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Loan Processor Salary (United States)

The average pay for a Loan Processor is $14.64 per hour. People in this job generally don't have more than 20 years' experience. A skill in Mortgage Loans is associated with high pay for this job. For the first five to ten years in this position, pay increases somewhat, but any additional experience does not have a big effect on pay.
Loan Processor Salary (?
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.
)
$25,097 - $49,437
(Median)
25K
30K
36K
43K
49K
MEDIAN: $36,395
10%
25%
50%
75%
90%
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Loan Processor Salary (?
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.
)
$10.35 - $19.97
(Median)
10
12
15
17
20
MEDIAN: $14.00
10%
25%
50%
75%
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
$25,097 - $49,437  
   
Bonus
$0.00 - $7,259  
Profit Sharing
$257.60 - $4,363  
Commission
$306.39 - $12,193  
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).
)
$23,641 - $48,933  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 623
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
$10.35 - $19.97  
   
Overtime
$15.06 - $31.01  
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 - $7,259  
   
Commission
$306.39 - $12,193  
Profit Sharing
$257.60 - $4,363  
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).
)
$23,641 - $48,933  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 705
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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 Processor Job Listings

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Popular Employer Salaries for Loan Processor

Popular Skills for Loan Processor

Pay by Experience Level for Loan Processor

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

Pay Difference By Location

Irvine
up arrow 35%
up arrow 22%
Seattle
up arrow 21%
Columbus
up arrow 20%
San Diego
up arrow 18%
Houston
up arrow 17%
Chicago
up arrow 17%
Phoenix
up arrow 17%
Charlotte
up arrow 16%
Philadelphia
up arrow 13%
Denver
up arrow 12%
Jacksonville
0%
National Average
$34,000
Atlanta
up arrow 1%
Salt Lake City
up arrow 5%
St. Louis
up arrow 14%
Larger circles over a city indicate a job is popular in that location.

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

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Experience Affects Loan Processor Salaries

National Average
$34,000

Skills That Affect Loan Processor Salaries

Loan Processing
up arrow 4%
Customer Service
up arrow 4%
Regulatory Compliance
up arrow 3%
Consumer Loans
up arrow 1%
Loan Documents
0%
National Average
$34,000
Commercial Loans
up arrow 2%

Job Satisfaction

Extremely satisfied Image
Extremely satisfied
Rated 5 out of 5 based on 269 votes.

Gender

Female
84%
female alumni
 
Male
16%
male alumni

Years of Experience

Less than 1 year
7%
1-4 years
46%
5-9 years
21%
10-19 years
21%
20 years or more
5%

Common Health Benefits

medical benefits Medical: 77% dental benefits Dental: 61%
vision benefits Vision: 46% employee benefits None: 21%