Senior Loan Processor Salary

Nearly three-fifths of Senior Loan Processors in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $33K to $62K per year, and the average comes out to $47K annually. Geography is the biggest factor affecting pay for this group, followed by experience level. Most Senior Loan Processors report high levels of job satisfaction. Medical benefits are awarded to most, and a strong majority earn dental coverage. Women account for the majority of Senior Loan Processors who took the survey — 88 percent to be exact. This snapshot results from replies to PayScale's salary survey.

$33,711 - $60,359
(Median)
$34K
$47K
$60K
MEDIAN: $47,044
10%
50%
90%

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$13.89 - $25.38
(Median)
$14
$20
$25
MEDIAN: $20
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
$33,711 - $60,359  
   
Bonus
$0.00 - $11,927  
Commission
$1,965 - $4,069  
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).
)
$32,547 - $62,161  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 212
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
$13.89 - $25.38  
   
Overtime
$16.87 - $37.76  
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 - $11,927  
   
Commission
$1,965 - $4,069  
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).
)
$32,547 - $62,161  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 76
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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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Many Senior Loan Processors move into a Senior Mortgage Loan Processor role, which does not lead to a big boost in pay. Senior Mortgage Loan Processors on average bring in a similar salary to Senior Loan Processors.

Senior Loan Processor Job Listings

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Senior Loan Processors note just a narrow range of job skills. Mortgage Loans and Loan Processing are considered valuable skills and can increase employee pay by 8 percent and 4 percent, respectively. Experience with Loan Processing is often linked with knowledge of Mortgage Loans.

Pay by Experience Level for Senior Loan Processor

Median of all compensation (including tips, bonus, and overtime) by years of experience.


For Senior Loan Processors, more experience in the field does not usually mean bigger paychecks. Those in the early stages of their career can expect to make around $43K; however, individuals with five to 10 years of experience bring in $47K on average — a distinctly larger sum. Senior Loan Processors with one to two decades of relevant experience report an average salary of approximately $50K. More than 20 years of experience mean a somewhat bigger median paycheck of $51K, but it's not much more than what less experienced people make.

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Experience Affects Senior Loan Processor Salaries

Late-Career
up arrow 6%

Experienced
up arrow 4%

National Average
$48,000

Mid-Career
up arrow 2%

Entry-Level
up arrow 12%

Skills That Affect Senior Loan Processor Salaries


Loan Processing
up arrow 4%

National Average
$48,000

Loan Documents
up arrow 1%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 56 votes.

Gender

Female
88 %
Male
12 %

Years of Experience

Less than 1 year
0%
1-4 years
14%
5-9 years
27%
10-19 years
39%
20 years or more
20%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 74%
vision benefits Vision: 60% employee benefits None: 16%
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