Senior Loan Processor Salary

Senior Loan Processors in the United States are often veterans in their line of work, with two in three bringing more than 10 years of experience to the table. Salaries slide in at $50K per year on average but can range from $37K to $67K per year. Residence and tenure each impact pay for this group, with the former having the largest influence. For the most part, people in this position report moderate levels of job satisfaction. There are far more female Senior Loan Processors who answered the questionnaire than men, making up 89 percent. While some workers in this profession — one in four — do not have any health coverage, a fair number do receive medical benefits and the greater part have dental insurance. The data for this synopsis comes from respondents who took the PayScale salary survey.

$34,817 - $62,556
$35K
$50K
$63K
MEDIAN: $50,133
10%
50%
90%

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$15.91 - $27.92
$16
$21
$28
MEDIAN: $21.28
10%
50%
90%

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$0$67K
Salary $34,817 - $62,556
Bonus $1,370 - $23,489
Commission $5,087
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).
)
$36,605 - $67,451
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 96
Hourly Data $0$39
Hourly Rate $15.91 - $27.92
Overtime $25.42 - $39.68
Annual Data $0$67K
Bonus $1,370 - $23,489
Commission $5,087
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).
)
$36,605 - $67,451
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 71

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United States (change)

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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

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

Common Career Paths for Senior Loan Processor


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Although many Senior Loan Processors transition into Senior Mortgage Loan Processor roles, the latter job seems to pay slightly less with an average reported annual income of $45K.

Senior Loan Processor Job Listings

Pay by Experience Level for Senior Loan Processor

Pay by Experience for a Senior Loan Processor has a positive trend. An entry-level Senior Loan Processor with less than 5 years of experience can expect to earn an average total compensation of $46,000 based on 35 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Senior Loan Processor with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $49,000 based on 48 salaries. An experienced Senior Loan Processor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $54,000 based on 74 salaries. A Senior Loan Processor with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $56,000 based on 41 salaries.

Related Job Salaries

Key Stats for Senior Loan Processor

Gender

Female
89 %
Male
11 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 21 votes.
Less than 1 year
1%
1-4 years
12%
5-9 years
19%
10-19 years
44%
20 years or more
25%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Loan Processor Salaries

▲6%

▲3%

National Average
$53,000

▼6%

▼12%

Skills That Affect Senior Loan Processor Salaries

Loan Documents
▲5%


National Average
$53,000


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 21 votes.

Gender

Female
89 %
Male
11 %

Years of Experience

Less than 1 year
1%
1-4 years
12%
5-9 years
19%
10-19 years
44%
20 years or more
25%

Common Health Benefits

medical benefits
Medical: 72%
dental benefits
Dental: 63%
vision benefits
Vision: 64%
no benefits
None: 26%
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