Senior Mortgage Loan Processor Salary

Senior Mortgage Loan Processors in the United States earn an average of $46K annually, and top pay can be found in San Diego, where the average is $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 figures in this rundown are based on the results of PayScale's salary questionnaire.

$33,671 - $57,571
(Median)
$34K
$46K
$58K
MEDIAN: $45,925
10%
50%
90%

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$14.29 - $25.32
(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
$33,671 - $57,571  
   
Bonus
$0.00 - $12,208  
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).
)
$33,942 - $60,904  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 522
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
$14.29 - $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 - $12,208  
   
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).
)
$33,942 - $60,904  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 168
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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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Senior Mortgage Loan Processors who become Mortgage Processing Managers position may earn slightly higher salaries. The median income for that position is $55K per year.

Senior Loan Processor Job Listings

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Popular Employer Salaries for Senior Mortgage Loan Processor


The lowest salaries can be found at Bank of America Corp. (BOFA) — median pay is $45K — and there is little variation in compensation, with paychecks starting at $35K and only reaching $61K.

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, Mortgage Loans, and Loan Underwriting are correlated to pay that is above average, leading to an increase of 4 percent. The majority of those 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.


Senior Mortgage Loan Processors with a lot of experience do not necessarily enjoy more money. Respondents with less than five years' experience take home $42K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $46K. The average pay reported by folks with 10 to 20 years of experience is around $48K. As Senior Mortgage Loan Processors reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $50K.

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 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
8%
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: 54% employee benefits None: 20%
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