Mortgage Loan Processor at Bank of America Corp. (BOFA) Salary

A Mortgage Loan Processor at Bank of America Corp. (BOFA) earns an average salary of $45,734 per year. Most people with this job move on to other positions after 10 years in this field.

$36,721 - $54,897
$37K
$45K
$55K
MEDIAN: $44,949
10%
50%
90%

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$12.60 - $25.50
$13
$19
$25
MEDIAN: $19.03
10%
50%
90%

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$0$56K
Salary $36,721 - $54,897
Bonus $1,521 - $7,891
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).
)
$33,280 - $56,516
  • Country: United States
  • Currency: USD
  • Updated: 15 Jan 2018
  • Individuals Reporting: 18
Hourly Data $0$37
Hourly Rate $12.60 - $25.50
Overtime $33.86
Annual Data $0$56K
Bonus $1,521 - $7,891
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).
)
$33,280 - $56,516
  • Country: United States
  • Currency: USD
  • Updated: 15 Jan 2018
  • Individuals Reporting: 11

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 copious amounts of red tape.

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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.

Mortgage Loan Processor Job Listings

Key Stats for Mortgage Loan Processor

Gender

Female
71 %
Male
29 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 6 votes.
Less than 1 year
3%
1-4 years
38%
5-9 years
34%
10-19 years
10%
20 years or more
14%

Experience Affects Mortgage Loan Processor Salaries

▲11%

Entry-Level
▲6%

National Average
$46,000

Skills That Affect Mortgage Loan Processor Salaries


Loan Documents
▲6%

Mortgage Loans
▲6%

National Average
$46,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 6 votes.

Gender

Female
71 %
Male
29 %

Years of Experience

Less than 1 year
3%
1-4 years
38%
5-9 years
34%
10-19 years
10%
20 years or more
14%

Common Health Benefits

medical benefits
Medical: 90%
dental benefits
Dental: 86%
vision benefits
Vision: 83%
no benefits
None: 10%