Senior Mortgage Loan Processors earn around $49K per year on average in the United States, but employers pay the most in Irvine, offering approximately $62K at the median. Senior Mortgage Loan Processors will also find cushy salaries in San Diego (+21 percent), Chicago (+15 percent), New York (+12 percent), and Phoenix (+4 percent). Respondents to the PayScale salary survey provided the data for this report.

$38,467 - $61,409
(Median)
$38K
$49K
$61K
MEDIAN: $49,385
10%
50%
90%

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$15.31 - $28.46
(Median)
$15
$21
$28
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$22K$44K$66K
Salary
$38,467 - $61,409  
   
Bonus
$1,512 - $17,970  
Profit Sharing
$2,000  
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).
)
$37,272 - $65,324  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 287
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
$15.31 - $28.46  
   
Overtime
$21.88 - $40.86  
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
$1,512 - $17,970  
   
Commission
$10,000  
Profit Sharing
$2,000  
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).
)
$37,272 - $65,324  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 126
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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 $56K per year, though. However, it's more common for Senior Mortgage Loan Processors to move into roles as Mortgage Loan Underwriters or Underwriters.

Senior Loan Processor Job Listings

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Popular Employer Salaries for Senior Mortgage Loan Processor


Bank of America Corp. (BOFA) doles out the lowest salaries in town — median pay is $45K — not to mention workers can only make as much as $61K and scope of pay is rather limited.

Popular Skills for Senior Mortgage Loan Processor


Senior Mortgage Loan Processors note just a narrow range of job skills. Most notably, skills in Loan Underwriting, Loan Processing, Mortgage Loans, and Bilingual are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Bilingual. Those educated in Loan Processing tend to be well versed 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.


Experience and pay tend to be weakly linked for Senior Mortgage Loan Processors — those with more experience do not necessarily bring in higher earnings. During their first five years in the workforce, individuals in this position earn $48K on average. Survey participants with five to 10 years under their belts see an only a slightly bigger average of $49K. After working for 10 to 20 years, Senior Mortgage Loan Processors make a median salary of $51K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $53K, demonstrating that compensation is roughly commensurate with experience in the end.

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Experience Affects Senior Mortgage Loan Processor Salaries



National Average
$51,000



Skills That Affect Senior Mortgage Loan Processor Salaries

Loan Underwriting
up arrow 2%

Loan Processing
0%

National Average
$51,000

Mortgage Loans
up arrow 1%

Bilingual
up arrow 10%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 64 votes.

Gender

Female
93 %
Male
7 %

Years of Experience

Less than 1 year
1%
1-4 years
10%
5-9 years
15%
10-19 years
46%
20 years or more
27%

Common Health Benefits

medical benefits
Medical: 80%
dental benefits
Dental: 71%
medical benefits
Vision: 63%
dental benefits
None: 18%
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