Senior Mortgage Loan Processor Salary

Senior Mortgage Loan Processors earn around $47K per year on average in the United States, but employers pay the most in San Diego, offering approximately $61K at the median. Senior Mortgage Loan Processors will also find cushy salaries in Irvine (+21 percent), New York (+18 percent), Denver (+8 percent), and Chicago (+7 percent). The figures in this overview were provided by individuals who took PayScale's salary questionnaire.

$35,475 - $59,203
(Median)
$35K
$47K
$59K
MEDIAN: $47,238
10%
50%
90%

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$14.71 - $26.51
(Median)
$15
$20
$27
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$21K$42K$63K
Salary
$35,475 - $59,203  
   
Bonus
$0.00 - $12,274  
Profit Sharing
$1,024  
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).
)
$35,353 - $61,805  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 521
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
$14.71 - $26.51  
   
Overtime
$21.96 - $39.91  
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
$0.00 - $12,274  
   
Commission
$10,000  
Profit Sharing
$1,024  
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).
)
$35,353 - $61,805  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 162
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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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For Senior Mortgage Loan Processors, advancing into a Mortgage Processing Manager role, for which the median salary is $55K, is not common but it does happen. Typical career progression for a Senior Mortgage Loan Processor involves becoming a Mortgage Loan Underwriter or an Underwriter, roles that pay $6K more and $2K more on average.

Senior Loan Processor Job Listings

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Popular Employer Salaries for Senior Mortgage Loan Processor


Senior Mortgage Loan Processors will find the worst pay at Bank of America Corp. (BOFA), where the median salary crawls in at $45K. Furthermore, compensation is curbed at $61K, leaving little room for growth.

Popular Skills for Senior Mortgage Loan Processor


Job skills reported by Senior Mortgage Loan Processors are limited. Most notably, skills in Loan Underwriting, Loan Processing, Mortgage Loans, and Bilingual are correlated to pay that is above average. At the other end of the pay range are skills like Bilingual. Most people familiar with 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. Although individuals who have less than five years' experience earn $45K on average, people with five to 10 years benefit from a notably larger average of $48K. Senior Mortgage Loan Processors bring in $49K after working for 10 to 20 years. Senior Mortgage Loan Processors who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $50K.

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Experience Affects Senior Mortgage Loan Processor Salaries



National Average
$49,000



Skills That Affect Senior Mortgage Loan Processor Salaries

Loan Underwriting
up arrow 2%

Loan Processing
up arrow 1%

Mortgage Loans
0%

National Average
$49,000

Bilingual
up arrow 6%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 88 votes.

Gender

Female
87 %
Male
13 %

Years of Experience

Less than 1 year
0%
1-4 years
8%
5-9 years
18%
10-19 years
45%
20 years or more
28%

Common Health Benefits

medical benefits
Medical: 78%
dental benefits
Dental: 69%
medical benefits
Vision: 56%
dental benefits
None: 18%
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