Loan Processor Salary

The average Loan Processor in the United States can expect to rake in roughly $15.79 per hour. The range in cash compensation to Loan Processors (largely between $26K and $53K) includes potential earnings of $12K from bonuses, $8K from profit sharing, and commissions of $20K in exceptional cases. Location is the main element affecting pay for this group — the specific employer and experience level are driving factors as well. Unfortunately, some people in this line of work are without benefits — close to one-fifth lack coverage. On the flip side, a strong majority have medical insurance and a majority receive dental plans. Female Loan Processors far outnumber their male contemporaries among survey respondents. Work is enjoyable for Loan Processors, who typically claim high levels of job satisfaction. This snapshot results from replies to PayScale's salary survey.

$27,558 - $53,665
$28K
$40K
$54K
MEDIAN: $40,136
10%
50%
90%

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$11.89 - $22.06
$12
$16
$22
MEDIAN: $15.79
10%
50%
90%

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$0$53K
Salary $27,558 - $53,665
Bonus $734 - $12,218
Profit Sharing $200.00 - $7,500
Commission $1,208 - $20,273
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).
)
$26,239 - $53,265
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 549
Hourly Data $0$35
Hourly Rate $11.89 - $22.06
Overtime $17.69 - $35.90
Annual Data $0$53K
Bonus $734 - $12,218
Commission $1,208 - $20,273
Profit Sharing $200.00 - $7,500
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).
)
$26,239 - $53,265
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 830

Find Out Exactly What You Should Be Paid

United States (change)

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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

  • Complete and maintain all paperwork for ongoing and new loans, including loan disclosures.
  • Submit completed loans to underwriting, and ensure all items are obtained.
  • 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.

Common Career Paths for Loan Processor


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At the upper end, Loan Processors who move into a Mortgage Processing Manager role can end up with a hefty increase in pay. The average income for Mortgage Processing Managers is a much higher $56K per year. Going from Loan Processor to Loan Officer is the transition that occurs most often in this field, where the paychecks are $41K. Many others choose to work as Administrative Assistants, where pay is typically $31K.

Loan Processor Job Listings

Popular Employer Salaries for Loan Processor


Leading companies who hire large numbers of Loan Processors include Wells Fargo Home Mortgage, Wells Fargo & Co., J.P. Morgan Chase & Co. (JPMCC), Wells Fargo Bank, and Academy Mortgage. Loan Processors flock to Guild Mortgage Company for generous paychecks, where average earnings of $51K lead the pack in compensation. Soaring salaries can also be found at J.P. Morgan Chase & Co. (JPMCC), Bank of America Corp. (BOFA), and Wells Fargo Bank, where earnings of $45K, $43K, or $43K are standard for Loan Processors.

Wells Fargo Home Mortgage, Academy Mortgage, and Wells Fargo Bank are a few other employers known for handing out relatively lightweight salaries ($36K, $42K, and $43K respectively).

Popular Skills for Loan Processor


Survey results imply that Loan Processors put a diverse skill set to use. Most notably, skills in Loan Underwriting, Mortgage Loans, Microsoft Office, and Loan Documents are correlated to pay that is above average. Those listing Data Entry as a skill should be prepared for drastically lower pay. Consumer Loans and Commercial Loans also typically command lower compensation. Those educated in Loan Documents tend to be well versed in Customer Service and Mortgage Loans.

Pay by Experience Level for Loan Processor

Pay by Experience for a Loan Processor has a positive trend. An entry-level Loan Processor with less than 5 years of experience can expect to earn an average total compensation of $34,000 based on 851 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A 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 338 salaries. An experienced Loan Processor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $42,000 based on 332 salaries. A 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 $47,000 based on 105 salaries.

Pay Difference by Location

National Average: $36,916

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

San Diego is home to an above-average pay rate for Loan Processors, 35 percent higher than the national average. Loan Processors can also look forward to large paychecks in cities like Denver (+31 percent), Sacramento (+25 percent), Chicago (+25 percent), and Los Angeles (+24 percent). Those in the field find the lowest salaries in Austin, 16 percent below the national average. A couple other locations with smaller-than-average paychecks include Las Vegas (12 percent lower) and St. Louis (9 percent lower).

Loan Processor Reviews

Q: What is it like working as a Loan Processor?

Loan Processor in Knoxville:
Pros: Set procedures to follow. Moxture of paperwork and computer work.
Cons: Being micromanaged, no opportunity to grow, lack of raises.

Loan Processor in St. Louis:
"REWARDING."
Pros: HELPING OUR MEMBERS.
Cons: THE PAY.

Loan Processor in Jacksonville:
Pros: My team, my co-workers and the casual atmosphere.
Cons: My boss is very rude and downs people and never has anything good to say about our team or department when we do all the work. How my team is always throw with anything new that is brought in. The pay is horrible.

Loan Processor in Placerville:
"Busy, upbeat, communicative, and organized."
Pros: Helping the customers with their mortgage needs.
Cons: Not enough compensation for the hard work that I do.

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

Key Stats for Loan Processor

Gender

Female
86 %
Male
14 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 202 votes.
Less than 1 year
9%
1-4 years
47%
5-9 years
16%
10-19 years
21%
20 years or more
7%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Processor Salaries

▲28%

▲13%

▲7%

National Average
$37,000

▼8%

Skills That Affect Loan Processor Salaries

Loan Underwriting
▲17%


Microsoft Office
▲3%

National Average
$37,000

Loan Processing
▼1%

Loan Documents
▼1%


Regulatory Compliance
▼5%



Data Entry
▼20%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 202 votes.

Gender

Female
86 %
Male
14 %

Years of Experience

Less than 1 year
9%
1-4 years
47%
5-9 years
16%
10-19 years
21%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 77%
dental benefits
Dental: 64%
vision benefits
Vision: 54%
no benefits
None: 21%
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