Senior Mortgage Loan Processor Salary

Senior Mortgage Loan Processors in the United States earn an average of $47K annually; salaries are particularly strong in San Diego, where workers earn around $61K. Senior Mortgage Loan Processors can also look forward to large paychecks in cities like Irvine (+21 percent), New York (+18 percent), Denver (+8 percent), and Chicago (+7 percent). Respondents to the PayScale salary survey provided the data for this report.

$35,475 - $59,203
(Median)
$35K
$47K
$59K
MEDIAN: $47,238
10%
50%
90%

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$14.71 - $26.51
(Median)
$15
$20
$27
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
$35,475 - $59,203  
   
Bonus
$0.00 - $12,274  
Profit Sharing
$1,024  
Commission
$10,000  
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).
)
$35,353 - $61,805  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 521
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$14$28$42
Hourly Rate
$14.71 - $26.51  
   
Overtime
$21.96 - $39.91  
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$28K$56K$84K
Bonus
$0.00 - $12,274  
   
Commission
$10,000  
Profit Sharing
$1,024  
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).
)
$35,353 - $61,805  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 162
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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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Although it's unusual, some Senior Mortgage Loan Processors transition into jobs as Mortgage Processing Managers. The latter group reports earning a slightly lower median of $55K per year, though. Career advancement for the typical Senior Mortgage Loan Processor often leads to becoming a Mortgage Loan Underwriter or an Underwriter; median salaries in these positions are $6K higher and $2K higher, respectively.

Senior Loan Processor Job Listings

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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 who responded to the survey report just a handful of professional skills. Most notably, skills in Loan Underwriting, Loan Processing, Mortgage Loans, and Bilingual are correlated to pay that is above average. Skills that seem to negatively impact pay include Bilingual. Most people who know Loan Processing also know 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, more experience in the field does not usually mean bigger paychecks. Workers in their first five years can expect to earn $45K, but people who have been around for five to 10 years earn a noticeably bigger sum of $48K. Senior Mortgage Loan Processors who work for 10 to 20 years in their occupation tend to earn about $49K. Senior Mortgage 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.

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Experience Affects Senior Mortgage Loan Processor Salaries



National Average
$49,000



Skills That Affect Senior Mortgage Loan Processor Salaries

Loan Underwriting
up arrow 2%

Loan Processing
up arrow 1%

Mortgage Loans
0%

National Average
$49,000

Bilingual
up arrow 6%

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
8%
5-9 years
18%
10-19 years
45%
20 years or more
28%

Common Health Benefits

medical benefits
Medical: 78%
dental benefits
Dental: 69%
medical benefits
Vision: 56%
dental benefits
None: 18%
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