Senior Mortgage Loan Processor Salary

Senior Mortgage Loan Processors who are practiced in their profession and carry more than 10 years of experience make up roughly two-thirds of Senior Mortgage Loan Processors. Pay fluctuates from $34K to $60K per year, but expected earnings average $45K per year. The most influential factor affecting pay for this group is location, though career duration and the individual firm have a (lesser) impact as well. 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 more than half. Job satisfaction is reported as high by the vast majority of workers. There are far more female Senior Mortgage Loan Processors who answered the questionnaire than men, making up 87 percent. The information for this snapshot was generated by responses to the PayScale salary survey.

$33,055 - $56,349
(Median)
$33K
$45K
$56K
MEDIAN: $45,335
10%
50%
90%

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$14.01 - $24.83
(Median)
$14
$19
$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
$33,055 - $56,349  
   
Bonus
$0.00 - $12,087  
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).
)
$33,599 - $60,290  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 528
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
$14.01 - $24.83  
   
Overtime
$21.67 - $38.14  
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 - $12,087  
   
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).
)
$33,599 - $60,290  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 163

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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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At the upper end, Senior Mortgage Loan Processors who move into a Mortgage Processing Manager role may earn a little more as the latter position has a median salary of $55K per year.

Senior Loan Processor Job Listings

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Popular Employer Salaries for Senior Mortgage Loan Processor


Bank of America Corp. (BOFA) offers the least pay with a median salary of $45K; furthermore, salaries there max out at only $61K.

Popular Skills for Senior Mortgage Loan Processor


Senior Mortgage Loan Processors report a focused set of job skills. High-paying skills include Loan Processing, Loan Underwriting, and Mortgage Loans; these can bring in an additional 4 percent. Those proficient in Loan Processing are, more often than not, 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, more experience in the field does not usually mean bigger paychecks. Survey participants with less than five years' experience pocket $41K on average, but those with five to 10 years of experience enjoy a much bigger median of $45K. The average pay reported by folks with 10 to 20 years of experience is around $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.

Related Job Salaries

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Experience Affects Senior Mortgage Loan Processor Salaries



National Average
$46,000


Entry-Level
up arrow 11%

Skills That Affect Senior Mortgage Loan Processor Salaries

Mortgage Loans
up arrow 4%

Loan Processing
up arrow 4%

Loan Underwriting
up arrow 4%

National Average
$46,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 89 votes.

Gender

Female
87 %
Male
13 %

Years of Experience

Less than 1 year
0%
1-4 years
9%
5-9 years
23%
10-19 years
44%
20 years or more
24%

Common Health Benefits

medical benefits Medical: 76% dental benefits Dental: 67%
vision benefits Vision: 53% employee benefits None: 21%