The average hourly pay for a Loan Processor with Consumer Loans skills is $15.50.
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$12 - $20
$505 - $6,787
$4 - $2,959
$650 - $16,000
$26,054 - $49,073
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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 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.
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Popular Skills for Loan Processor
Avg. Hourly Rate
Skills in Loan Processing, Loan Documents, Mortgage Loans, Customer Service and Commercial Loans are correlated to pay that is above average.
Pay by Experience Level for Loan Processor
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 $14.06 based on 10 salaries. An early career Loan Processor with 1-4 years of experience earns an average total compensation of $14.99 based on 277 salaries. A mid-career Loan Processor with 5-9 years of experience earns an average total compensation of $16.34 based on 87 salaries. An experienced Loan Processor with 10-19 years of experience earns an average total compensation of $17.41 based on 92 salaries. In their late career (20 years and higher), employees earn an average total compensation of $18.
Pay Difference by Location
Learn more about cost of living by city.
Employees with Loan Processor in their job title in Chicago, Illinois earn an average of 28.6% more than the national average. These job titles also find higher than average salaries in Louisville, Kentucky (12.4% more) and Sacramento, California (10.5% more). The lowest salaries can be found in St. Louis, Missouri (5.3% less) and Chattanooga, Tennessee (0.3% less).
Years of Experience
This data is based on 502 survey responses.