Loan Processor Salary

Loan Processors in the United States can expect wages of $15.52 per hour on average. With bonuses occasionally running north of $12K, profit sharing proceeds sometimes surpassing $8K, and a few commissions as high as $25K, total income for Loan Processors can range between $26K and $53K according to individual performance. While tenure and the individual firm impact pay for this group, geographic location is the most influential factor. Job satisfaction for Loan Processors is high. The vast majority (84 percent) of Loan Processors who took the survey are female. Some workers in this field — one-fifth — are not awarded benefits. Medical coverage is reported by a strong majority and dental plans are enjoyed by a majority. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.

$27,508 - $53,473
$28K
$40K
$53K
MEDIAN: $39,922
10%
50%
90%

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$11.70 - $21.97
$12
$16
$22
MEDIAN: $15.52
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$18K$36K$54K
Salary
$27,508 - $53,473  
   
Bonus
$791 - $11,847  
Profit Sharing
$200.00 - $7,500  
Commission
$1,500 - $24,798  
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).
)
$25,830 - $52,805  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 610
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$12$24$36
Hourly Rate
$11.70 - $21.97  
   
Hourly Tips
$2.50  
Overtime
$17.47 - $35.74  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$24K$48K$72K
Bonus
$791 - $11,847  
   
Commission
$1,500 - $24,798  
Profit Sharing
$200.00 - $7,500  
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).
)
$25,830 - $52,805  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 831

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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

  • Complete and maintain all paperwork for ongoing and new loans, including loan disclosures.
  • Submit completed loans to underwriting, and ensure all items are obtained.
  • 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.

Common Career Paths for Loan Processor


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At the upper end, Loan Processors who move into a Mortgage Processing Manager role can end up with a hefty increase in pay. The average income for Mortgage Processing Managers is a much higher $56K per year. Loan Officers or Senior Mortgage Loan Processors are common next-step roles for Loan Processors moving up in their careers; annual pay for Loan Officers is $4K higher on average, and it's $8K higher for Senior Mortgage Loan Processors.

Loan Processor Job Listings

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Popular Employer Salaries for Loan Processor


Loan Processors fill the offices of leading firms Wells Fargo Home Mortgage, Wells Fargo & Co., J.P. Morgan Chase & Co. (JPMCC), Wells Fargo Bank, and Academy Mortgage. Those at J.P. Morgan Chase & Co. (JPMCC) can expect to make the most, with the company offering a median salary of $45K.

Popular Skills for Loan Processor


Loan Processors seem to require a number of specific skills. Most notably, skills in Loan Underwriting, Mortgage Loans, Microsoft Office, and Loan Documents are correlated to pay that is above average, with boosts between 3 percent and 18 percent. At the other end of the pay range are skills like Data Entry, Consumer Loans, and Customer Service. For most people, competency in Loan Documents indicates knowledge of 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 and pay tend to be weakly linked for Loan Processors — those with more experience do not necessarily bring in higher earnings. Those in the early stages of their career can expect to make around $34K; however, individuals with five to 10 years of experience bring in $39K on average — a distinctly larger sum. Loan Processors see a median salary of $41K after reaching one to two decades on the job. Veterans who have worked for more than two decades do tend to make the most in the end; the median pay for this group is $46K.

Pay Difference by Location

National Average: $36,598

Larger city markers indicate a job is popular in that location.

Home to some of the best pay for Loan Processors, Chicago offers exceptional salaries, 35 percent above the national average. Loan Processors can also look forward to large paychecks in cities like San Diego (+33 percent), Denver (+33 percent), Los Angeles (+25 percent), and Seattle (+25 percent). The smallest paychecks in the market, 14 percent south of the national average, can be found in Austin. Two other places where employers offer below-median salaries are Las Vegas (11 percent less) and St. Louis (9 percent less).

Loan Processor Reviews

Q: 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

Key Stats for Loan Processor

Gender

Female
84 %
Male
16 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 178 votes.
Less than 1 year
8%
1-4 years
44%
5-9 years
17%
10-19 years
22%
20 years or more
8%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Processor Salaries

▲27%

▲13%

▲7%

National Average
$37,000

▼7%

Skills That Affect Loan Processor Salaries

Loan Underwriting
▲18%


Microsoft Office
▲3%

Loan Processing
▼0%

Loan Documents
▼0%

National Average
$37,000

Regulatory Compliance
▼4%




Data Entry
▼19%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 178 votes.

Gender

Female
84 %
Male
16 %

Years of Experience

Less than 1 year
8%
1-4 years
44%
5-9 years
17%
10-19 years
22%
20 years or more
8%

Common Health Benefits

medical benefits
Medical: 76%
dental benefits
Dental: 64%
vision benefits
Vision: 54%
dental benefits
None: 21%
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