Senior Loan Processor Salary
With roughly two in three of Senior Loan Processors in the United States reporting more than 10 years of experience in the field, this area is heavily weighted toward experienced professionals. Pay ranges from $37K to $63K per year and averages out to $48K annually. Geography is the biggest factor affecting pay for this group, followed by tenure. The majority of workers are highly satisfied with their job. Although a strong majority have medical coverage and a majority have dental coverage, slightly more than a fifth claim no health benefits at all. The numbers in this rundown were provided by PayScale's salary survey participants.
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 processors must comply with federal and state guidelines, rules and regulations such as Real Estate Settlement Procedures Act (RESPA) and Truth In Lending Act (TILA). They must follow their company’s policies, procedures and guidelines at all times. These professionals must provide customers with non-discrimination disclosure, cancellation disclosure and other relevant disclosures, as well as work closely with underwriters and follow their requirements. Additionally, senior loan processors communicate with customers on issues such as missing or updated documentation to ensure loans are closed in a timely manner.
Employers generally require that candidates have a bachelor’s degree in finance, business administration, business, marketing or another relevant field. They must pass background check as well, and relevant experience is often required or preferred. Senior loan processors must have excellent oral and written communication skills, as well as good interpersonal, multitasking and customer service skills. Additionally, these professionals must be knowledgeable about the loans offered by their institution, as well as programs such as down payment assistance, home equity lines of credit, home Improvement loans and reverse mortgages.
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.
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Pay by Experience Level for Senior Loan Processor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience does not seem to be a strong driver of pay increase in this role. Relatively untried employees who have fewer than five years of experience earn around $46K on average. People who have worked for five to 10 years can expect a higher median salary of $46K. Senior Loan Processors claiming one to two decades of experience make an estimated median of $53K. Individuals who report more than two decades of experience seem to make about the same as folks in the 10-to-20 year range.
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Key Stats for Senior Loan Processor
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