Avg. Base Hourly Rate (USD)
The average hourly pay for a Loan Processor is $17.27
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 $15.33 based on 107 salaries. An early career Loan Processor with 1-4 years of experience earns an average total compensation of $16.40 based on 684 salaries. A mid-career …Read more
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 …Read more
- 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.