Senior Mortgage Loan Processor Salary

Median pay for Senior Mortgage Loan Processors in the United States is around $46K annually, but employers in San Diego offer the biggest paychecks; average compensation in that city is approximately $60K. Senior Mortgage Loan Processors can also look forward to large paychecks in cities like New York (+22 percent), Irvine (+16 percent), Dallas (+12 percent), and Denver (+10 percent). The data for this synopsis comes from respondents who took the PayScale salary survey.

$33,553 - $57,390
(Median)
$34K
$46K
$57K
MEDIAN: $45,872
10%
50%
90%

Add this chart to your site: 640px    300px

$14.25 - $25.32
(Median)
$14
$20
$25
MEDIAN: $19.00
10%
50%
90%

Add this chart to your site: 640px    300px

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
$33,553 - $57,390  
   
Bonus
$0.00 - $12,136  
Profit Sharing
$968 - $2,035  
Commission
$3,250 - $20,000  
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).
)
$33,874 - $60,873  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 523
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
$14.25 - $25.32  
   
Overtime
$21.95 - $38.51  
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 - $12,136  
   
Commission
$3,250 - $20,000  
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).
)
$33,874 - $60,873  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 168
United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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.

Read More...

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


Add this chart to your site:   640px 640px    300px 300px


Senior Mortgage Loan Processors who become Mortgage Processing Managers may see a small rise in pay. On average, Mortgage Processing Managers earn $55K per year.

Senior Loan Processor Job Listings

Search for more jobs:

Popular Employer Salaries for Senior Mortgage Loan Processor


Salaries are easily beat at Bank of America Corp. (BOFA), where median pay comes to just $45K, the lowest in the field. What's more, with base pay starting at $35K and ending at $61K, range in salary is rather small.

Popular Skills for Senior Mortgage Loan Processor


Survey results show that Senior Mortgage Loan Processors typically report just a few professional skills. Most notably, facility with Loan Processing, Loan Underwriting, and Mortgage Loans are correlated to pay that is above average, leading to an increase of 4 percent. Most people who know 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 $42K on average, people with five to 10 years benefit from a notably larger average of $46K. The average pay reported by folks with 10 to 20 years of experience is around $48K. Old hands boasting more than twenty years of relevant experience report pay that is more or less commensurate with that extensive experience; average earnings for this group come out to approximately $50K.

Related Job Salaries

United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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 Processing
up arrow 4%

Mortgage Loans
up arrow 3%

Loan Underwriting
up arrow 3%

National Average
$47,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 84 votes.

Gender

Female
88 %
Male
12 %

Years of Experience

Less than 1 year
0%
1-4 years
9%
5-9 years
22%
10-19 years
44%
20 years or more
25%

Common Health Benefits

medical benefits Medical: 76% dental benefits Dental: 68%
vision benefits Vision: 53% employee benefits None: 20%
ADVERTISEMENT