$40,256
Avg. Salary
$15.99
Avg. Hourly Rate

Average additional compensation:

$3,461

Bonus

$1,200

Profit Sharing

$7,078

Commission

What am I worth?
How should I pay?

The average pay for a Loan Processor is $15.99 per hour.

The average pay for a Loan Processor is $40,256 per year.

10%
$12.00
10%
$15.99
50%
$22.20
90%
90%
MEDIAN $15.99
10%
$28k
10%
$40k
50%
$54k
90%
90%
MEDIAN $40,256
$28,004 - $54,410
$28K
$40K
$54K
MEDIAN: $40,256
10%
50%
90%

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$12.00 - $22.20
$12
$16
$22
MEDIAN: $15.99
10%
50%
90%

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$0$54K
Salary $28,004 - $54,410
Bonus $752 - $12,048
Profit Sharing $296 - $3,041
Commission $1,244 - $20,273
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).
)
$26,524 - $53,991
  • Country: United States
  • Currency: USD
  • Updated: 17 Apr 2019
  • Individuals Reporting: 940
Hourly Data $0$35
Hourly Rate $12.00 - $22.20
Hourly Tips $1.88
Overtime $17.68 - $35.83
Annual Data $0$53K
Bonus $752 - $12,048
Commission $1,244 - $20,273
Profit Sharing $296 - $3,041
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).
)
$26,524 - $53,991
  • Country: United States
  • Currency: USD
  • Updated: 17 Apr 2019
  • Individuals Reporting: 1,352

Job Description for Loan Processor

A loan processor is responsible for managing the administrative tasks associated with loans or mortgages. These tasks include data entry, loan application verification, background and credit checks, communicating with applicants, and preparing loan applications for submission to underwriters. Loan processors ensure that all required documentation and signatures are in place prior to submitting the loan for approval. Mortgage loan processors also must be able to deal with real estate and escrow agents, buyers, homebuilders, and all others who are involved with the home-buying process. In this way, mortgage loan processing can be more complicated; however, most loan processors work in the mortgage or automobile loan industry.

Read More...
Loan Processor Tasks
  • Complete and maintain all paperwork for ongoing and new loans, including loan disclosures.
  • Submit completed loans to underwriting, and ensure all items are obtained.
  • Order title and escrow, review them and process loan conditions.
  • Work with clients and loan originator to obtain necessary information, process it and finalize loan documents.

Popular Employer Salaries for Loan Processor


Wells Fargo Home Mortgage, Wells Fargo & Co., J.P. Morgan Chase & Co. (JPMCC), Wells Fargo Bank, and Academy Mortgage are top-notch employers for Loan Processors in this area. Loan Processors seeking a sizable paycheck can earn the most at Guild Mortgage Company, where the average salary comes to $51K. Also paying near the top of the field are J.P. Morgan Chase & Co. (JPMCC) at $45K, Bank of America Corp. (BOFA) at $43K, and Wells Fargo Bank, where Loan Processors annually earn $43K.

Workers also receive paychecks lighter than average at Wells Fargo Home Mortgage ($36K), Academy Mortgage ($42K), and Wells Fargo Bank ($43K).

Common Career Paths for Loan Processor


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Loan Processors who transition into a Mortgage Processing Manager role may receive large pay increases as the latter position pays an average $56K per year. More often than not, a Loan Officer role is the next step for Loan Processors moving up in the field. Loan Officers usually make $41K per year. Many other Loan Processors choose to take on an Administrative Assistant role, where salaries are typically $31K.

Loan Processor Job Listings

Popular Skills for Loan Processor


Loan Processors report using a diverse set of skills on the job. Most notably, skills in Loan Underwriting, Mortgage Loans, Microsoft Office, and Loan Documents are correlated to pay that is above average. Skills that pay less than market rate include Data Entry, Consumer Loans, and Commercial Loans. Those proficient in Loan Documents are, more often than not, also skilled in Customer Service and Mortgage Loans.

Pay by Experience Level for Loan Processor

Pay by Experience for a Loan Processor has a positive trend. An entry-level Loan Processor with less than 5 years of experience can expect to earn an average total compensation of $34,000 based on 851 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A 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 338 salaries. An experienced Loan Processor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $42,000 based on 332 salaries. A 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 $47,000 based on 105 salaries.

Pay Difference by Location

34%

29%

23%

22%

20%

-2%

-11%

-13%

-17%

National Average: $37,396

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

San Diego offers some of the highest pay in the country for Loan Processors, 36 percent above the national average. Loan Processors will also find cushy salaries in Denver (+31 percent), Sacramento (+25 percent), Chicago (+25 percent), and Los Angeles (+24 percent). The smallest paychecks in the market, 15 percent south of the national average, can be found in Austin. Not at the bottom but still paying below the median are employers in Las Vegas and St. Louis (12 percent lower and 9 percent lower, respectively).

Related Job Salaries

Key Stats for Loan Processor

Gender

Female
84 %
Male
15 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 392 votes.
Less than 1 year
7%
1-4 years
48%
5-9 years
17%
10-19 years
21%
20 years or more
8%

Experience Affects Loan Processor Salaries

▲27%

▲11%

▲6%

National Average
$37,000

▼9%

Skills That Affect Loan Processor Salaries

Loan Underwriting
▲16%


Microsoft Office
▲1%

National Average
$37,000

Loan Processing
▼2%

Loan Documents
▼2%


Regulatory Compliance
▼6%



Data Entry
▼21%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 392 votes.

Gender

Female
84 %
Male
15 %

Years of Experience

Less than 1 year
7%
1-4 years
48%
5-9 years
17%
10-19 years
21%
20 years or more
8%

Common Health Benefits

medical benefits
Medical: 76%
dental benefits
Dental: 64%
vision benefits
Vision: 54%
no benefits
None: 22%