Loan Processor Salary

Loan Processors in the United States pull down an average of $14.88 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. Residence is the main element affecting pay for this group — the company and years of experience are driving factors as well. The vast majority of Loan Processors (84 percent) who participated in the survey are women. A fair number report receiving medical coverage from their employers and the larger part collect dental insurance. Job satisfaction is high and work is enjoyable for most Loan Processors. The information for this snapshot was generated by responses to the PayScale salary survey.

$25,594 - $50,625

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$10.69 - $20.39

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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$17K$34K$51K
Salary
$25,594 - $50,625  
   
Bonus
$0.00 - $8,035  
Profit Sharing
$253.42 - $4,932  
Commission
$1,163 - $25,037  
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).
)
$24,362 - $50,345  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 779
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
$10.69 - $20.39  
   
Overtime
$15.78 - $32.11  
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 - $8,035  
   
Commission
$1,163 - $25,037  
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).
)
$24,362 - $50,345  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 897
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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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For Loan Processors, progressing to a Mortgage Loan Underwriter role may result in a significant raise. On average, a Mortgage Loan Underwriter can earn $54K annually. Becoming a Mortgage Loan Processor or a Loan Officer is often the next step for a Loan Processor.

Loan Processor Job Listings

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Popular Employer Salaries for Loan Processor


Well-known firms with a reputation for hiring numerous Loan Processors include J.P. Morgan Chase & Co. (JPMCC), Bank of America Corp. (BOFA), Wells Fargo Home Mortgage, Wells Fargo Bank, and Wells Fargo & Co. Bank of America Corp. (BOFA) does shell out the biggest paychecks — the median in that office is $45K — but the company pay scale is greatly mixed, meaning that workers on the low end may earn only $31K while workers on the upper end may rake in up to $54K.

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


Survey results imply that Loan Processors put a diverse skill set to use. Most notably, skills in Mortgage Loans, Loan Processing, Regulatory Compliance, and Customer Service are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Loan Underwriting, Commercial Loans, and Consumer Loans. 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.


More years of relevant experience do not necessarily translate to higher paychecks. The average worker who claims fewer than five years of experience earns around $32K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $38K. The average pay reported by folks with 10 to 20 years of experience is around $40K. Loan Processors who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $43K.

Pay Difference by Location


For Loan Processors, working in the bustling city of Irvine has its advantages, including an above-average pay rate. Loan Processors will also find cushy salaries in Seattle (+29 percent), Charlotte (+29 percent), Chicago (+26 percent), and New York (+21 percent). The lowest-paying market is St. Louis, which sits 14 percent below the national average.

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 1%

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 294 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: 62%
vision benefits Vision: 49% employee benefits None: 20%
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