Senior Loan Processor Salary

Senior Loan Processors in the United States tend to have a good amount of experience under their belt — nearly three-fifths have more than 10 years in the field. While pay runs from $32K to $62K per year, median earnings come to $47K per year. Geographic location and years of experience each impact pay for this group, with the former having the largest influence. Women make up the vast majority of Senior Loan Processors (88 percent) who answered the questionnaire. Most Senior Loan Processors report high levels of job satisfaction. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.

$33,711 - $60,359
(Median)
$34K
$47K
$60K
MEDIAN: $47,044
10%
50%
90%

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$13.58 - $25.36
(Median)
$14
$20
$25
MEDIAN: $19.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$21K$42K$63K
Salary
$33,711 - $60,359  
   
Bonus
$0.00 - $11,927  
Commission
$1,965 - $4,069  
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).
)
$32,334 - $62,147  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 212
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$13$26$39
Hourly Rate
$13.58 - $25.36  
   
Overtime
$16.87 - $37.76  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$26K$52K$78K
Bonus
$0.00 - $11,927  
   
Commission
$1,965 - $4,069  
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).
)
$32,334 - $62,147  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 77
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Job Description for Senior Loan Processor

  • 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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Senior Loan Processors who go on to become Senior Mortgage Loan Processors may see somewhat stagnant compensation. On average, a Senior Mortgage Loan Processor, an upper-level role, pays $44K.

Senior Loan Processor Job Listings

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Senior Loan Processors report a focused set of job skills. Most notably, skills in Mortgage Loans, Loan Processing, and Loan Documents are correlated to pay that is above average, with boosts ranging from 3 percent to 8 percent. It is not unusual for someone who knows Loan Processing to be familiar with Mortgage Loans as well.

Pay by Experience Level for Senior Loan Processor

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


Senior Loan Processors with a lot of experience do not necessarily enjoy more money. Workers in their first five years can expect to earn $43K, but people who have been around for five to 10 years earn a noticeably bigger sum of $47K. Senior Loan Processors see a median salary of $50K after reaching one to two decades on the job. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $51K on average.

Related Job Salaries

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Experience Affects Senior Loan Processor Salaries

Late-Career
up arrow 6%

Experienced
up arrow 4%

National Average
$48,000

Mid-Career
up arrow 2%

Entry-Level
up arrow 11%

Skills That Affect Senior Loan Processor Salaries


Loan Processing
up arrow 4%

Loan Documents
up arrow 3%

National Average
$48,000

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 56 votes.

Gender

Female
88 %
Male
12 %

Years of Experience

Less than 1 year
0%
1-4 years
13%
5-9 years
26%
10-19 years
39%
20 years or more
21%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 74%
vision benefits Vision: 60% employee benefits None: 15%
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