Senior Mortgage Loan Processor Salary

Senior Mortgage Loan Processors in the United States earn an average of $50K annually, and top pay can be found in San Diego, where the average is $61K. Senior Mortgage Loan Processors can also look forward to large paychecks in cities like Chicago (+12 percent), New York (+11 percent), Los Angeles (+10 percent), and Columbus (+6 percent). This report is based on responses to the PayScale salary survey.

$40,287 - $60,520
$40K
$50K
$61K
MEDIAN: $49,749
10%
50%
90%

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$16.51 - $28.62
$17
$21
$29
MEDIAN: $21.47
10%
50%
90%

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$0$67K
Salary $40,287 - $60,520
Bonus $1,541 - $18,326
Commission $3,000 - $38,430
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).
)
$40,035 - $67,376
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 270
Hourly Data $0$42
Hourly Rate $16.51 - $28.62
Overtime $22.98 - $42.51
Annual Data $0$67K
Bonus $1,541 - $18,326
Commission $3,000 - $38,430
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).
)
$40,035 - $67,376
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 115

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

  • Authorize funding upon verification of all documentation.
  • Order credit reports, appraisals, title insurance, and all other certifications as necessary.
  • Answer questions regarding closing requirements.
  • Maintain communication with brokers partners and closing/settlement agents with loan status.

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 Senior Mortgage Loan Processor often moves on to become a Mortgage Loan Underwriter or an Underwriter.

Senior Mortgage Loan Processor Job Listings

Popular Employer Salaries for Senior Mortgage Loan Processor


Bank of America Corp. (BOFA) offers the least pay with a median salary of $45K; furthermore, salaries there max out at only $61K.

Popular Skills for Senior Mortgage Loan Processor


Senior Mortgage Loan Processors usually report a few specific skills. Most notably, skills in Loan Processing, Mortgage Loans, Loan Underwriting, and Bilingual are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Bilingual. The majority of those who know Loan Processing also know 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: $51,591

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

Related Job Salaries

Key Stats for Senior Mortgage Loan Processor

Gender

Female
89 %
Male
11 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 63 votes.
Less than 1 year
0%
1-4 years
11%
5-9 years
16%
10-19 years
44%
20 years or more
28%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Mortgage Loan Processor Salaries

▲1%

▼0%

National Average
$52,000

▼1%

▼7%

Skills That Affect Senior Mortgage Loan Processor Salaries

National Average
$52,000

Loan Processing
▼1%

Mortgage Loans
▼1%

Loan Underwriting
▼1%

Bilingual
▼11%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 63 votes.

Gender

Female
89 %
Male
11 %

Years of Experience

Less than 1 year
0%
1-4 years
11%
5-9 years
16%
10-19 years
44%
20 years or more
28%

Common Health Benefits

medical benefits
Medical: 80%
dental benefits
Dental: 71%
vision benefits
Vision: 65%
no benefits
None: 18%
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