Senior Loan Processor Salary

Three in five of Senior Loan Processors in the United States have been in the field for more than 10 years. Pay can fall anywhere from $34K to $63K per year, but median earnings come to around $48K annually. Location is the biggest factor affecting pay for this group, followed by career length. Medical benefits are awarded to most, and a strong majority earn dental coverage. The vast majority of Senior Loan Processors (89 percent) who responded to the survey are women. Most workers in this position report high levels of job satisfaction. This snapshot results from replies to PayScale's salary survey.

$34,041 - $60,534
(Median)
$34K
$48K
$61K
MEDIAN: $47,668
10%
50%
90%

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$14.41 - $24.95
(Median)
$14
$20
$25
MEDIAN: $20
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
$34,041 - $60,534  
   
Bonus
$0.00 - $12,247  
Commission
$3,050  
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).
)
$34,459 - $62,887  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 226
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$13$26$39
Hourly Rate
$14.41 - $24.95  
   
Overtime
$16.46 - $37.50  
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$26K$52K$78K
Bonus
$0.00 - $12,247  
   
Commission
$3,050  
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).
)
$34,459 - $62,887  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 77
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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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For Senior Loan Processors, career advancements do not tend to correlate with a rise in salary. On average, lower-level Senior Loan Processors earn similar salaries to those in higher-end positions like Senior Mortgage Loan Processor.

Senior Loan Processor Job Listings

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Survey results show that Senior Loan Processors typically report just a few professional skills. Those who have experience with Mortgage Loans, Loan Processing, and Loan Documents can expect to be compensated well for these skills. Employees educated in Loan Processing are typically practiced in Mortgage Loans, too.

Pay by Experience Level for Senior Loan Processor

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


Experience and pay tend to be weakly linked for Senior Loan Processors — those with more experience do not necessarily bring in higher earnings. The average inexperienced worker earns $43K, and someone who has worked for five to 10 years can expect a bigger median salary of $47K. Senior Loan Processors claiming one to two decades of experience make an estimated median of $50K. 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 $52K.

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Experience Affects Senior Loan Processor Salaries

Late-Career
up arrow 7%

Experienced
up arrow 4%

National Average
$49,000

Mid-Career
up arrow 4%

Entry-Level
up arrow 11%

Skills That Affect Senior Loan Processor Salaries


Loan Processing
up arrow 1%

National Average
$49,000

Loan Documents
up arrow 1%

Job Satisfaction

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

Gender

Female
89 %
Male
11 %

Years of Experience

Less than 1 year
1%
1-4 years
13%
5-9 years
26%
10-19 years
41%
20 years or more
20%

Common Health Benefits

medical benefits
Medical: 82%
dental benefits
Dental: 74%
medical benefits
Vision: 63%
dental benefits
None: 15%
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