A Mortgage Loan Processor earns an average salary of $40,978 per year. Most people move on to other jobs if they have more than 20 years' experience in this field. The highest paying skills associated with this job are Real Estate, Loan Underwriting, and Software Knowledge. For the first five to ten years in this position, pay increases modestly, but any additional experience does not have a big effect on pay.

$30,875 - $53,640
(Median)
$31K
$41K
$54K
MEDIAN: $40,977
10%
50%
90%

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$12.32 - $22.16
(Median)
$12
$17
$22
MEDIAN: $16.00
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
$30,875 - $53,640  
   
Bonus
$973 - $12,012  
Profit Sharing
$760 - $17,754  
Commission
$1,510 - $19,574  
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).
)
$28,733 - $53,749  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 830
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
$12.32 - $22.16  
   
Hourly Tips
$2.33  
Overtime
$19.06 - $34.90  
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
$973 - $12,012  
   
Commission
$1,510 - $19,574  
Profit Sharing
$760 - $17,754  
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).
)
$28,733 - $53,749  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 691
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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

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

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

Median of all compensation (including tips, bonus, and overtime) by years of experience.

Pay Difference by Location

National Average: $39,738

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

Mortgage Loan Processor Reviews

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

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Experience Affects Mortgage Loan Processor Salaries




National Average
$40,000


Skills That Affect Mortgage Loan Processor Salaries

Real Estate
up arrow 18%

Loan Underwriting
up arrow 15%

Software Knowledge
up arrow 14%

Residential Loans
up arrow 4%

Loan Processing
up arrow 1%

Customer Service
up arrow 1%

Mortgage Loans
0%

National Average
$40,000

Loan Documents
up arrow 2%

Organizing
up arrow 11%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 183 votes.

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
7%
1-4 years
39%
5-9 years
18%
10-19 years
25%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 79%
dental benefits
Dental: 72%
medical benefits
Vision: 62%
dental benefits
None: 17%
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