Mortgage Processing Manager Salary
Mortgage Processing Managers in the United States tend to be well-versed in their field, and slightly less than two-thirds have more than 10 years of experience. Average salary is expected to be around $61K annually, but may range from $45K to $89K per year. Men are in the minority of survey respondents, with female Mortgage Processing Managers making up 77 percent. Most Mortgage Processing Managers like their work and job satisfaction is high. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a fair number.
|Salary||$44,733 - $80,680|
|Bonus||$1,531 - $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).)
|$44,723 - $89,077|
|Hourly Rate||$14.90 - $26.43|
|Bonus||$1,531 - $20,273|
|Total Pay (||$44,723 - $89,077|
Job Description for Mortgage Processing Manager
A mortgage processing manager is primarily responsible for supervising lenders who are processing mortgage loan applications and ensuring compliance with various regulations. This type of position is found in agencies such as banks, credit unions, or lending companies and will typically keep daytime office hours. However, additional hours may be necessary at various times. This type of position typically requires a bachelor’s degree and at least five years of experience within the mortgage loan processing industry. Processional licensing in mortgage loans is also required.Read More...
A mortgage processing manager will have a great number of responsibilities associated with their position, including hiring and training mortgage processing staff, developing strategies to improve mortgage department efficiency, implementing these strategies, ensuring that sales targets and goals are met, supervising various mortgage processing staff while processing loan applications, managing the workflow of the department, ensuring compliance with federal and state regulation, generating new business, relying on experience and judgment to plan goals, collecting financial data of applicants, collecting information regarding an applicant’s assets and debt, maintaining contact with clients, acting as an expert to answer all questions, assisting clients in choosing an appropriate mortgage, employing marketing efforts to bring in new applicants, and participating in ongoing and continual education regarding federal and state regulations.
This position requires a person who is naturally adept in mathematics and communication. This person should be able to make educated decisions quickly and exhibit natural leadership skills. A degree of creativity is also typically expected in this position.
Mortgage Processing Manager Tasks
- Supervise lenders processing loan applications, managework flow, and ensure compliance with regulations.
- Generate new business through sales outreach.
- Hire, train, evaluate, and discipline lending staff.
- Develop and implement strategies to improve loan department efficiency and meet sales targets.
Pay by Experience Level for Mortgage Processing Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relatively untried employees who have less than five years' experience have a median salary of $61K. Those who have been around for five to 10 years can expect to take home more — $61K on average. Mortgage Processing Managers claiming one to two decades of experience make an estimated median of $70K. For some reason, Mortgage Processing Managers with more than two decades of experience report lower paychecks overall; the median sum in this group sits near $63K.
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Key Stats for Mortgage Processing Manager
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