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Senior Mortgage Loan Processor Salary

The majority of Senior Mortgage Loan Processors in the United States — nearly two in three — boast more than 10 years of experience in their profession. Salaries stretch from $33K to $60K per year, and the median is $45K per year. The most important factor affecting compensation for this group is geography, followed by years of experience and the particular employer. There are far more female Senior Mortgage Loan Processors who answered the questionnaire than men, making up 86 percent. Job satisfaction is high and work is enjoyable for most Senior Mortgage Loan Processors. Not all workers are lucky enough to have benefits; in fact, somewhere between a fifth and a fourth are without coverage. Medical insurance is claimed by a fair number and dental insurance is reported by the greater part. This report is based on answers to PayScale's salary questionnaire.
$32,141 - $54,938
(Median)
32K
39K
45K
50K
55K
MEDIAN: $44,864
10%
25%
50%
75%
90%

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$13.91 - $24.39
(Median)
14
16
19
22
24
MEDIAN: $19.00
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
$32,141 - $54,938  
   
Bonus
$0.00 - $12,031  
Profit Sharing
$983 - $3,537  
Commission
$2,061 - $31,802  
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).
)
$33,260 - $59,620  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 545
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
$13.91 - $24.39  
   
Overtime
$20.29 - $37.61  
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 - $12,031  
   
Commission
$2,061 - $31,802  
Profit Sharing
$983 - $3,537  
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).
)
$33,260 - $59,620  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 171
United States (change)

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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As Senior Mortgage Loan Processors transition into upper-level roles such as Mortgage Processing Manager, they may see an upturn in salary. The average Mortgage Processing Manager earns $55K per year.

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


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 increases ranging from 4 percent to 6 percent. Those familiar with Loan Processing also tend to 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. Workers in their first five years can expect to earn $41K, but people who have been around for five to 10 years earn a noticeably bigger sum of $45K. Senior Mortgage Loan Processors bring in $47K after working for 10 to 20 years. In the end, more experience does seem to mean larger paychecks; seasoned Senior Mortgage Loan Processors with more than 20 years of experience earn a predictably higher median salary of $49K.

Related Job Salaries

Experience Affects Senior Mortgage Loan Processor Salaries



National Average
$46,000


Entry-Level
up arrow 10%

Skills That Affect Senior Mortgage Loan Processor Salaries



Mortgage Loans
up arrow 4%

National Average
$46,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 90 votes.

Gender

Female
86 %
Male
14 %

Years of Experience

Less than 1 year
0%
1-4 years
9%
5-9 years
25%
10-19 years
42%
20 years or more
24%

Common Health Benefits

medical benefits Medical: 75% dental benefits Dental: 66%
vision benefits Vision: 52% employee benefits None: 22%