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Loan Processor Salary

An average Loan Processor in the United States can expect to take home roughly $14.82 per hour. In the world of Loan Processors, overall income ranges from $24K near the bottom to $50K at the top; this can include more than $8K from bonuses and more than $5K from profit sharing in exceptional cases. This group's pay is mainly influenced by geographic location, followed by career length and the particular employer. Most workers in this position report high levels of job satisfaction. A fair number enjoy medical while more than half get dental coverage. Vision coverage is also available to around half. The vast majority of Loan Processors (84 percent) who participated in the survey are women. The information for this snapshot was generated by responses to the PayScale salary survey.

$25,512 - $50,347
(Median)
$26K
$37K
$50K
MEDIAN: $37,429
10%
50%
90%

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$10.61 - $20.32
(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
$25,512 - $50,347  
   
Bonus
$0.00 - $7,900  
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).
)
$24,163 - $50,035  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 741
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
$10.61 - $20.32  
   
Overtime
$15.80 - $31.90  
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 - $7,900  
   
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).
)
$24,163 - $50,035  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 856
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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 Processors who go on to become Mortgage Loan Underwriters may see their salaries climb quite a bit. Median pay for Mortgage Loan Underwriters is $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


Loan Processors fill the offices of leading firms J.P. Morgan Chase & Co. (JPMCC), Bank of America Corp. (BOFA), Wells Fargo Home Mortgage, Wells Fargo Bank, and Wells Fargo & Co. Bank of America Corp. (BOFA) pays the most with a median salary of $45K, though there is little variation overall ($30K to $51K).

With a median salary of $34K, Wells Fargo Bank provides Loan Processors with the lowest pay in their field; moreover, earnings are capped at only $43K, limiting employee salary growth.

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. Skills that seem to negatively impact pay include Loan Underwriting. Most people who know 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.


More years of relevant experience do not necessarily translate to higher paychecks. Respondents with less than five years' experience take home $32K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $37K. On average, Loan Processors make $40K following one to two decades on the job. After two decades in the workforce, the average Loan Processor generally earns more than ever; median pay for this group is estimated at $43K.

Pay Difference by Location


With a pay rate for Loan Processors that is 36 percent greater than the national average, Irvine offers a comfortable salary for those in this profession. Loan Processors will also find cushy salaries in Seattle (+30 percent), Chicago (+26 percent), Charlotte (+23 percent), and Dallas (+22 percent). The lowest-paying market is Birmingham, which sits 13 percent below 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.

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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%

National Average
$35,000

Customer Service
up arrow 1%

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 292 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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