Senior Mortgage Loan Processor Average Salary

Job Satisfaction

Extremely satisfied Image
Extremely satisfied
Rated 5 out of 5 based on 58 Senior Mortgage Loan Processor votes.
national salary data
National Employer Data
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$22K$44K$66K
Salary
$39,396 - $60,494  
   
Bonus
$1,518 - $18,183  
Profit Sharing
$2,500  
Commission
$4,022 - $18,246  
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).
)
$38,642 - $65,490  
Country: United States | Currency: USD | Updated: 4 Feb 2017 | Individuals Reporting: 388

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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.

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.

Key Stats

Gender

Female
91 %
Male
9 %
Salary
$39,693 - $55,032
Salary
$43,509 - $51,666

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 58 votes.
Less than 1 year
1%
1-4 years
12%
5-9 years
15%
10-19 years
46%
20 years or more
27%

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