Mortgage Processing Manager Salary
The median total income of Mortgage Processing Managers is around $61K, and for the average worker in this area, a good chunk of that (just under a third, in fact) comes from commissions. For the most part, Mortgage Processing Managers enjoy their work and report high levels of job satisfaction. Medical benefits are awarded to a large number, and a fair number earn dental coverage. This report is based on responses to the PayScale salary survey.
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.
Relatively untried employees who have less than five years' experience have a median salary of $59K. Those who have been around for five to 10 years can expect to take home more — $58K on average. On average, Mortgage Processing Managers make $67K following one to two decades on the job. Survey participants with more than twenty years of experience only make around $61K on average, though; this group reports a lower median than the one claimed by mid-career individuals.
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Key Stats for Mortgage Processing Manager
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