Senior Mortgage Loan Processor Salary

The median pay for Senior Mortgage Loan Processors comes out to approximately $46K annually in the United States, but employers in San Diego offer the most; the average salary in that city is around $61K. Senior Mortgage Loan Processors can also look forward to large paychecks in cities like New York (+22 percent), Irvine (+15 percent), Dallas (+12 percent), and Denver (+10 percent). This snapshot results from replies to PayScale's salary survey.

$33,834 - $57,850

Add this chart to your site: 640px    300px

$14.30 - $25.31

Add this chart to your site: 640px    300px

National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$21K$42K$63K
Salary
$33,834 - $57,850  
   
Bonus
$0.00 - $12,177  
Profit Sharing
$968 - $2,035  
Commission
$3,750 - $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).
)
$33,982 - $60,876  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 516
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$13$26$39
Hourly Rate
$14.30 - $25.31  
   
Overtime
$21.90 - $37.88  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$26K$52K$78K
Bonus
$0.00 - $12,177  
   
Commission
$3,750 - $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).
)
$33,982 - $60,876  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 169
United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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.

Read More...

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


Add this chart to your site:   640px 640px    300px 300px


For Senior Mortgage Loan Processors who go on to become Mortgage Processing Managers, career progression may result in slightly increased compensation. On average, a Mortgage Processing Manager earns $55K annually.

Senior Loan Processor Job Listings

Search for more jobs:

Popular Employer Salaries for Senior Mortgage Loan Processor


Pay for Senior Mortgage Loan Processors is the lowest at Bank of America Corp. (BOFA), which has a median salary of $45K. In addition, there's little room to grow there, with salaries maxing out at $61K.

Popular Skills for Senior Mortgage Loan Processor


Professional skills reported by Senior Mortgage Loan Processors are few in number. Loan Underwriting and Loan Processing are considered valuable skills and can increase employee pay by 3 percent and 3 percent, 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.


Experience and pay tend to be weakly linked for Senior Mortgage Loan Processors — those with more experience do not necessarily bring in higher earnings. 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. For Senior Mortgage Loan Processors, 10 to 20 years of experience on the job amounts to an average salary of $48K. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; a Senior Mortgage Loan Processor with more than 20 years of experience can earn $50K on average.

Related Job Salaries

United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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 3%

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%
ADVERTISEMENT