Loan Processor Salary

Median pay for Loan Processors in the United States lies in the neighborhood of $14.99 per hour. Including potential for bonuses and profit sharing — peaking near $9K and $5K, respectively — total cash payment to Loan Processors can bottom out near $25K or peak near $51K depending on individual performance. Location is the biggest factor affecting pay for this group, followed by career length and the specific company. Job satisfaction for Loan Processors is high. Loan Processors who responded to the questionnaire are largely women, dominating at 84 percent. Medical benefits are awarded to a strong majority, and the larger part earn dental coverage. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.

$26,603 - $51,227
(Median)
$27K
$39K
$51K
MEDIAN: $38,639
10%
50%
90%

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$11.05 - $20.57
(Median)
$11
$15
$21
MEDIAN: $14.00
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
$26,603 - $51,227  
   
Bonus
$0.00 - $9,015  
Profit Sharing
$253.42 - $4,932  
Commission
$1,188 - $24,753  
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).
)
$24,881 - $50,744  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 879
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$11$22$33
Hourly Rate
$11.05 - $20.57  
   
Hourly Tips
$2.50  
Overtime
$16.39 - $32.27  
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$22K$44K$66K
Bonus
$0.00 - $9,015  
   
Commission
$1,188 - $24,753  
Profit Sharing
$253.42 - $4,932  
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).
)
$24,881 - $50,744  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 1,056
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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 $55K per year. 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


J.P. Morgan Chase & Co. (JPMCC), Wells Fargo Home Mortgage, Bank of America Corp. (BOFA), Wells Fargo Bank, and Wells Fargo & Co. are some prominent firms with considerable interest in employing a large team of Loan Processors. Although Bank of America Corp. (BOFA) leads the field in pay with a median salary of $45K, employees there receive a wide spread of salaries, from $31K on the low end all the way up to $54K at the top.

Popular Skills for Loan Processor


Loan Processors report using a pretty varied skill set on the job. Most notably, skills in Mortgage Loans, Loan Processing, Regulatory Compliance, and Loan Documents are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Data Entry, Commercial Loans, and 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.


More years of relevant experience do not necessarily translate to higher paychecks. Salaries of relatively inexperienced workers fall in the neighborhood of $32K, but folks who have racked up five to 10 years see a notably higher median of $38K. Loan Processors claiming one to two decades of experience make an estimated median of $40K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $44K, demonstrating that compensation is roughly commensurate with experience in the end.

Pay Difference by Location

National Average: $35,202

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

For Loan Processors, Irvine provides a pay rate that is 34 percent greater than the national average. Loan Processors can also look forward to large paychecks in cities like Seattle (+30 percent), Sacramento (+23 percent), Los Angeles (+20 percent), and Chicago (+20 percent). With compensation 4 percent below the national average, Jacksonville is not known for hefty paychecks and actually represents the lowest-paying market.

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
0%

Regulatory Compliance
0%

National Average
$35,000

Loan Documents
up arrow 3%

Customer Service
up arrow 3%


Loan Underwriting
up arrow 5%


Data Entry
up arrow 16%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 317 votes.

Gender

Female
84 %
Male
16 %

Years of Experience

Less than 1 year
6%
1-4 years
44%
5-9 years
20%
10-19 years
24%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 77%
dental benefits
Dental: 63%
medical benefits
Vision: 51%
dental benefits
None: 20%
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