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Loan Processor Salary

Loan Processors in the United States can expect wages of $14.70 per hour on average. Overall incomes of Loan Processors — including $8K bonuses, $4K profit sharing proceeds, and $19K commissions on the more lucrative end — generally ranges between $24K and $49K. Residence is the main element affecting pay for this group — the specific employer and experience level are driving factors as well. Job satisfaction is high and work is enjoyable for most Loan Processors. Women account for the majority of Loan Processors who took the survey — 84 percent to be exact. While approximately one-fifth report receiving no health benefits, a strong majority do receive medical coverage, and a majority have dental, as well. Respondents to the PayScale salary survey provided the data for this report.
$25,005 - $49,756
(Median)
25K
31K
37K
44K
50K
MEDIAN: $36,614
10%
25%
50%
75%
90%

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$10.52 - $20.14
(Median)
11
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
$25,005 - $49,756  
   
Bonus
$0.00 - $7,798  
Profit Sharing
$255.32 - $4,404  
Commission
$650 - $18,500  
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).
)
$23,927 - $49,328  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 652
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
$10.52 - $20.14  
   
Overtime
$15.44 - $31.40  
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 - $7,798  
   
Commission
$650 - $18,500  
Profit Sharing
$255.32 - $4,404  
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).
)
$23,927 - $49,328  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 753
United States (change)

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, career progression to a Mortgage Loan Underwriter role may result in a considerable increase in compensation. On average, a Mortgage Loan Underwriter, an upper-level role, can earn $54K annually. Becoming a Mortgage Loan Processor or a Loan Officer is a common transition from a Loan Processor role.

Loan Processor Job Listings

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Popular Employer Salaries for Loan Processor


Employees at Bank of America Corp. (BOFA) enjoy the biggest paychecks, and $45K is the median salary. Range in pay, on the other hand, is narrow, with lower figures hovering around $30K and higher ones not far away at only $51K.

Popular Skills for Loan Processor


Survey results imply that Loan Processors put a diverse skill set to use. Most notably, skills in Mortgage Loans, Loan Processing, Regulatory Compliance, and Customer Service are correlated to pay that is above average. Skills that seem to negatively impact pay include Loan Underwriting. Those educated in Loan Documents tend to be well versed 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. Workers in their first five years can expect to earn $32K, but people who have been around for five to 10 years earn a noticeably bigger sum of $37K. People with 10 to 20 years of experience make an average of about $39K in this role. As Loan Processors reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $41K.

Pay Difference by Location


For Loan Processors, working in the bustling city of Irvine has its advantages, including an above-average pay rate. Loan Processors can also look forward to large paychecks in cities like Seattle (+33 percent), Dallas (+27 percent), Columbus (+21 percent), and Chicago (+19 percent). Trailing the national average by 14 percent, St. Louis is the market with the smallest paychecks. Employers pay around 8 percent less in Birmingham and 6 percent less in Salt Lake City, below-median salaries for those in this field.

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

Experience Affects Loan Processor Salaries




National Average
$34,000


Skills That Affect Loan Processor Salaries


Loan Processing
up arrow 3%

Regulatory Compliance
up arrow 3%

Customer Service
up arrow 2%

Consumer Loans
0%

National Average
$34,000

Loan Documents
up arrow 1%

Commercial Loans
up arrow 2%

Loan Underwriting
up arrow 3%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 275 votes.

Gender

Female
84 %
Male
16 %

Years of Experience

Less than 1 year
6%
1-4 years
46%
5-9 years
21%
10-19 years
22%
20 years or more
5%

Common Health Benefits

medical benefits Medical: 76% dental benefits Dental: 61%
vision benefits Vision: 47% employee benefits None: 21%