Loan Processor in Phoenix, Arizona Salary
How much does a Loan Processor make in Phoenix, AZ? In Phoenix, a Loan Processor takes home around $43,325 annually on average. This is 7% higher than the national average for a Loan Processor which is $40,249 annually. Salaries for a Loan Processor in Phoenix range from $35,231 per year to $54,631 per year. Total Annual Compensation, which includes salary, bonus, and overtime for a Loan Processor in Phoenix ranges from $34,597 to $60,820 annually. Among those reporting, there is an average job satisfaction rating of 0 out of 5 stars. In Phoenix, women make up the majority of the workforce (56 percent). Many report receiving medical, dental, and vision benefits from their employer.
|Salary||$35,231 - $54,631|
|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).)
|$34,597 - $60,820|
|Total Pay (||$34,597 - $60,820|
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 processors work closely with mortgage loan supervisors, appraisers, underwriters, and others involved in the loan process. Therefore, they must be prepared to communicate effectively with a variety of people. Also, loan processors should be prepared to explain any necessary requirements to the client and must be able to answer questions clearly. In addition to this, loan processors should be well-organized and able to juggle multiple cases at once.
Loan processors work indoors and the majority of the work is clerical. They work traditional business hours and rarely work weekends or overtime. They may occasionally be asked to work later, but this is rare and usually toward the end of the month, when people are close to closing on a house. Loan processors are normally required to have at least a high-school diploma, if not a bachelor’s degree in business, accounting, or another relevant area. Many companies accept two or more years of experience in loan processing in place of a degree. They must also be computer proficient and have a comprehensive understanding of the specific national and state regulations regarding loan requirements and documentation. (Copyright 2017 PayScale.com)
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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