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Senior Loan Processor Salary

With around three in five 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 $32K to $62K per year and averages out to $47K annually. Geographic location is the biggest factor affecting pay for this group, followed by career duration. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Job satisfaction for Senior Loan Processors is high. Women make up the vast majority of Senior Loan Processors (87 percent) who answered the questionnaire. The figures in this rundown are based on the results of PayScale's salary questionnaire.

$33,176 - $60,343
(Median)
$33K
$47K
$60K
MEDIAN: $46,695
10%
50%
90%

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$12.82 - $25.30
(Median)
$13
$20
$25
MEDIAN: $19.00
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
$33,176 - $60,343  
   
Bonus
$0.00 - $11,745  
Commission
$1,526 - $10,612  
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).
)
$31,853 - $61,943  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 194
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
$12.82 - $25.30  
   
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 - $11,745  
   
Commission
$1,526 - $10,612  
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).
)
$31,853 - $61,943  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 80

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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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Senior Loan Processors who transition into an upper level Senior Mortgage Loan Processor position will not necessarily make much more than they do in their current role. The average Senior Mortgage Loan Processor makes $44K a year.

Senior Loan Processor Job Listings

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Survey takers who work as Senior Loan Processors report a focused set of job skills. Mortgage Loans and Loan Processing are considered valuable skills and can increase employee pay by 7 percent and 6 percent, respectively. Aptitude in Loan Processing tends to also indicate an understanding of Mortgage Loans.

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. Average salaries for inexperienced employees average out to around $43K, but folks who have five to 10 years of experience earn a higher median of $46K. Senior Loan Processors with one to two decades of relevant experience report an average salary of approximately $50K. Senior Loan Processors with more than 20 years of experience report incomes that are no higher than those with 10 to 20 years on the job.

Related Job Salaries

United States (change)

Experience Affects Senior Loan Processor Salaries

Experienced
up arrow 5%

Late-Career
up arrow 5%

National Average
$48,000

Mid-Career
up arrow 3%

Entry-Level
up arrow 10%

Skills That Affect Senior Loan Processor Salaries



Loan Documents
0%

National Average
$48,000

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 55 votes.

Gender

Female
87 %
Male
13 %

Years of Experience

1-4 years
14%
5-9 years
26%
10-19 years
40%
20 years or more
19%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 75%
vision benefits Vision: 60% employee benefits None: 15%