The average wage for a Loan Processor is $14.34 per hour. A skill in Mortgage Loans is associated with high pay for this job. People in this job generally don't have more than 20 years' experience.
Loan Processor Total Pay (?
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.
)
$24,285 - $48,788
(Median)
24K
29K
35K
42K
49K
MEDIAN: $35,484
10%
25%
50%
75%
90%
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Loan Processor Total Pay (?
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.
)
$10.25 - $19.90
(Median)
10
12
14
17
20
MEDIAN: $14.00
10%
25%
50%
75%
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
$24,285 - $48,788  
   
Bonus
$0.00 - $6,207  
Profit Sharing
$293.61 - $4,122  
Commission
$290.87 - $11,960  
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).
)
$22,975 - $48,493  
PayScale
Country: United States | Currency: USD | Updated: 18 Apr 2014 | Individuals Reporting: 1,285
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
$10.25 - $19.90  
   
Overtime
$15.02 - $31.21  
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 - $6,207  
   
Commission
$290.87 - $11,960  
Profit Sharing
$293.61 - $4,122  
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).
)
$22,975 - $48,493  
PayScale
Country: United States | Currency: USD | Updated: 18 Apr 2014 | Individuals Reporting: 1,285
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Loan Processor Job Listings

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Popular Employer Salaries for Loan Processor
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.
Popular Skills for Loan Processor
Pay by Experience Level for Loan Processor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Pay Difference By Location
Irvine
up arrow 40%
Minneapolis
up arrow 32%
Columbus
up arrow 29%
up arrow 24%
Houston
up arrow 23%
New York
up arrow 21%
San Diego
up arrow 18%
Denver
up arrow 17%
Seattle
up arrow 16%
Charlotte
up arrow 11%
Jacksonville
up arrow 3%
Chicago
up arrow 2%
National Average
$33,000
Atlanta
up arrow 3%
Birmingham
up arrow 6%
Larger circles over a city indicate a job is popular in that location.

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.
Related Job Salaries

Experience Affects Loan Processor Salaries

National Average
$33,000

Skills That Affect Loan Processor Salaries

Consumer Loans
up arrow 4%
Loan Documents
up arrow 2%
National Average
$33,000
Job Satisfaction
Extremely satisfied Image
Extremely satisfied
Rated 5 out of 5 based on 258 votes.
Gender
Female
85%
female alumni
 
Male
15%
male alumni
Years of Experience
Less than 1 year
8%
1-4 years
47%
5-9 years
21%
10-19 years
20%
20 years or more
5%
Common Health Benefits
medical benefits Medical: 76% dental benefits Dental: 60%
vision benefits Vision: 45% employee benefits None: 22%
Find Out Exactly What You Should Be Paid
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