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Senior Mortgage Loan Processor Salary (United States)

With just below two-thirds of Senior Mortgage 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 $33K to $59K per year and averages out to $44K per year. The most influential factor affecting pay for this group is location, though tenure and the individual firm have a (lesser) impact as well. Slightly more than a fifth of professionals in this line of work do not receive benefits; however, a fair portion report medical coverage and more than half claim dental coverage as well. In a profession dominated by women, 88 percent of Senior Mortgage Loan Processors are female. Most Senior Mortgage Loan Processors like their work and job satisfaction is high. The figures in this overview are derived from responses to the PayScale salary survey.
Senior Mortgage 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.
)
$31,288 - $53,769
(Median)
31K
38K
44K
49K
54K
MEDIAN: $43,929
10%
25%
50%
75%
90%
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Senior Mortgage 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.
)
$13.37 - $23.86
(Median)
13
15
19
21
24
MEDIAN: $18.00
10%
25%
50%
75%
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$20K$40K$60K
Salary
$31,288 - $53,769  
   
Bonus
$0.00 - $11,925  
Profit Sharing
$1,000 - $4,300  
Commission
$2,466 - $20,511  
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).
)
$32,520 - $58,795  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 584
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
$13.37 - $23.86  
   
Overtime
$19.83 - $37.01  
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 - $11,925  
   
Commission
$2,466 - $20,511  
Profit Sharing
$1,000 - $4,300  
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).
)
$32,520 - $58,795  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 176
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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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A typical career transition for a Senior Mortgage Loan Processor is to move to a Mortgage Loan Underwriter position, an upper-level role, where pay is usually $54K annually.

Senior Loan Processor Job Listings

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Popular Employer Salaries for Senior Mortgage Loan Processor

The biggest paychecks can be found at Wells Fargo Home Mortgage — the median salary there is $51K; however, employees are subject to a wide range in pay, with the lowest salaries sitting near $34K and highest ones in the neighborhood of $63K. Employees at Bank of America Corp. (BOFA) take home the smallest paychecks, and $45K is the median salary. Furthermore, range in pay is narrow, with salaries starting at $35K and quickly nearing the top at only $61K. Wells Fargo Home Mortgage also scrapes the bottom of the pay scale.

Popular Skills for Senior Mortgage Loan Processor

Just a handful of professional skills are reported by Senior Mortgage Loan Processors who took the survey. High-paying skills include Loan Processing, Mortgage Loans, and Loan Underwriting; these bring in an additional 8 percent, 6 percent, and 5 percent, respectively. Most people skilled in Loan Processing are similarly competent 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.
Senior Mortgage Loan Processors with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. The average worker who claims fewer than five years of experience earns around $41K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $44K. Senior Mortgage Loan Processors who work for 10 to 20 years in their occupation tend to earn about $46K. Veterans who have worked for more than two decades do tend to make the most in the end; the median pay for this group is $48K. The majority of Senior Mortgage Loan Processors have only 10 to 20 years of practice in the field. Workers with one to 10 years make up the second biggest group followed by those with more than 20 years under their belt.

Pay Difference By Location

Dallas
up arrow 14%
Denver
up arrow 10%
Houston
up arrow 7%
Seattle
up arrow 7%
Charlotte
up arrow 6%
National Average
$45,000
Jacksonville
up arrow 5%
Las Vegas
up arrow 8%
Larger circles over a city indicate a job is popular in that location.
For Senior Mortgage Loan Processors, busy Dallas offers a higher-than-average pay rate, 14 percent above the national average. Senior Mortgage Loan Processors can also look forward to large paychecks in cities like Denver (+10 percent), Houston (+7 percent), Seattle (+7 percent), and Charlotte (+6 percent). Those in the field find the lowest salaries in Las Vegas, 8 percent below the national average.

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Experience Affects Senior Mortgage Loan Processor Salaries

National Average
$45,000
Entry-Level
up arrow 10%

Skills That Affect Senior Mortgage Loan Processor Salaries

National Average
$45,000

Job Satisfaction

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Highly satisfied
Rated 4 out of 5 based on 92 votes.

Gender

Female
88%
female alumni
 
Male
12%
male alumni

Years of Experience

Less than 1 year
0%
1-4 years
9%
5-9 years
26%
10-19 years
42%
20 years or more
23%

Common Health Benefits

medical benefits Medical: 74% dental benefits Dental: 65%
vision benefits Vision: 51% employee benefits None: 23%