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.

$31,844 - $54,958
$32K
$42K
$55K
MEDIAN: $41,731
10%
50%
90%

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$12.39 - $22.20
$12
$17
$22
MEDIAN: $16.96
10%
50%
90%

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$0$55K
Salary $31,844 - $54,958
Bonus $633 - $12,291
Profit Sharing $3,034
Commission $1,010 - $20,273
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).
)
$29,234 - $55,021
  • Country: United States
  • Currency: USD
  • Updated: 25 Jul 2017
  • Individuals Reporting: 801
Hourly Data $0$36
Hourly Rate $12.39 - $22.20
Hourly Tips $2.33
Overtime $19.36 - $36.91
Annual Data $0$55K
Bonus $633 - $12,291
Commission $1,010 - $20,273
Profit Sharing $3,034
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).
)
$29,234 - $55,021
  • Country: United States
  • Currency: USD
  • Updated: 25 Jul 2017
  • Individuals Reporting: 743

Find Out Exactly What You Should Be Paid

United States (change)

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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Mortgage Loan Processor Job Listings

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: $40,419

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 Oakland:
"Good with numbers."
Pros: Working with people.
Cons: Lots of little details.

Mortgage Loan Processor in New Britain:
"Busy job, helping community needs."
Pros: Helping community needs.
Cons: Job compensation does not fairly meet job expectations.

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
80 %
Male
20 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 209 votes.
Less than 1 year
7%
1-4 years
42%
5-9 years
18%
10-19 years
24%
20 years or more
10%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Loan Processor Salaries

▲14%

▲11%

▲5%

National Average
$40,000

▼8%

Skills That Affect Mortgage Loan Processor Salaries

Loan Underwriting
▲23%

Software Knowledge
▲12%

Bilingual
▲11%

Residential Loans
▲2%


Real Estate
▲1%


National Average
$40,000

Mortgage Loans
▼1%


Organizing
▼13%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 209 votes.

Gender

Female
80 %
Male
20 %

Years of Experience

Less than 1 year
7%
1-4 years
42%
5-9 years
18%
10-19 years
24%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 77%
dental benefits
Dental: 70%
vision benefits
Vision: 60%
no benefits
None: 20%
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