Loan Processor Salary

Average Loan Processors in the United States make around $14.86 per hour. Bonuses, profit sharing, and commission all factor into final incomes for Loan Processors. Ranging between $24K near the bottom and $50K near the top, total earnings can include up to $8K from bonuses and up to $5K from profit sharing, with a high-performing minority reaping commissions of $25K. The most important factor affecting compensation for this group is residence, followed by the company and experience level. Women account for the majority of Loan Processors who took the survey — 84 percent to be exact. Medical benefits are awarded to a fair number, and more than half earn dental coverage. The majority of workers are highly satisfied with their job. The data for this synopsis comes from respondents who took the PayScale salary survey.

$25,608 - $50,534
(Median)
$26K
$38K
$51K
MEDIAN: $37,692
10%
50%
90%

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$10.64 - $20.37
(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
$25,608 - $50,534  
   
Bonus
$0.00 - $8,006  
Profit Sharing
$257.60 - $4,848  
Commission
$1,100 - $24,578  
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).
)
$24,265 - $50,143  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 763
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
$10.64 - $20.37  
   
Overtime
$15.70 - $32.03  
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 - $8,006  
   
Commission
$1,100 - $24,578  
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).
)
$24,265 - $50,143  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 883
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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. It is not unusual for a Loan Processor to become a Mortgage Loan Processor or a Loan Officer.

Loan Processor Job Listings

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Popular Employer Salaries for Loan Processor


J.P. Morgan Chase & Co. (JPMCC), Wells Fargo Home Mortgage, Bank of America Corp. (BOFA), Wells Fargo Bank, and Wells Fargo & Co. are top-notch employers for Loan Processors in this area. Although Bank of America Corp. (BOFA) offers the highest salaries (median pay is $45K), survey participants reported a rather limited pay range of $30K to $51K.

Wells Fargo Bank offers the lowest pay in the field with a median salary of just $32K. There's also little variation in pay at the company, with pay ranging from $25K to $43K.

Popular Skills for Loan Processor


Loan Processors report using a wide range of professional 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 skilled in Loan Documents are similarly competent 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.


For Loan Processors, more experience in the field does not usually mean bigger paychecks. Salaries for the relatively untried average out to around $32K, but survey participants with five to 10 years of experience earn a significantly higher median of $38K. Loan Processors claiming one to two decades of experience make an estimated median of $40K. As Loan Processors reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $43K.

Pay Difference by Location


For those looking to make money, Loan Processors in Irvine enjoy an exceptional pay rate, 36 percent above the national average. Loan Processors will also find cushy salaries in Seattle (+29 percent), Chicago (+28 percent), Charlotte (+28 percent), and Dallas (+18 percent). The smallest paychecks in the market, 14 percent south of the national average, can be found in St. Louis. Employers in Birmingham and Salt Lake City also lean toward paying below-median salaries (13 percent lower and 6 percent lower, 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 1%

National Average
$35,000

Customer Service
up arrow 1%

Loan Documents
up arrow 2%

Consumer Loans
up arrow 3%

Commercial Loans
up arrow 3%

Loan Underwriting
up arrow 10%

Job Satisfaction

Highly satisfied
Rated 4 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: 63%
vision benefits Vision: 50% employee benefits None: 20%
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