Senior Mortgage Loan Processor Salary (United States)

Senior Mortgage Loan Processors in the United States are often veterans in their line of work, with approximately two-thirds bringing more than 10 years of experience to the table. Salaries slide in at $45,255 annually, on average, but can range from $32,520 to $58,795 per year. Geography is the main element affecting pay for this group—tenure and the specific company are driving factors as well. Although 23 percent lack health benefits of any kind, most do enjoy medical insurance, and a majority get dental coverage, too. The majority of Senior Mortgage Loan Processors claim high levels of job satisfaction. This report is based on answers 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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Senior Mortgage Loan Processors may experience a boost in pay as they move up the career ladder. Usually, an upper-level role like Mortgage Loan Underwriter will bring in slightly more money—an additional $8,388 annually.

Senior Mortgage Loan Processor Job Listings

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Popular Employer Salaries for Senior Mortgage Loan Processor

Wells Fargo Home Mortgage offers the largest salaries in town—$51,085 on average—but the considerable range in workers' salaries (stretching from $34K to $63K) creates a rather varied pay scale. The lowest salaries can be found at Bank of America Corp. (BOFA)—median pay is $45,205—and there is little variability in compensation, with paychecks starting at $35K and only reaching $61K.

Popular Skills for Senior Mortgage Loan Processor

Senior Mortgage Loan Processors typically list a handful of skills they use on the job. Those familiar with Loan Processing, Mortgage Loans and Loan Underwriting will likely experience a boost in pay, earning 8 percent, 6 percent, and 5 percent above the national average, respectively. Those proficient in Loan Processing are, more often than not, also skilled in 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 Senior Mortgage Loan Processors, experience in the field does not tend to play a major role in salary decisions; in general, pay does not go up drastically with more experience, and earnings grow incrementally instead. Beginning workers can expect to earn $41K starting out, which grows to $44K after five to 10 years. Earnings total $46K after one to two decades. Senior Mortgage Loan Processors experience only minor salary growth after working for two decades, bringing in around $48K. The largest number of Senior Mortgage Loan Processors have 10 to 20 years of experience, followed by those with one to 10 years. Workers who have been working for more than 20 years are the least common.

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.
For Senior Mortgage Loan Processors, Dallas provides a pay rate that is 14 percent greater than the national average. Also paying near the top of the field are Denver, Houston, Seattle, and Charlotte, where Senior Mortgage Loan Processors annually earn 10 percent, 7 percent, 7 percent, and 6 percent more than the national average. Falling short of the national average by 8 percent, the area with the worst salaries is 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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