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.
|Salary||$35,014 - $62,826|
|Bonus||$1,374 - $23,387|
|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|
|Hourly Rate||$15.34 - $27.92|
|Overtime||$24.79 - $39.53|
|Bonus||$1,374 - $23,387|
|Total Pay (||$36,744 - $67,607|
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.Read More...
Senior loan processors must comply with federal and state guidelines, rules and regulations such as Real Estate Settlement Procedures Act (RESPA) and Truth In Lending Act (TILA). They must follow their company’s policies, procedures and guidelines at all times. These professionals must provide customers with non-discrimination disclosure, cancellation disclosure and other relevant disclosures, as well as work closely with underwriters and follow their requirements. Additionally, senior loan processors communicate with customers on issues such as missing or updated documentation to ensure loans are closed in a timely manner.
Employers generally require that candidates have a bachelor’s degree in finance, business administration, business, marketing or another relevant field. They must pass background check as well, and relevant experience is often required or preferred. Senior loan processors must have excellent oral and written communication skills, as well as good interpersonal, multitasking and customer service skills. Additionally, these professionals must be knowledgeable about the loans offered by their institution, as well as programs such as down payment assistance, home equity lines of credit, home Improvement loans and reverse mortgages. (Copyright 2017 PayScale.com)
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.
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.
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Key Stats for Senior Loan Processor
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