Loan Processor Salary

Median pay for Loan Processors in the United States is around $14.99 per hour. With some bonuses approaching $9K and certain profit sharing proceeds approaching $5K, overall incomes of Loan Processors spread between $25K and $51K depending on individual performance. This group's pay is mainly influenced by location, followed by years of experience and the individual firm. Women make up the vast majority of Loan Processors (84 percent) who answered the questionnaire. The majority of workers are highly satisfied with their job. A strong majority report receiving medical coverage from their employers and more than half collect dental insurance. This report is based on answers to PayScale's salary questionnaire.

$26,603 - $51,227
(Median)
$27K
$39K
$51K
MEDIAN: $38,639
10%
50%
90%

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$11.05 - $20.57
(Median)
$11
$15
$21
MEDIAN: $14.00
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$18K$36K$54K
Salary
$26,603 - $51,227  
   
Bonus
$0.00 - $9,015  
Profit Sharing
$253.42 - $4,932  
Commission
$1,188 - $24,753  
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).
)
$24,881 - $50,744  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 879
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$11$22$33
Hourly Rate
$11.05 - $20.57  
   
Hourly Tips
$2.50  
Overtime
$16.39 - $32.27  
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$22K$44K$66K
Bonus
$0.00 - $9,015  
   
Commission
$1,188 - $24,753  
Profit Sharing
$253.42 - $4,932  
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).
)
$24,881 - $50,744  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 1,056
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Job Description for Loan Processor

A loan processor is responsible for managing the administrative tasks associated with loans or mortgages. These tasks include data entry, loan application verification, background and credit checks, communicating with applicants, and preparing loan applications for submission to underwriters. Loan processors ensure that all required documentation and signatures are in place prior to submitting the loan for approval. Mortgage loan processors also must be able to deal with real estate and escrow agents, buyers, homebuilders, and all others who are involved with the home-buying process. In this way, mortgage loan processing can be more complicated; however, most loan processors work in the mortgage or automobile loan industry.

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Loan Processor Tasks

  • Order title and escrow, review them and process loan conditions.
  • Work with clients and loan originator to obtain necessary information, process it and finalize loan documents.
  • Complete and maintain all paperwork for ongoing and new loans, including loan disclosures.
  • Submit completed loans to underwriting, and ensure all items are obtained.

Common Career Paths for Loan Processor


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Loan Processors may experience a large salary bump if they progress into a role such as Mortgage Loan Underwriter. The latter position pays an average of $55K annually. A Loan Processor often moves on to become a Mortgage Loan Processor or a Loan Officer.

Loan Processor Job Listings

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Popular Employer Salaries for Loan Processor


Leading companies who hire large numbers of Loan Processors include J.P. Morgan Chase & Co. (JPMCC), Wells Fargo Home Mortgage, Bank of America Corp. (BOFA), Wells Fargo Bank, and Wells Fargo & Co. Bank of America Corp. (BOFA) pays the most with a median salary of $45K, though with a large amount of variation, going from a low of $31K to a high of $54K.

Popular Skills for Loan Processor


Loan Processors report using a diverse set of skills on the job. Most notably, skills in Mortgage Loans, Loan Processing, Regulatory Compliance, and Loan Documents are correlated to pay that is above average. Skills that pay less than market rate include Data Entry, Commercial Loans, and Loan Underwriting. Most people skilled in Loan Documents are similarly competent in Customer Service and Mortgage Loans.

Pay by Experience Level for 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. Respondents with less than five years' experience take home $32K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $38K. Loan Processors with one to two decades of relevant experience report an average salary of approximately $40K. In the end, more experience does seem to mean larger paychecks; seasoned Loan Processors with more than 20 years of experience earn a predictably higher median salary of $44K.

Pay Difference by Location

National Average: $35,202

Larger city markers indicate a job is popular in that location.

Home to some of the best pay for Loan Processors, Irvine offers exceptional salaries, 34 percent above the national average. Loan Processors can also look forward to large paychecks in cities like Seattle (+30 percent), Sacramento (+23 percent), Los Angeles (+20 percent), and Chicago (+20 percent). With compensation 4 percent below the national average, Jacksonville is not known for hefty paychecks and actually represents the lowest-paying market.

Loan Processor Reviews

What is it like working as a Loan Processor?

Loan Processor in Davison:
"Fast."
Pros: I like my job you need to able to work in fast pace environment with the possibility that anything can happen and must be very organized.
Cons: The company they pile the work load on but do not pay for what you are doing.

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Experience Affects Loan Processor Salaries




National Average
$35,000


Skills That Affect Loan Processor Salaries


Loan Processing
0%

Regulatory Compliance
0%

National Average
$35,000

Loan Documents
up arrow 3%

Customer Service
up arrow 3%


Loan Underwriting
up arrow 5%


Data Entry
up arrow 16%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 317 votes.

Gender

Female
84 %
Male
16 %

Years of Experience

Less than 1 year
6%
1-4 years
44%
5-9 years
20%
10-19 years
24%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 77%
dental benefits
Dental: 63%
medical benefits
Vision: 51%
dental benefits
None: 20%
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