Commercial Loan Processor Salary
A substantial slice of final earnings for Commercial Loan Processors (slightly less than one-half) arrives through commissions. Median overall income in this area is approximately $41K. Career duration is the biggest factor affecting pay for this group, followed by geography. Female Commercial Loan Processors far outnumber their male contemporaries among survey respondents. Medical benefits are awarded to most, and a strong majority earn dental coverage. The majority of workers are highly satisfied with their job. Participants in PayScale's salary questionnaire provided the particulars of this report.
|Salary||$31,704 - $63,210|
|Bonus||$493.16 - $6,082|
|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).)
|$28,114 - $62,833|
|Hourly Rate||$12.73 - $25.68|
|Overtime||$20.49 - $41.27|
|Bonus||$493.16 - $6,082|
|Total Pay (||$28,114 - $62,833|
Job Description for Commercial Loan Processor
Commercial loan processors are responsible for receiving and processing all incoming loans for an organization. They typically sort and organize incoming loans according to the business’s criteria and enter relevant information into the system, and they are also expected to prepare and mail disclosures as necessary.Read More...
Commercial loan processors may assist lending officers and underwriters with any orders, confirmations, and file requirements that may arise, as well as the processing of withdrawn or denied loans. They must also ensure that all post-closing duties on loan files, such as following up on the receipts of final title policies and deeds, quality control, and the payment of fees, are completed in an efficient manner. To ensure that all duties are performed and all parties are kept informed and updated, these processors must also maintain communication with business lending officers and underwriters throughout the loan process.
Strong organizational and communication skills are important in this position, and the ability to multitask is also important to keep up with incoming loans. A bachelor’s degree and at least one year of relevant work experience are generally required for this position, and computer skills are also required for data processing. Commercial loan processors typically work full-time during regular business hours, and travel is not required for this position. (Copyright 2017 PayScale.com)
Commercial 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.
Commercial Loan Processor Job Listings
Popular Skills for Commercial Loan Processor
Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Loan Documents, Document Preparation, Loan Processing, and Commercial Loans are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Customer Service. For most people, competency in Commercial Loans indicates knowledge of Loan Documents.
Pay by Experience Level for Commercial Loan Processor
Pay by Experience for a Commercial Loan Processor has a positive trend. An entry-level Commercial Loan Processor with less than 5 years of experience can expect to earn an average total compensation of $35,000 based on 103 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Commercial Loan Processor with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $39,000 based on 57 salaries. An experienced Commercial Loan Processor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $44,000 based on 58 salaries. A Commercial Loan Processor with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $56,000 based on 27 salaries.
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Key Stats for Commercial Loan Processor
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