Senior Mortgage Loan Processor Salary
Salaries for Senior Mortgage Loan Processors in the United States average out at around $50K annually, but Irvine employers pay the most, offering approximately $62K on average. Senior Mortgage Loan Processors can also look forward to large paychecks in cities like San Diego (+20 percent), Chicago (+15 percent), New York (+12 percent), and Columbus (+7 percent). The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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.Read More...
Experience is required for this position, normally a minimum of two years of loan processor experience; many positions require a minimum of four years' experience with mortgage loans. Proficiency with basic computer software and industry-specific software are also required. Extensive knowledge of federal and state regulations that pertain to mortgages are needed as well. While many senior loan processors have college degrees, it is not required for many jobs. A background check is routine for these positions.
Senior mortgage loan processors often work in an office environment where communication skills - written and verbal - play an important role. As a facilitator, the senior loan processor must communicate with fellow professionals and the customer on a regular basis. Many companies now allow loan processors to work from home it they desire. Since most of the communication and facilitation occurs via telephone, computer, and fax, this job can often be performed successfully from a home office. Working at home does require a person who is self-motivated.
Senior Mortgage Loan Processor Tasks
- Authorize funding upon verification of all documentation.
- Order credit reports, appraisals, title insurance, and all other certifications as necessary.
- Answer questions regarding closing requirements.
- Maintain communication with brokers partners and closing/settlement agents with loan status.
Common Career Paths for Senior Mortgage Loan Processor
For Senior Mortgage Loan Processors who go on to become Mortgage Processing Managers, career progression may result in slightly increased compensation. On average, a Mortgage Processing Manager earns $56K annually. A Senior Mortgage Loan Processor may also move into a role as a Mortgage Loan Underwriter or an Underwriter.
Senior Loan Processor Job Listings
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Popular Employer Salaries for Senior Mortgage Loan Processor
Salaries are easily beat at Bank of America Corp. (BOFA), where median pay comes to just $45K, the lowest in the field. What's more, with base pay starting at $35K and ending at $61K, range in salary is rather small.
Popular Skills for Senior Mortgage Loan Processor
Senior Mortgage Loan Processors report a narrow range of specific skills. Most notably, skills in Mortgage Loans, Loan Processing, Loan Underwriting, and Bilingual are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Bilingual. The majority of those 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.
Experience does not seem to be a strong driver of pay increase in this role. The average beginner in this position makes around $48K, but folks who have been around for five to 10 years see a markedly higher median salary of $50K. Senior Mortgage Loan Processors bring in $51K after working for 10 to 20 years. 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 $52K.
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Key Stats for Senior Mortgage Loan Processor
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