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.

$35,655 - $60,054
(Median)
$36K
$48K
$60K
MEDIAN: $48,323
10%
50%
90%

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$16.26 - $26.67
(Median)
$16
$21
$27
MEDIAN: $21.00
10%
50%
90%

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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
$35,655 - $60,054  
   
Bonus
$1,500 - $17,100  
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).
)
$36,574 - $62,943  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 119
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$15$30$45
Hourly Rate
$16.26 - $26.67  
   
Overtime
$17.48 - $42.17  
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$30K$60K$90K
Bonus
$1,500 - $17,100  
   
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).
)
$36,574 - $62,943  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 54
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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

  • 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 take on a higher-level position such as Senior Mortgage Loan Processor may get paid a little bit less in that new role, as Senior Mortgage Loan Processors on average bring home $45K.

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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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Experience Affects Senior Loan Processor Salaries

Experienced
up arrow 5%

Late-Career
up arrow 5%

National Average
$51,000

Mid-Career
up arrow 9%

Entry-Level
up arrow 9%

Skills That Affect Senior Loan Processor Salaries

Loan Documents
up arrow 9%


National Average
$51,000

Loan Processing
up arrow 2%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 25 votes.

Gender

Female
93 %
Male
8 %

Years of Experience

Less than 1 year
1%
1-4 years
10%
5-9 years
22%
10-19 years
40%
20 years or more
26%

Common Health Benefits

medical benefits
Medical: 73%
dental benefits
Dental: 61%
medical benefits
Vision: 60%
dental benefits
None: 23%
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