Loan Processor Salary

For Loan Processors, hourly average wages total $14.81 per hour. Total cash compensation for Loan Processors runs from $24K to $50K depending on bonuses that can occasionally exceed $8K and profit sharing that can reach almost $5K. The most influential factor affecting pay for this group is residence, though tenure and the individual firm have a (lesser) impact as well. Medical benefits are awarded to a fair number, and the larger part earn dental coverage. The majority of workers are highly satisfied with their job. Female Loan Processors far outnumber their male contemporaries among survey respondents. The figures in this rundown are based on the results of PayScale's salary questionnaire.

$25,453 - $50,162
(Median)
$25K
$37K
$50K
MEDIAN: $37,333
10%
50%
90%

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$10.57 - $20.30
(Median)
$11
$15
$20
MEDIAN: $14.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$17K$34K$51K
Salary
$25,453 - $50,162  
   
Bonus
$0.00 - $7,734  
Profit Sharing
$257.60 - $4,848  
Commission
$1,014 - $24,142  
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).
)
$24,057 - $49,815  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 706
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$11$22$33
Hourly Rate
$10.57 - $20.30  
   
Overtime
$15.86 - $31.84  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$22K$44K$66K
Bonus
$0.00 - $7,734  
   
Commission
$1,014 - $24,142  
Profit Sharing
$257.60 - $4,848  
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).
)
$24,057 - $49,815  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 822

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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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For Loan Processors, progressing to a Mortgage Loan Underwriter role may result in a significant raise. On average, a Mortgage Loan Underwriter can earn $54K annually. It is not unusual for a Loan Processor to become a Mortgage Loan Processor or a Loan Officer.

Loan Processor Job Listings

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Popular Employer Salaries for Loan Processor


Salary cannot be beat at Bank of America Corp. (BOFA), where median pay comes to $44K. The range seems somewhat confined, however; the lower end sits at $31K, and the higher end is not far away at $51K.

Popular Skills for Loan Processor


Loan Processors report using a wide range of professional skills. Most notably, skills in Mortgage Loans, Loan Processing, Regulatory Compliance, and Customer Service are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include 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.


Experience does not seem to be a strong driver of pay increase in this role. Salaries of relatively inexperienced workers fall in the neighborhood of $32K, but folks who have racked up five to 10 years see a notably higher median of $37K. Loan Processors who work for 10 to 20 years in their occupation tend to earn about $40K. Loan Processors who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $42K.

Pay Difference by Location


Irvine is home to an above-average pay rate for Loan Processors, 37 percent higher than the national average. Loan Processors will also find cushy salaries in Seattle (+32 percent), Dallas (+29 percent), Chicago (+25 percent), and Charlotte (+23 percent). With compensation 13 percent below the national average, St. Louis is not known for hefty paychecks and actually represents the lowest-paying market. Birmingham and Salt Lake City are a couple other places where companies are known to pay below the median — salaries are 13 percent lower and 6 percent lower, respectively.

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.

Related Job Salaries

United States (change)

Experience Affects Loan Processor Salaries




National Average
$34,000


Skills That Affect Loan Processor Salaries


Loan Processing
up arrow 2%

Regulatory Compliance
up arrow 2%

Customer Service
0%

National Average
$34,000

Consumer Loans
up arrow 1%

Loan Documents
up arrow 2%

Commercial Loans
up arrow 2%

Loan Underwriting
up arrow 4%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 292 votes.

Gender

Female
85 %
Male
15 %

Years of Experience

Less than 1 year
6%
1-4 years
44%
5-9 years
21%
10-19 years
23%
20 years or more
6%

Common Health Benefits

medical benefits Medical: 77% dental benefits Dental: 62%
vision benefits Vision: 49% employee benefits None: 20%