Senior Mortgage Loan Processor Salary

The average salary for Senior Mortgage Loan Processors in the United States is $50K per year, and pay runs especially high in San Diego, where the average is $61K. Senior Mortgage Loan Processors will also find cushy salaries in Chicago (+13 percent), New York (+11 percent), Los Angeles (+11 percent), and Columbus (+7 percent). This overview is based on answers to PayScale's salary questionnaire.

$39,828 - $60,512
$40K
$50K
$61K
MEDIAN: $49,688
10%
50%
90%

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$15.90 - $28.57
$16
$21
$29
MEDIAN: $21.02
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
$39,828 - $60,512  
   
Bonus
$1,527 - $18,060  
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).
)
$39,162 - $65,902  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 264
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
$15.90 - $28.57  
   
Overtime
$22.81 - $41.84  
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
$1,527 - $18,060  
   
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).
)
$39,162 - $65,902  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 127

Find Out Exactly What You Should Be Paid

United States (change)

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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, their salaries may not change right away. For example, the higher-level Mortgage Processing Manager position pays around the same amount as the Senior Mortgage Loan Processor job on average. A Mortgage Loan Underwriter or an Underwriter is a typical transition from a Senior Mortgage Loan Processor role.

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


Typical Senior Mortgage Loan Processors report a focused set of job skills. Most notably, skills in Loan Processing, Mortgage Loans, Loan Underwriting, and Bilingual are correlated to pay that is above average. At the other end of the pay range are skills like Bilingual. Those proficient in Loan Processing are, more often than not, also skilled in Loan Underwriting.

Pay by Experience Level for Senior Mortgage Loan Processor

Pay by Experience for a Senior Mortgage Loan Processor has a positive trend. An entry-level Senior Mortgage Loan Processor with less than 5 years of experience can expect to earn an average total compensation of $48,000 based on 72 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Senior Mortgage Loan Processor with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $51,000 based on 100 salaries. An experienced Senior Mortgage Loan Processor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $52,000 based on 214 salaries. A Senior Mortgage Loan Processor with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $52,000 based on 111 salaries.

Pay Difference by Location

National Average: $51,172

Larger city markers indicate a job is popular in that location.

Related Job Salaries

Key Stats for Senior Mortgage Loan Processor

Gender

Female
92 %
Male
8 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 59 votes.
Less than 1 year
1%
1-4 years
11%
5-9 years
15%
10-19 years
45%
20 years or more
28%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Mortgage Loan Processor Salaries

▲2%

▲1%

▼0%

National Average
$51,000

▼6%

Skills That Affect Senior Mortgage Loan Processor Salaries

Loan Processing
▼0%

Mortgage Loans
▼0%

Loan Underwriting
▼0%

National Average
$51,000

Bilingual
▼11%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 59 votes.

Gender

Female
92 %
Male
8 %

Years of Experience

Less than 1 year
1%
1-4 years
11%
5-9 years
15%
10-19 years
45%
20 years or more
28%

Common Health Benefits

medical benefits
Medical: 80%
dental benefits
Dental: 70%
vision benefits
Vision: 64%
no benefits
None: 18%