The average hourly pay for a Loan Processor is $16.47.
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What Do Loan Processors Do?
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 a…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.
Job Satisfaction for Loan Processor
Popular Employer Salaries for Loan Processor
The top respondents for the job title Loan Processor are from the companies The PNC Financial Services Group, Inc., J.P. Morgan Chase & Co. (JPMCC) and U.S. Bank. Reported salaries are highest at Reading Co-operative Bank where the average pay is $26.99. Other companies that offer high salaries for this role include J.P. Morgan Chase & Co. (JPMCC) and Wells Fargo Home Mortgage, earning around $22.64 and $21.19, respectively. Caliber Home Loans, Inc. pays the lowest at around $15.28. The PNC Financial Services Group, Inc. and Wells Fargo Bank also pay on the lower end of the scale, paying $16.00 and $16.01, respectively.
Loan Processor Job Listings
What Are Popular Skills for Loan Processors?
Skills in Loan Processing and Mortgage Loans are correlated to pay that is above average. Skills that pay less than market rate include Consumer Loans, Customer Service and Loan Documents.
What is the Pay by Experience Level for Loan Processors?
An entry-level Loan Processor with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $15.12 based on 135 salaries. An early career Loan Processor with 1-4 years of experience earns an average total compensation of $15.79 based on 878 salaries. A mid-career Loan Processor with 5-9 years of experience earns an average total compensation of $18.13 based on 324 salaries. An experienced Loan Processor with 10-19 years of experience earns an average total compensation of $19.01 based on 343 salaries. In their late career (20 years and higher), employees earn an average total compensation of $19.
Pay Difference by Location
Employees with Loan Processor in their job title in Chicago, Illinois earn an average of 14.6% more than the national average. These job titles also find higher than average salaries in Atlanta, Georgia (12.9% more) and Phoenix, Arizona (10.8% more). The lowest salaries can be found in Dallas, Texas (8.0% less).
Years of Experience
This data is based on 1,828 survey responses.