The average hourly pay for a Mortgage Loan Processor is $17.26.
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$13 - $23
$710 - $11,956
$502 - $4,122
$988 - $18,460
$29,497 - $55,877
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Job Description for Mortgage Loan Processor
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
Mortgage Loan Processor Tasks
- Interview loan applicants, investigate applicants' backgrounds and verify references.
- Review loan documents and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
- Prepare loan request papers and related documents then forward to appraisal department.
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, Bank of America Corp. (BOFA) and U.S. Bank. Reported salaries are highest at Wells Fargo Home Mortgage where the average pay is $20.73. Other companies that offer high salaries for this role include Bank of America Corp. (BOFA) and Wells Fargo Bank, earning around $20.47 and $18.89, respectively. Navy Federal Credit Union pays the lowest at around $17.43. U.S. Bank and Citibank also pay on the lower end of the scale, paying $17.50 and $17.94, respectively.
Explore the most common career paths for Mortgage Loan Processor. Thickness and color of lines indicates how common a path is.
Mortgage Loan Processor
More common (> 20%)
Somewhat common (8 - 20%)
Less common (< 8%)
Mortgage Loan Processor Job Listings
Popular Skills for Mortgage Loan Processor
Avg. Hourly Rate
Skills in Loan Processing, Mortgage Loans and Real Estate are correlated to pay that is above average. Skills that pay less than market rate include Customer Service and Loan Documents.
Pay by Experience Level for Mortgage Loan Processor
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 $15.36 based on 486 salaries. An early career Mortgage Loan Processor with 1-4 years of experience earns an average total compensation of $16.41 based on 1,193 salaries. A mid-career Mortgage Loan Processor with 5-9 years of experience earns an average total compensation of $18.51 based on 611 salaries. An experienced Mortgage Loan Processor with 10-19 years of experience earns an average total compensation of $19.77 based on 628 salaries. In their late career (20 years and higher), employees earn an average total compensation of $20.
Pay Difference by Location
Learn more about cost of living by city.
Employees with Mortgage Loan Processor in their job title in San Diego, California earn an average of 13.3% more than the national average. These job titles also find higher than average salaries in Denver, Colorado (11.4% more) and Charlotte, North Carolina (7.8% more).
Years of Experience
This data is based on 3,182 survey responses.
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