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Senior Mortgage Loan Processor Salary

About two-thirds of Senior Mortgage Loan Processors in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $34K to $61K per year, and the average comes out to $46K annually. Compensation for this group is mainly affected by geographic location, but experience level and the individual firm are influential factors as well. Women account for the majority of Senior Mortgage Loan Processors who took the survey — 87 percent to be exact. Although a strong majority have medical coverage and more than half have dental coverage, roughly a fifth claim no health benefits at all. Most workers in this position report high levels of job satisfaction. Respondents to the PayScale salary survey provided the data for this report.

$33,386 - $57,134
(Median)
$33K
$46K
$57K
MEDIAN: $45,568
10%
50%
90%

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$14.44 - $25.22
(Median)
$14
$20
$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
$33,386 - $57,134  
   
Bonus
$0.00 - $12,080  
Profit Sharing
$968 - $2,035  
Commission
$2,013 - $32,580  
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).
)
$33,878 - $60,794  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 521
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
$14.44 - $25.22  
   
Overtime
$21.95 - $38.58  
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 - $12,080  
   
Commission
$2,013 - $32,580  
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).
)
$33,878 - $60,794  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 169
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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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As Senior Mortgage Loan Processors make advancements in their career path to positions such as Mortgage Processing Manager, their salaries may climb. Mortgage Processing Managers make $55K annually on average.

Senior Loan Processor Job Listings

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Popular Employer Salaries for Senior Mortgage Loan Processor


Bank of America Corp. (BOFA) offers the lowest pay in the field with a median salary of just $45K. There's also little variation in pay at the company, with pay ranging from $35K to $61K.

Popular Skills for Senior Mortgage Loan Processor


Senior Mortgage Loan Processors only report a few specific skills. Most notably, facility with Loan Processing, Loan Underwriting, and Mortgage Loans are correlated to pay that is above average, leading to increases of 5 percent, 4 percent, and 3 percent, respectively. It is often found that people who know Loan Processing are 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.


More years of relevant experience do not necessarily translate to higher paychecks. Salaries for the relatively untried average out to around $42K, but survey participants with five to 10 years of experience earn a significantly higher median of $45K. After working for 10 to 20 years, Senior Mortgage Loan Processors make a median salary of $47K. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; a Senior Mortgage Loan Processor with more than 20 years of experience can earn $50K on average.

Related Job Salaries

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Experience Affects Senior Mortgage Loan Processor Salaries



National Average
$47,000


Entry-Level
up arrow 10%

Skills That Affect Senior Mortgage Loan Processor Salaries


Loan Underwriting
up arrow 4%

Mortgage Loans
up arrow 3%

National Average
$47,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 85 votes.

Gender

Female
87 %
Male
13 %

Years of Experience

Less than 1 year
0%
1-4 years
9%
5-9 years
22%
10-19 years
44%
20 years or more
24%

Common Health Benefits

medical benefits Medical: 75% dental benefits Dental: 67%
vision benefits Vision: 53% employee benefits None: 21%
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