Loan Processor Salary

Loan Processors in the United States can expect to earn an average of $15.81 per hour. Including potential for bonuses, profit sharing and commission — peaking near $12K, $5K, and $20K, respectively — total cash payment to Loan Processors can bottom out near $26K or top out at around $53K. This group's pay is mainly influenced by geographic location, followed by the company and tenure. The majority of workers are highly satisfied with their job. Women make up the vast majority of Loan Processors (86 percent) who answered the questionnaire. Although a fair number have medical coverage and more than half have dental coverage, just under a fourth claim no health benefits at all. Figures cited in this summary are based on replies to PayScale's salary questionnaire.

$27,953 - $54,685
$28K
$40K
$55K
MEDIAN: $40,490
10%
50%
90%

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$11.88 - $22.35
$12
$16
$22
MEDIAN: $15.92
10%
50%
90%

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$0$54K
Salary $27,953 - $54,685
Bonus $753 - $11,889
Profit Sharing $295.90 - $5,068
Commission $1,237 - $20,067
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).
)
$26,244 - $54,075
  • Country: United States
  • Currency: USD
  • Updated: 21 Sep 2017
  • Individuals Reporting: 534
Hourly Data $0$35
Hourly Rate $11.88 - $22.35
Overtime $17.78 - $35.88
Annual Data $0$54K
Bonus $753 - $11,889
Commission $1,237 - $20,067
Profit Sharing $295.90 - $5,068
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).
)
$26,244 - $54,075
  • Country: United States
  • Currency: USD
  • Updated: 21 Sep 2017
  • Individuals Reporting: 808

Find Out Exactly What You Should Be Paid

United States (change)

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.

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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.

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 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).

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%

-10%

-13%

-17%

National Average: $37,344

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).

Loan Processor Reviews

Q: What is it like working as a Loan Processor?

Loan Processor in Knoxville:
Pros: Set procedures to follow. Moxture of paperwork and computer work.
Cons: Being micromanaged, no opportunity to grow, lack of raises.

Loan Processor in St. Louis:
"REWARDING."
Pros: HELPING OUR MEMBERS.
Cons: THE PAY.

Loan Processor in Jacksonville:
Pros: My team, my co-workers and the casual atmosphere.
Cons: My boss is very rude and downs people and never has anything good to say about our team or department when we do all the work. How my team is always throw with anything new that is brought in. The pay is horrible.

Loan Processor in Placerville:
"Busy, upbeat, communicative, and organized."
Pros: Helping the customers with their mortgage needs.
Cons: Not enough compensation for the hard work that I do.

Loan Processor in Davison:
"Fast."
Pros: I like my job you need to able to work in fast pace environment with the possibility that anything can happen and must be very organized.
Cons: The company they pile the work load on but do not pay for what you are doing.

Related Job Salaries

Key Stats for Loan Processor

Gender

Female
86 %
Male
14 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 221 votes.
Less than 1 year
9%
1-4 years
47%
5-9 years
16%
10-19 years
21%
20 years or more
7%
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Location:
Years in Fields/Career:
United States (change)

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 221 votes.

Gender

Female
86 %
Male
14 %

Years of Experience

Less than 1 year
9%
1-4 years
47%
5-9 years
16%
10-19 years
21%
20 years or more
7%

Common Health Benefits

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