The average hourly pay for a Mortgage Loan Processor with Customer Service skills is $17.26.
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$13 - $22
$962 - $13,959
$590 - $1,524
$990 - $30,304
$30,117 - $55,245
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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 Bank of America Corp. (BOFA) where the average pay is $25.85. Other companies that offer high salaries for this role include J.P. Morgan Chase & Co. (JPMCC) and Wells Fargo Bank, earning around $23.73 and $19.47, respectively. Navy Federal Credit Union pays the lowest at around $15.29. U.S. Bank and Citibank also pay on the lower end of the scale, paying $16.55 and $18.61, respectively.
Mortgage Loan Processor Job Listings
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Popular Skills for Mortgage Loan Processor
Avg. Hourly Rate
Skills in Loan Processing, Mortgage Loans, Residential Loans and Real Estate are correlated to pay that is above average. Skills that pay less than market rate include 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 $15.97 based on 60 salaries. An early career Mortgage Loan Processor with 1-4 years of experience earns an average total compensation of $16.76 based on 331 salaries. A mid-career Mortgage Loan Processor with 5-9 years of experience earns an average total compensation of $18.70 based on 127 salaries. An experienced Mortgage Loan Processor with 10-19 years of experience earns an average total compensation of $19.12 based on 139 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 18.5% more than the national average. These job titles also find higher than average salaries in Minneapolis, Minnesota (17.0% more). The lowest salaries can be found in Grand Rapids, Michigan (13.1% less), Dallas, Texas (13.1% less) and Charlotte, North Carolina (11.6% less).
Years of Experience
This data is based on 728 survey responses.
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