The average hourly pay for a Mortgage Loan Processor is $18.08.
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What Do Mortgage Loan Processors Do?
Mortgage loan processors are tasked with double-checking all information in a mortgage loan file before submitting it to an underwriter. This includes specifics such as debt-to-income ratios and the employment information of the person applying for the loan. It is very important for mortgage loan processors to ensure that loan files are ready, because once they are submitted to the underwriter, any mistakes missed by the mortgage loan processor can only be fixed with complicated procedures and c…Read more
Job Satisfaction for Mortgage Loan Processor
Popular Employer Salaries for Mortgage Loan Processor
The top respondents for the job title Mortgage Loan Processor are from the companies Wells Fargo Home Mortgage, Wells Fargo Bank and U.S. Bank. Reported salaries are highest at Bank of America Corp. (BOFA) where the average pay is $20.98. Other companies that offer high salaries for this role include Wells Fargo Home Mortgage and Wells Fargo Bank, earning around $20.62 and $19.47, respectively. Navy Federal Credit Union pays the lowest at around $17.34. U.S. Bank and Movement Mortgage also pay on the lower end of the scale, paying $17.50 and $18.38, respectively.
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Senior Mortgage Loan Processor
Loan Underwriter, Mortgage
Somewhat common (8 - 20%)
Mortgage Loan Processor Job Listings
What Are Popular Skills for Mortgage Loan Processors?
Skills in Mortgage Loans and Residential Loans are correlated to pay that is above average. Skills that pay less than market rate include Customer Service, Loan Documents and Loan Processing.
What is the Pay by Experience Level for Mortgage Loan Processors?
An entry-level Mortgage Loan Processor with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $15.91 based on 117 salaries. An early career Mortgage Loan Processor with 1-4 years of experience earns an average total compensation of $17.06 based on 826 salaries. A mid-career Mortgage Loan Processor with 5-9 years of experience earns an average total compensation of $19.36 based on 343 salaries. An experienced Mortgage Loan Processor with 10-19 years of experience earns an average total compensation of $20.91 based on 402 salaries. In their late career (20 years and higher), employees earn an average total compensation of $21.
Pay Difference by Location
Employees with Mortgage Loan Processor in their job title in San Diego, California earn an average of 12.7% more than the national average. These job titles also find higher than average salaries in Houston, Texas (10.6% more) and Portland, Oregon (7.1% more). The lowest salaries can be found in Dallas, Texas (0.4% less).
Years of Experience
This data is based on 1,933 survey responses.