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Senior Loan Processor Salary

Senior Loan Processors in the United States tend to be well-versed in their field, and nearly three in five have more than 10 years of experience. Average salary is expected to be around $47K annually, but may range from $32K to $62K per year. Geographic location is the biggest factor affecting pay for this group, followed by years of experience. Among survey respondents, women are more common than men; 88 percent of Senior Loan Processors are female. Medical benefits are awarded to most, and a strong majority earn dental coverage. Most Senior Loan Processors like their work and job satisfaction is high. The numbers in this rundown were provided by PayScale's salary survey participants.

$33,038 - $60,173
(Median)
$33K
$47K
$60K
MEDIAN: $46,862
10%
50%
90%

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$13.13 - $25.36
(Median)
$13
$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
$33,038 - $60,173  
   
Bonus
$0.00 - $11,859  
Commission
$2,000 - $10,800  
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).
)
$31,888 - $61,931  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 203
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
$13.13 - $25.36  
   
Overtime
$16.80 - $37.83  
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 - $11,859  
   
Commission
$2,000 - $10,800  
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).
)
$31,888 - $61,931  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 77

Find Out Exactly What You Should Be Paid

United States (change)


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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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Survey takers who work as Senior Loan Processors usually report a few specific skills. Mortgage Loans and Loan Processing are considered valuable skills and can increase employee pay by 7 percent and 5 percent, respectively. Aptitude in Loan Processing tends to also indicate an understanding 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. Although individuals who have less than five years' experience earn $43K on average, people with five to 10 years benefit from a notably larger average of $47K. Senior Loan Processors claiming one to two decades of experience make an estimated median of $50K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $51K.

Related Job Salaries

United States (change)

Experience Affects Senior Loan Processor Salaries

Late-Career
up arrow 5%

Experienced
up arrow 4%

National Average
$48,000

Mid-Career
up arrow 3%

Entry-Level
up arrow 10%

Skills That Affect Senior Loan Processor Salaries



National Average
$48,000

Loan Documents
up arrow 1%

Job Satisfaction

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

Gender

Female
88 %
Male
12 %

Years of Experience

1-4 years
14%
5-9 years
26%
10-19 years
39%
20 years or more
20%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 75%
vision benefits Vision: 60% employee benefits None: 15%
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