Mortgage Loan Processor Salary

The average pay for a Mortgage Loan Processor is $41,240 per year. The highest paying skills associated with this job are Loan Underwriting, Software Knowledge, and Bilingual. Most people move on to other jobs if they have more than 20 years' experience in this field.

$31,383 - $54,292
$31K
$41K
$54K
MEDIAN: $41,240
10%
50%
90%

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$12.41 - $22.12
$12
$17
$22
MEDIAN: $16.91
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$19K$38K$57K
Salary
$31,383 - $54,292  
   
Bonus
$725 - $12,181  
Profit Sharing
$3,072  
Commission
$613 - $20,134  
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).
)
$28,975 - $54,203  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 796
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
$12.41 - $22.12  
   
Hourly Tips
$2.33  
Overtime
$19.22 - $35.50  
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
$725 - $12,181  
   
Commission
$613 - $20,134  
Profit Sharing
$3,072  
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).
)
$28,975 - $54,203  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 703

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United States (change)

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Job Description for Mortgage Loan Processor

Mortgage loan processors are tasked with double-checking all information in a mortgage loan file before submitting it to an underwriter. This includes specifics such as debt-to-income ratios and the employment information of the person applying for the loan. It is very important for mortgage loan processors to ensure that loan files are ready, because once they are submitted to the underwriter, any mistakes missed by the mortgage loan processor can only be fixed with complicated procedures and copious amounts of red tape.

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Mortgage Loan Processor Tasks

  • Interview loan applicants, investigate applicants' backgrounds and verify references.
  • Review loan documents and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
  • Prepare loan request papers and related documents then forward to appraisal department.

Common Career Paths for Mortgage Loan Processor


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Loan Processor Job Listings

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Popular Employer Salaries for Mortgage Loan Processor

Popular Skills for Mortgage Loan Processor

Pay by Experience Level for Mortgage Loan Processor

Pay by Experience for a Mortgage Loan Processor has a positive trend. An entry-level Mortgage Loan Processor with less than 5 years of experience can expect to earn an average total compensation of $37,000 based on 857 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Mortgage Loan Processor with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $42,000 based on 402 salaries. An experienced Mortgage Loan Processor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $45,000 based on 401 salaries. A Mortgage Loan Processor with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $46,000 based on 151 salaries.

Pay Difference by Location

National Average: $40,083

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

Mortgage Loan Processor Reviews

Q: What is it like working as a Mortgage Loan Processor?

Mortgage Loan Processor in Maitland:
"Busy, Never Boring, Healthy Stress."
Pros: The challenges that make the workdays fly by, the atmosphere, working among intelligent people (mostly). The job never gets boring and I love overcoming the sometimes seemingly impossible obstacles.
Cons: The fight to overcome said obstacles.

Related Job Salaries

Key Stats for Mortgage Loan Processor

Gender

Female
81 %
Male
19 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 174 votes.
Less than 1 year
7%
1-4 years
41%
5-9 years
18%
10-19 years
23%
20 years or more
10%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Loan Processor Salaries

▲15%

▲12%

▲6%

National Average
$40,000

▼7%

Skills That Affect Mortgage Loan Processor Salaries

Loan Underwriting
▲24%

Software Knowledge
▲13%

Bilingual
▲12%

Residential Loans
▲3%


Real Estate
▲2%


Mortgage Loans
▼0%

National Average
$40,000


Organizing
▼12%

Job Satisfaction

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

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
7%
1-4 years
41%
5-9 years
18%
10-19 years
23%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 78%
dental benefits
Dental: 70%
vision benefits
Vision: 61%
no benefits
None: 18%
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