The average Loan Processor in the United States earns approximately $15.48 per hour. With some bonuses approaching $12K and certain profit sharing proceeds approaching $10K, overall incomes of Loan Processors spread between $26K and $53K depending on individual performance. Location is the main element affecting pay for this group — career duration and the specific company are driving factors as well. Among survey respondents, women are more common than men; 85 percent of Loan Processors are female. Although a fair number have medical coverage and more than half have dental coverage, approximately one-fifth claim no health benefits at all. Most Loan Processors report high levels of job satisfaction. Figures cited in this summary are based on replies to PayScale's salary questionnaire.

$27,393 - $53,636
(Median)
$27K
$40K
$54K
MEDIAN: $39,982
10%
50%
90%

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$11.67 - $21.77
(Median)
$12
$15
$22
MEDIAN: $15.00
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
$27,393 - $53,636  
   
Bonus
$919 - $11,973  
Profit Sharing
$100.67 - $9,933  
Commission
$1,497 - $24,450  
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).
)
$25,670 - $52,539  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 605
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
$11.67 - $21.77  
   
Hourly Tips
$2.50  
Overtime
$17.53 - $34.83  
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
$919 - $11,973  
   
Commission
$1,497 - $24,450  
Profit Sharing
$100.67 - $9,933  
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).
)
$25,670 - $52,539  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 815
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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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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 Processors most often move into positions as Loan Officers or Senior Mortgage Loan Processors; those groups report median salaries that are $5K higher and $8K higher, respectively.

Loan Processor Job Listings

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Popular Employer Salaries for Loan Processor


Dominating the field, Wells Fargo Home Mortgage, Wells Fargo & Co., Wells Fargo Bank, Academy Mortgage, and J.P. Morgan Chase & Co. (JPMCC) are top firms with a reputation for hiring a great number of Loan Processors. Heading up the field in terms of compensation, J.P. Morgan Chase & Co. (JPMCC) offers the most; Loan Processors earn $44K on average there.

Popular Skills for Loan Processor


Loan Processors generally report applying a varied skill set to their work. Most notably, skills in Mortgage Loans, Loan Underwriting, Loan Processing, and Loan Documents are correlated to pay that is above average. At the other end of the pay range are skills like Data Entry, Consumer Loans, and Commercial Loans. Those educated in Loan Documents tend to be well versed 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. The average beginner in this position makes around $33K, but folks who have been around for five to 10 years see a markedly higher median salary of $39K. On average, Loan Processors make $42K following one to two decades on the job. After two decades in the workforce, the average Loan Processor generally earns more than ever; median pay for this group is estimated at $47K.

Pay Difference by Location

National Average: $36,445

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

For those looking to make money, Loan Processors in Los Angeles enjoy an exceptional pay rate, 37 percent above the national average. Loan Processors will also find cushy salaries in San Diego (+34 percent), Chicago (+29 percent), Seattle (+25 percent), and Sacramento (+23 percent). San Antonio ranks last in the field for pay, reporting salaries 16 percent below the national average. Below-median salaries also turn up in Austin and St. Louis (13 percent lower and 12 percent lower, respectively).

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
$36,000


Skills That Affect Loan Processor Salaries


Loan Underwriting
up arrow 4%

Loan Processing
0%

National Average
$36,000

Loan Documents
up arrow 1%

Microsoft Office
up arrow 1%

Regulatory Compliance
up arrow 4%




Data Entry
up arrow 19%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 174 votes.

Gender

Female
85 %
Male
15 %

Years of Experience

Less than 1 year
8%
1-4 years
44%
5-9 years
18%
10-19 years
23%
20 years or more
8%

Common Health Benefits

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