Senior Loan Processor Salary

Close to two-thirds of Senior Loan Processors in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $37K to $67K per year, and the average comes out to $50K per year. Location and career length each impact pay for this group, with the former having the largest influence. Though the majority of Senior Loan Processors do not report high levels of job satisfaction, most are moderately content with their role. Although a fair number have medical coverage and the larger part have dental coverage, nearly one in four claim no health benefits at all. The vast majority (89 percent) of Senior Loan Processors who took the survey are female. The numbers in this rundown were provided by PayScale's salary survey participants.

$35,014 - $62,826
$35K
$50K
$63K
MEDIAN: $49,905
10%
50%
90%

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$15.34 - $27.92
$15
$21
$28
MEDIAN: $21.11
10%
50%
90%

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$0$67K
Salary $35,014 - $62,826
Bonus $1,374 - $23,387
Commission $5,087
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).
)
$36,744 - $67,607
  • Country: United States
  • Currency: USD
  • Updated: 21 Sep 2017
  • Individuals Reporting: 91
Hourly Data $0$39
Hourly Rate $15.34 - $27.92
Overtime $24.79 - $39.53
Annual Data $0$67K
Bonus $1,374 - $23,387
Commission $5,087
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).
)
$36,744 - $67,607
  • Country: United States
  • Currency: USD
  • Updated: 21 Sep 2017
  • Individuals Reporting: 71

Find Out Exactly What You Should Be Paid

United States (change)

Job Description for Senior Loan Processor

Senior loan processors solicit, negotiate and coordinate consumers’ loans (such as car, personal and residential loans) and/or commercial or business loans. Prior to closing the loan, they must review and verify loan documents such as income statement, credit report, appraisal report and title insurance; they must make sure that required documents are complete and accurate. Most of the time, senior loan officers work for financial institutions such as banks or credit unions; they may also work for mortgage brokers.

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Senior Loan Processor Tasks

  • Authorize funding upon verification of all documentation.
  • Order credit reports, appraisals, title insurance, and all other certifications as necessary.
  • Answer questions regarding closing requirements.
  • Maintain communication with brokers partners and closing/settlement agents with loan status.

Common Career Paths for Senior Loan Processor


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Many Senior Loan Processors transition into upper-level roles like Senior Mortgage Loan Processor. However, Senior Mortgage Loan Processors do report a slightly lower median income of $45K per year.

Senior Loan Processor Job Listings

Pay by Experience Level for Senior Loan Processor

Pay by Experience for a Senior Loan Processor has a positive trend. An entry-level Senior Loan Processor with less than 5 years of experience can expect to earn an average total compensation of $46,000 based on 35 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Senior Loan Processor with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $49,000 based on 48 salaries. An experienced Senior Loan Processor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $54,000 based on 74 salaries. A Senior Loan Processor with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $56,000 based on 41 salaries.

Related Job Salaries

Key Stats for Senior Loan Processor

Gender

Female
90 %
Male
10 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 23 votes.
Less than 1 year
1%
1-4 years
14%
5-9 years
19%
10-19 years
41%
20 years or more
25%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Loan Processor Salaries

▲6%

▲3%

National Average
$53,000

▼6%

▼12%

Skills That Affect Senior Loan Processor Salaries

Loan Documents
▲6%


National Average
$53,000


Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 23 votes.

Gender

Female
90 %
Male
10 %

Years of Experience

Less than 1 year
1%
1-4 years
14%
5-9 years
19%
10-19 years
41%
20 years or more
25%

Common Health Benefits

medical benefits
Medical: 72%
dental benefits
Dental: 61%
vision benefits
Vision: 62%
no benefits
None: 26%
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