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Senior Loan Processor Salary (United States)

With slightly less than three-fifths of Senior Loan Processors in the United States reporting more than 10 years of experience, the field is heavily weighted toward experienced professionals. Average pay for Senior Loan Processors is $46K annually and can range from $32K on the lower end to $62K per year near the higher end. Geographic location is the biggest factor affecting pay for this group, followed by experience level. Senior Loan Processors who responded to the questionnaire are largely women, dominating at 87 percent. Most workers in this position report high levels of job satisfaction. Medical benefits are awarded to most, and a strong majority earn dental coverage. The figures in this rundown are based on the results of PayScale's salary questionnaire.
Senior Loan Processor Salary (?
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.
)
$32,409 - $60,514
(Median)
32K
40K
46K
52K
61K
MEDIAN: $46,430
10%
25%
50%
75%
90%
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Senior Loan Processor Salary (?
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.
)
$12.51 - $25.22
(Median)
13
15
19
23
MEDIAN: $19.00
10%
25%
50%
75%
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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
$32,409 - $60,514  
   
Bonus
$0.00 - $11,755  
Commission
$1,500 - $4,000  
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).
)
$31,645 - $61,902  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 178
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
$12.51 - $25.22  
   
Overtime
$18.38 - $37.69  
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 - $11,755  
   
Commission
$1,500 - $4,000  
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).
)
$31,645 - $61,902  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 84
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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 report a focused set of job skills. Loan Processing and Mortgage Loans are considered valuable skills and can increase employee pay by 8 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 with a lot of experience do not necessarily enjoy more money. Relatively untried employees who have less than five years' experience make $42K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $46K. The average pay reported by folks with 10 to 20 years of experience is around $49K. Senior Loan Processors with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $50K.

Pay Difference By Location

Los Angeles
up arrow 28%
Dallas
up arrow 15%
Miami
up arrow 11%
San Diego
up arrow 8%
Chicago
0%
National Average
$47,000
Larger circles over a city indicate a job is popular in that location.
For Senior Loan Processors, working in the bustling city of Los Angeles has its advantages, including an above-average pay rate. Senior Loan Processors will also find cushy salaries in Dallas (+15 percent) and Miami (+11 percent).

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Experience Affects Senior Loan Processor Salaries

Late-Career
up arrow 7%
Experienced
up arrow 4%
National Average
$47,000
Mid-Career
up arrow 3%
Entry-Level
up arrow 10%

Skills That Affect Senior Loan Processor Salaries

National Average
$47,000

Job Satisfaction

Highly satisfied Image
Highly satisfied
Rated 4 out of 5 based on 53 votes.

Gender

Female
87%
female alumni
 
Male
13%
male alumni

Years of Experience

1-4 years
15%
5-9 years
27%
10-19 years
39%
20 years or more
18%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 75%
vision benefits Vision: 60% employee benefits None: 16%