Senior Mortgage Loan Processor Salary (United States)

Just under two-thirds of Senior Mortgage Loan Processors in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $32,520 to $58,795 per year, and the average number comes out to $45,255 per year. Geographic location is the biggest factor affecting pay for this group, followed by experience level and the particular employer. Unfortunately, some people in this line of work are without benefits—about one-fourth lack coverage. On the flip side, most have medical insurance and a majority receive dental plans. Most Senior Mortgage Loan Processors like their work and job satisfaction is high. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
Senior Mortgage Loan Processor Salary (?
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.
)
$31,288 - $53,769
(Median)
31K
38K
44K
49K
54K
MEDIAN: $43,929
10%
25%
50%
75%
90%
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Senior Mortgage Loan Processor Salary (?
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.
)
$13.37 - $23.86
(Median)
13
15
19
21
24
MEDIAN: $18.00
10%
25%
50%
75%
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$20K$40K$60K
Salary
$31,288 - $53,769  
   
Bonus
$0.00 - $11,925  
Profit Sharing
$1,000 - $4,300  
Commission
$2,466 - $20,511  
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).
)
$32,520 - $58,795  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 584
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
$13.37 - $23.86  
   
Overtime
$19.83 - $37.01  
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 - $11,925  
   
Commission
$2,466 - $20,511  
Profit Sharing
$1,000 - $4,300  
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).
)
$32,520 - $58,795  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 176
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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, career progression may result in a slight increase in compensation. Usually, a Mortgage Loan Underwriter, an upper-level role, will earn an extra $8,388 annually than those further down the career ladder.

Senior Mortgage Loan Processor Job Listings

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Popular Employer Salaries for Senior Mortgage Loan Processor

Wells Fargo Home Mortgage attracts talent by shelling out the biggest paychecks in the area—the median in that office is $51,085—but the company pay scale is greatly mixed, meaning that workers on the low end may earn only $34K while workers on the upper end may rake in up to $63K. Not only do salaries lack room to grow—pay ranges from $35K to just $61K—but Bank of America Corp. (BOFA) offers the lowest pay in town to boot, with a median paycheck of $45,205.

Popular Skills for Senior Mortgage Loan Processor

Survey takers who work as Senior Mortgage Loan Processors typically report just a few professional skills. Loan Processing, Mortgage Loans, and Loan Underwriting are considered valuable skills that consequently increase employee pay by 8 percent, 6 percent, and 5 percent, respectively. Most people experienced in 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.
For many Senior Mortgage Loan Processors, experience and pay seem to be weakly connected; experience does not necessarily lead to more money. At career start, salaries are typically $41K, which grows to $44K after five to 10 years. Salary comes to $46K after 10 to 20 years. After 20 years of work in the field, Senior Mortgage Loan Processors typically earn $48K and go on to enjoy (slight) increases in earnings. The majority of Senior Mortgage Loan Processors have only 10 to 20 years of practice in the field. Workers with one to 10 years make up the second biggest group followed by those with more than 20 years under their belt.

Pay Difference By Location

Dallas
up arrow 14%
Denver
up arrow 10%
Houston
up arrow 7%
Seattle
up arrow 7%
Charlotte
up arrow 6%
National Average
$45,000
Jacksonville
up arrow 5%
Las Vegas
up arrow 8%
Larger circles over a city indicate a job is popular in that location.
Dallas offers some of the highest pay in the country for Senior Mortgage Loan Processors, 14 percent above the national average. Other big spenders include Denver, Houston, Seattle, and Charlotte, top-paying cities where Senior Mortgage Loan Processors see paychecks higher than average (+10 percent, +7 percent, +7 percent, and +6 percent). The smallest paychecks in the market, 8 percent south of the national average, can be found in Las Vegas.

Related Job Salaries

Experience Affects Senior Mortgage Loan Processor Salaries

National Average
$45,000
Entry-Level
up arrow 10%

Skills That Affect Senior Mortgage Loan Processor Salaries

National Average
$45,000

Job Satisfaction

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Highly satisfied
Rated 4 out of 5 based on 92 votes.

Gender

Female
88%
female alumni
 
Male
12%
male alumni

Years of Experience

Less than 1 year
0%
1-4 years
9%
5-9 years
26%
10-19 years
42%
20 years or more
23%

Common Health Benefits

medical benefits Medical: 74% dental benefits Dental: 65%
vision benefits Vision: 51% employee benefits None: 23%
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