Senior Loan Processor Salary

Senior Loan Processors in the United States tend to have a good amount of experience under their belt — close to three-fifths have more than 10 years in the field. While pay runs from $34K to $63K per year, median earnings come to $48K annually. Residence is the biggest factor affecting pay for this group, followed by career length. The majority of Senior Loan Processors claim high levels of job satisfaction. Among survey respondents, women are more common than men; 89 percent of Senior Loan Processors are female. Medical benefits are awarded to most, and a strong majority earn dental coverage. This report is based on answers to PayScale's salary questionnaire.

$34,041 - $60,534
(Median)
$34K
$48K
$61K
MEDIAN: $47,668
10%
50%
90%

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$14.41 - $24.95
(Median)
$14
$20
$25
MEDIAN: $20
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$21K$42K$63K
Salary
$34,041 - $60,534  
   
Bonus
$0.00 - $12,247  
Commission
$3,050  
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).
)
$34,459 - $62,887  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 226
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$13$26$39
Hourly Rate
$14.41 - $24.95  
   
Overtime
$16.46 - $37.50  
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$26K$52K$78K
Bonus
$0.00 - $12,247  
   
Commission
$3,050  
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).
)
$34,459 - $62,887  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 77
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Job Description for Senior Loan Processor

Senior loan processors solicit, negotiate and coordinate consumers’ loans (such as car, personal and residential loans) and/or commercial or business loans. Prior to closing the loan, they must review and verify loan documents such as income statement, credit report, appraisal report and title insurance; they must make sure that required documents are complete and accurate. Most of the time, senior loan officers work for financial institutions such as banks or credit unions; they may also work for mortgage brokers.

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Senior Loan Processor Tasks

  • Answer questions regarding closing requirements.
  • Maintain communication with brokers partners and closing/settlement agents with loan status.
  • Authorize funding upon verification of all documentation.
  • Order credit reports, appraisals, title insurance, and all other certifications as necessary.

Common Career Paths for Senior Loan Processor


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Many Senior Loan Processors move into a Senior Mortgage Loan Processor role, which does not lead to a big boost in pay. Senior Mortgage Loan Processors on average bring in a similar salary to Senior Loan Processors.

Senior Loan Processor Job Listings

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Senior Loan Processors note just a narrow range of job skills. Those who have experience with Mortgage Loans, Loan Processing, and Loan Documents can expect to be compensated well for these skills. Employees educated in Loan Processing are typically practiced in Mortgage Loans, too.

Pay by Experience Level for Senior Loan Processor

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


Experience and pay tend to be weakly linked for Senior Loan Processors — those with more experience do not necessarily bring in higher earnings. Relatively untried employees who have less than five years' experience have a median salary of $43K. Those who have been around for five to 10 years can expect to take home more — $47K on average. Senior Loan Processors claiming one to two decades of experience make an estimated median of $50K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $52K.

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Experience Affects Senior Loan Processor Salaries

Late-Career
up arrow 7%

Experienced
up arrow 4%

National Average
$49,000

Mid-Career
up arrow 4%

Entry-Level
up arrow 11%

Skills That Affect Senior Loan Processor Salaries


Loan Processing
up arrow 1%

National Average
$49,000

Loan Documents
up arrow 1%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 55 votes.

Gender

Female
89 %
Male
11 %

Years of Experience

Less than 1 year
1%
1-4 years
13%
5-9 years
26%
10-19 years
41%
20 years or more
20%

Common Health Benefits

medical benefits
Medical: 82%
dental benefits
Dental: 74%
medical benefits
Vision: 63%
dental benefits
None: 15%
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