Senior Loan Processor Salary

Senior Loan Processors who are practiced in their profession and carry more than 10 years of experience make up about three in five of Senior Loan Processors. Pay fluctuates from $33K to $62K per year, but expected earnings average $47K annually. Geographic location is the biggest factor affecting pay for this group, followed by experience level. Women make up the vast majority of Senior Loan Processors (88 percent) who answered the questionnaire. Most Senior Loan Processors like their work and job satisfaction is high. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.

$33,753 - $60,341

Add this chart to your site: 640px    300px

$13.86 - $25.34

Add this chart to your site: 640px    300px

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
$33,753 - $60,341  
   
Bonus
$0.00 - $12,073  
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).
)
$32,547 - $62,161  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 213
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
$13.86 - $25.34  
   
Overtime
$16.74 - $37.49  
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 - $12,073  
   
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).
)
$32,547 - $62,161  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 75
United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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.

Read More...

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


Add this chart to your site:   640px 640px    300px 300px


Senior Loan Processors who transition into an upper level Senior Mortgage Loan Processor position will not necessarily make much more than they do in their current role. The average Senior Mortgage Loan Processor makes $44K a year.

Senior Loan Processor Job Listings

Search for more jobs:


Survey takers who work as Senior Loan Processors report a focused set of job skills. Mortgage Loans and Loan Processing are considered valuable skills and can increase employee pay by 6 percent and 3 percent, respectively. Competency in Loan Processing frequently indicates knowledge of Mortgage Loans.

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 more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Those in the early stages of their career can expect to make around $42K; however, individuals with five to 10 years of experience bring in $47K on average — a distinctly larger sum. The average pay reported by folks with 10 to 20 years of experience is around $51K. Senior Loan Processors who have stuck around for more than two decades see earnings that are no higher than those of folks who have worked for 10 to 20 years.

Related Job Salaries

United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

Experience Affects Senior Loan Processor Salaries

Late-Career
up arrow 6%

Experienced
up arrow 5%

National Average
$48,000

Mid-Career
up arrow 2%

Entry-Level
up arrow 12%

Skills That Affect Senior Loan Processor Salaries


Loan Processing
up arrow 3%

National Average
$48,000

Loan Documents
up arrow 1%

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
27%
10-19 years
40%
20 years or more
20%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 74%
vision benefits Vision: 60% employee benefits None: 16%
ADVERTISEMENT