Loan Processor Salary

Loan Processors in the United States take home an average $14.87 per hour. Overall cash earnings for Loan Processors stretch from $24K on the lower end to $50K near the top, and the heftiest packages can encompass around $8K from bonuses and $5K from profit sharing. While the company and tenure impact pay for this group, geography is the most influential factor. A fair number report receiving medical coverage from their employers and the larger part collect dental insurance. The majority of workers are highly satisfied with their job. The vast majority (84 percent) of Loan Processors who took the survey are female. This report is based on responses to the PayScale salary survey.

$25,617 - $50,577
(Median)
$26K
$38K
$51K
MEDIAN: $37,741
10%
50%
90%

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$10.67 - $20.35
(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
$25,617 - $50,577  
   
Bonus
$0.00 - $8,010  
Profit Sharing
$255.32 - $4,894  
Commission
$1,156 - $25,095  
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).
)
$24,317 - $50,240  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 773
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
$10.67 - $20.35  
   
Overtime
$15.74 - $31.98  
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 - $8,010  
   
Commission
$1,156 - $25,095  
Profit Sharing
$255.32 - $4,894  
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).
)
$24,317 - $50,240  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 890
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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 transition into a Mortgage Loan Underwriter role may receive large pay increases as the latter position pays an average $54K per year. 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


Loan Processors fill the offices of leading firms J.P. Morgan Chase & Co. (JPMCC), Wells Fargo Home Mortgage, Bank of America Corp. (BOFA), 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).

Loan Processors will find the worst pay at Wells Fargo Bank, where the median salary crawls in at $32K. Furthermore, compensation is curbed at $43K, leaving little room for 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 pay less than market rate include Loan Underwriting and Commercial Loans. 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.


For many Loan Processors, extensive experience does not lead to significantly more money. Those in the early stages of their career can expect to make around $32K; however, individuals with five to 10 years of experience bring in $38K on average — a distinctly larger sum. Loan Processors bring in $40K after working for 10 to 20 years. 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


With a pay rate for Loan Processors that is 37 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 (+29 percent), Chicago (+28 percent), Charlotte (+28 percent), and New York (+21 percent). Falling short of the national average by 14 percent, the area with the worst salaries is St. Louis. Employers also pay below the national average in Birmingham (13 percent lower) and Salt Lake City (7 percent lower).

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 293 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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