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Senior Loan Processor Salary

With 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 per year. Geographic location and career length each impact pay for this group, with the former having the largest influence. For the most part, Senior Loan Processors enjoy their work and report high levels of job satisfaction. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The vast majority of Senior Loan Processors (88 percent) who participated in the survey are women. The numbers in this rundown were provided by PayScale's salary survey participants.

$33,176 - $60,318
(Median)
$33K
$47K
$60K
MEDIAN: $46,922
10%
50%
90%

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$13.18 - $25.34
(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 - $60,318  
   
Bonus
$0.00 - $11,867  
Commission
$2,000 - $10,800  
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).
)
$31,924 - $61,975  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 204
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
$13.18 - $25.34  
   
Overtime
$16.80 - $37.83  
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 - $11,867  
   
Commission
$2,000 - $10,800  
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).
)
$31,924 - $61,975  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 78
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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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Senior Loan Processors only report a few specific skills. Mortgage Loans and Loan Processing are considered valuable skills and can increase employee pay by 7 percent and 5 percent, respectively. Many workers who know Loan Processing also know 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 do not generally earn higher incomes from more experience in the field. 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 see a median salary of $50K after reaching one to two decades on the job. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $51K.

Related Job Salaries

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Experience Affects Senior Loan Processor Salaries

Late-Career
up arrow 5%

Experienced
up arrow 4%

National Average
$48,000

Mid-Career
up arrow 2%

Entry-Level
up arrow 10%

Skills That Affect Senior Loan Processor Salaries



National Average
$48,000

Loan Documents
up arrow 1%

Job Satisfaction

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

Gender

Female
88 %
Male
12 %

Years of Experience

1-4 years
14%
5-9 years
27%
10-19 years
39%
20 years or more
20%

Common Health Benefits

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