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Loan Processor Salary

Loan Processors in the United States can expect to earn an average of $14.83 per hour. Cash earnings for Loan Processors — including $8K in bonuses and $5K in profit sharing proceeds near the top of the pay scale — generally stretch from $24K to $50K depending on individual performance. The most influential factor affecting pay for this group is geographic location, though career length and the specific company have a (lesser) impact as well. For the most part, Loan Processors enjoy their work and report high levels of job satisfaction. Female Loan Processors far outnumber their male contemporaries among survey respondents. A fair number enjoy medical while the greater part get dental coverage. Vision coverage is also available to close to one-half. This report is based on answers to PayScale's salary questionnaire.

$25,489 - $50,217
(Median)
$25K
$37K
$50K
MEDIAN: $37,386
10%
50%
90%

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$10.62 - $20.34
(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
$25,489 - $50,217  
   
Bonus
$0.00 - $7,630  
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).
)
$24,159 - $49,880  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 727
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
$10.62 - $20.34  
   
Overtime
$15.76 - $31.78  
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 - $7,630  
   
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).
)
$24,159 - $49,880  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 842

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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

  • 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. A Mortgage Loan Processor or a Loan Officer is a typical transition from a Loan Processor role.

Loan Processor Job Listings

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Popular Employer Salaries for Loan Processor


Although salaries only range from $30K to just $51K, Bank of America Corp. (BOFA) still offers the highest pay with a median paycheck of $45K.

Popular Skills for Loan Processor


Loan Processors seem to require a number of specific skills. Most notably, skills in Mortgage Loans, Loan Processing, Regulatory Compliance, and Customer Service are correlated to pay that is above average. At the other end of the pay range are skills like Loan Underwriting. Most people experienced in Loan Documents also know 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. The average beginner in this position makes around $32K, but folks who have been around for five to 10 years see a markedly higher median salary of $38K. Loan Processors with one to two decades of relevant experience report an average salary of approximately $40K. Ultimately, more time spent in the workforce does seem to translate to bigger paychecks; seasoned veterans with more than 20 years of experience report a median income of $42K.

Pay Difference by Location


Surpassing the national average by 38 percent, Loan Processors in Irvine receive some of the highest pay in the country. Loan Processors will also find cushy salaries in Seattle (+30 percent), Dallas (+26 percent), Chicago (+25 percent), and Charlotte (+23 percent). Birmingham is the lowest-paying area, 13 percent south of the national average. Workers in Salt Lake City and Jacksonville earn salaries that trail the national average for those in this profession (6 percent less and 3 percent less, 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
$35,000


Skills That Affect Loan Processor Salaries


Loan Processing
up arrow 2%

Regulatory Compliance
up arrow 2%

Customer Service
0%

National Average
$35,000

Loan Documents
up arrow 2%

Consumer Loans
up arrow 2%

Commercial Loans
up arrow 2%

Loan Underwriting
up arrow 9%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 291 votes.

Gender

Female
84 %
Male
16 %

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%
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