Mortgage Processing Manager Salary
About two in three of Mortgage Processing Managers in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $44K to $88K per year, and the average comes out to $60K per year. Job satisfaction for Mortgage Processing Managers is high. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Respondents to the PayScale salary survey provided the data for this report.
|Salary||$44,307 - $80,153|
|Bonus||$1,568 - $19,866|
|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).)
|$44,193 - $87,866|
|Hourly Rate||$15.00 - $26.01|
|Bonus||$1,568 - $19,866|
|Total Pay (||$44,193 - $87,866|
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.
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Pay by Experience Level for Mortgage Processing Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average inexperienced worker earns $60K, and someone who has worked for five to 10 years can expect a bigger median salary of $57K. Mortgage Processing Managers see a median salary of $68K after reaching one to two decades on the job. Respondents who boast more than 20 years of experience can't seem to boast paychecks reflecting that extensive experience, though; veteran Mortgage Processing Managers report making only $62K on average.
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Key Stats for Mortgage Processing Manager
Rated 5 out of 5
based on 22 votes.