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.

$31,704 - $63,210
$32K
$48K
$63K
MEDIAN: $48,034
10%
50%
90%

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$12.73 - $25.68
$13
$18
$26
MEDIAN: $17.88
10%
50%
90%

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$0$63K
Salary $31,704 - $63,210
Bonus $493.16 - $6,082
Profit Sharing $3,250
Commission $19,500
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).
)
$28,114 - $62,833
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 106
Hourly Data $0$41
Hourly Rate $12.73 - $25.68
Overtime $20.49 - $41.27
Annual Data $0$62K
Bonus $493.16 - $6,082
Commission $19,500
Profit Sharing $3,250
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
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 117

Find Out Exactly What You Should Be Paid

United States (change)

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.

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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.

Related Job Salaries

Key Stats for Commercial Loan Processor

Gender

Female
85 %
Male
15 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 41 votes.
Less than 1 year
5%
1-4 years
34%
5-9 years
18%
10-19 years
30%
20 years or more
13%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Commercial Loan Processor Salaries

▲35%

▲5%

National Average
$42,000

▼6%

▼15%

Skills That Affect Commercial Loan Processor Salaries


Document Preparation
▲1%


National Average
$42,000


Customer Service
▼5%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 41 votes.

Gender

Female
85 %
Male
15 %

Years of Experience

Less than 1 year
5%
1-4 years
34%
5-9 years
18%
10-19 years
30%
20 years or more
13%

Common Health Benefits

medical benefits
Medical: 87%
dental benefits
Dental: 77%
vision benefits
Vision: 64%
no benefits
None: 11%
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