Senior Mortgage Loan Processor Salary

Salaries for Senior Mortgage Loan Processors in the United States average out at around $50K annually, but Irvine employers pay the most, offering approximately $62K on average. Senior Mortgage Loan Processors can also look forward to large paychecks in cities like San Diego (+20 percent), Chicago (+15 percent), New York (+12 percent), and Columbus (+7 percent). The information for this rundown comes from respondents who completed PayScale's salary questionnaire.

$38,967 - $60,659
$39K
$50K
$61K
MEDIAN: $49,517
10%
50%
90%

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$15.47 - $28.28
$15
$21
$28
MEDIAN: $20.82
10%
50%
90%

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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$22K$44K$66K
Salary
$38,967 - $60,659  
   
Bonus
$1,498 - $17,540  
Profit Sharing
$2,500  
Commission
$4,022 - $18,246  
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).
)
$37,990 - $65,369  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 274
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$14$28$42
Hourly Rate
$15.47 - $28.28  
   
Overtime
$22.65 - $41.07  
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$28K$56K$84K
Bonus
$1,498 - $17,540  
   
Commission
$4,022 - $18,246  
Profit Sharing
$2,500  
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).
)
$37,990 - $65,369  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 135

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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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 $56K annually. A Senior Mortgage Loan Processor may also move into a role as a Mortgage Loan Underwriter or an Underwriter.

Senior Loan Processor Job Listings

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Popular Employer Salaries for Senior Mortgage Loan Processor


Salaries are easily beat at Bank of America Corp. (BOFA), where median pay comes to just $45K, the lowest in the field. What's more, with base pay starting at $35K and ending at $61K, range in salary is rather small.

Popular Skills for Senior Mortgage Loan Processor


Senior Mortgage Loan Processors report a narrow range of specific skills. Most notably, skills in Mortgage Loans, Loan Processing, 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

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Experience does not seem to be a strong driver of pay increase in this role. The average beginner in this position makes around $48K, but folks who have been around for five to 10 years see a markedly higher median salary of $50K. Senior Mortgage Loan Processors bring in $51K after working for 10 to 20 years. Old hands boasting more than twenty years of relevant experience report pay that is more or less commensurate with that extensive experience; average earnings for this group come out to approximately $52K.

Pay Difference by Location

National Average: $50,771

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

Related Job Salaries

Key Stats for Senior Mortgage Loan Processor

Gender

Female
92 %
Male
8 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 60 votes.
Less than 1 year
1%
1-4 years
11%
5-9 years
15%
10-19 years
46%
20 years or more
27%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Mortgage Loan Processor Salaries

▲3%

▼0%

National Average
$51,000

▼1%

▼6%

Skills That Affect Senior Mortgage Loan Processor Salaries

Loan Processing
▼0%

Mortgage Loans
▼0%

Loan Underwriting
▼0%

National Average
$51,000

Bilingual
▼10%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 60 votes.

Gender

Female
92 %
Male
8 %

Years of Experience

Less than 1 year
1%
1-4 years
11%
5-9 years
15%
10-19 years
46%
20 years or more
27%

Common Health Benefits

medical benefits
Medical: 81%
dental benefits
Dental: 71%
vision benefits
Vision: 64%
dental benefits
None: 17%
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