Senior Loan Processor Salary

With slightly less than two-thirds 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 $64K per year and averages out to $49K per year. Geographic location and experience level each impact pay for this group, with the former having the largest influence. Unfortunately, some people in this line of work are without benefits — about one in four lack coverage. On the flip side, a fair number have medical insurance and the greater part receive dental plans. Most workers in this position report high levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.

$35,907 - $61,194
$36K
$49K
$61K
MEDIAN: $49,214
10%
50%
90%

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$15.45 - $26.69
$15
$21
$27
MEDIAN: $20.98
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$22K$44K$66K
Salary
$35,907 - $61,194  
   
Bonus
$1,409 - $19,071  
Commission
$5,000  
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).
)
$36,588 - $63,644  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 106
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
$15.45 - $26.69  
   
Overtime
$25.23 - $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
$1,409 - $19,071  
   
Commission
$5,000  
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).
)
$36,588 - $63,644  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 55

Find Out Exactly What You Should Be Paid

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

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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.


Senior Loan Processors with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Folks with fewer than five years of experience take home $46K on average, and those who have worked for five to 10 years see a bigger median salary of $49K. On average, Senior Loan Processors make $53K following one to two decades on the job. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $54K.

Related Job Salaries

Key Stats for Senior Loan Processor

Gender

Female
93 %
Male
7 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 25 votes.
Less than 1 year
2%
1-4 years
11%
5-9 years
24%
10-19 years
39%
20 years or more
24%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Loan Processor Salaries

Late-Career
▲7%

Experienced
▲5%

National Average
$51,000

Mid-Career
▼3%

Entry-Level
▼9%

Skills That Affect Senior Loan Processor Salaries

Loan Documents
▲9%


National Average
$51,000


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 25 votes.

Gender

Female
93 %
Male
7 %

Years of Experience

Less than 1 year
2%
1-4 years
11%
5-9 years
24%
10-19 years
39%
20 years or more
24%

Common Health Benefits

medical benefits
Medical: 74%
dental benefits
Dental: 62%
vision benefits
Vision: 62%
dental benefits
None: 24%
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