Senior Mortgage Loan Processor Salary
Senior Mortgage Loan Processors earn around $49K per year on average in the United States, but employers pay the most in Irvine, offering approximately $62K at the median. Senior Mortgage Loan Processors will also find cushy salaries in San Diego (+21 percent), Chicago (+15 percent), New York (+12 percent), and Phoenix (+4 percent). Respondents to the PayScale salary survey provided the data for this report.
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...
Experience is required for this position, normally a minimum of two years of loan processor experience; many positions require a minimum of four years' experience with mortgage loans. Proficiency with basic computer software and industry-specific software are also required. Extensive knowledge of federal and state regulations that pertain to mortgages are needed as well. While many senior loan processors have college degrees, it is not required for many jobs. A background check is routine for these positions.
Senior mortgage loan processors often work in an office environment where communication skills - written and verbal - play an important role. As a facilitator, the senior loan processor must communicate with fellow professionals and the customer on a regular basis. Many companies now allow loan processors to work from home it they desire. Since most of the communication and facilitation occurs via telephone, computer, and fax, this job can often be performed successfully from a home office. Working at home does require a person who is self-motivated.
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
Although it's unusual, some Senior Mortgage Loan Processors transition into jobs as Mortgage Processing Managers. The latter group reports earning a slightly lower median of $56K per year, though. However, it's more common for Senior Mortgage Loan Processors to move into roles as Mortgage Loan Underwriters or Underwriters.
Senior Loan Processor Job Listings
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Popular Employer Salaries for Senior Mortgage Loan Processor
Bank of America Corp. (BOFA) doles out the lowest salaries in town — median pay is $45K — not to mention workers can only make as much as $61K and scope of pay is rather limited.
Popular Skills for Senior Mortgage Loan Processor
Senior Mortgage Loan Processors note just a narrow range of job skills. Most notably, skills in Loan Underwriting, Loan Processing, Mortgage Loans, and Bilingual are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Bilingual. Those educated in Loan Processing tend to be well versed 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. During their first five years in the workforce, individuals in this position earn $48K on average. Survey participants with five to 10 years under their belts see an only a slightly bigger average of $49K. After working for 10 to 20 years, Senior Mortgage Loan Processors make a median salary of $51K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $53K, demonstrating that compensation is roughly commensurate with experience in the end.