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Senior Mortgage Loan Processor Salary

Senior Mortgage Loan Processors in the United States are often veterans in their line of work, with between two-thirds and three-fourths bringing more than 10 years of experience to the table. Salaries slide in at $46K per year on average but can range from $34K to $61K per year. Compensation for this group is mainly affected by residence, but career duration and the particular employer are influential factors as well. The majority of Senior Mortgage Loan Processors claim high levels of job satisfaction. There are far more female Senior Mortgage Loan Processors who answered the questionnaire than men, making up 87 percent. Health benefits are not enjoyed by everyone in this line of work, and roughly a fifth lack any coverage at all. Medical benefits are reported by a fair number and dental coverage is claimed by a majority. This snapshot results from replies to PayScale's salary survey.

$33,400 - $57,071
(Median)
$33K
$46K
$57K
MEDIAN: $45,503
10%
50%
90%

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$14.26 - $25.20
(Median)
$14
$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
$33,400 - $57,071  
   
Bonus
$0.00 - $12,171  
Profit Sharing
$968 - $2,035  
Commission
$2,027 - $32,351  
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).
)
$33,754 - $60,761  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 522
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
$14.26 - $25.20  
   
Overtime
$21.70 - $38.58  
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 - $12,171  
   
Commission
$2,027 - $32,351  
Profit Sharing
$968 - $2,035  
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).
)
$33,754 - $60,761  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 171

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United States (change)


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Job Description for Senior Mortgage Loan Processor

A senior mortgage loan processor receives loan files that originate from loan officers and then processes them to ensure that they meet credit worthiness standards, federal and state regulatory requirements, and company policies. They review all paperwork, gather any further information needed to process the loan, verify information, and shepherd the loan from pre-approval to closing. The job requires persons with good attention to detail, organizational skills, and interpersonal skills.

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Senior Mortgage 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 Mortgage Loan Processor


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As Senior Mortgage Loan Processors make advancements in their career path to positions such as Mortgage Processing Manager, their salaries may climb. Mortgage Processing Managers make $55K annually on average.

Senior Loan Processor Job Listings

Jobs by Simply Hired
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Popular Employer Salaries for Senior Mortgage Loan Processor


With a median salary of $45K, Bank of America Corp. (BOFA) provides Senior Mortgage Loan Processors with the lowest pay in their field; moreover, earnings are capped at only $61K, limiting employee salary growth.

Popular Skills for Senior Mortgage Loan Processor


Senior Mortgage Loan Processors report a narrow range of specific skills. Loan Processing and Loan Underwriting are considered valuable skills and can increase employee pay by 4 percent and 4 percent, respectively. It is often found that people who know Loan Processing are also skilled in Loan Underwriting.

Pay by Experience Level for Senior Mortgage Loan Processor

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


For Senior Mortgage Loan Processors, experience does not seem to be a major factor in determining pay. Survey participants with less than five years' experience pocket $42K on average, but those with five to 10 years of experience enjoy a much bigger median of $45K. For Senior Mortgage Loan Processors, 10 to 20 years of experience on the job amounts to an average salary of $47K. Old hands boasting more than twenty years of relevant experience report pay that is more or less commensurate with that extensive experience; average earnings for this group come out to approximately $50K.

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United States (change)

Experience Affects Senior Mortgage Loan Processor Salaries



National Average
$47,000


Entry-Level
up arrow 11%

Skills That Affect Senior Mortgage Loan Processor Salaries

Loan Processing
up arrow 4%

Loan Underwriting
up arrow 4%

Mortgage Loans
up arrow 3%

National Average
$47,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 88 votes.

Gender

Female
87 %
Male
13 %

Years of Experience

Less than 1 year
0%
1-4 years
9%
5-9 years
22%
10-19 years
44%
20 years or more
24%

Common Health Benefits

medical benefits Medical: 75% dental benefits Dental: 67%
vision benefits Vision: 53% employee benefits None: 21%
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