Senior Mortgage Loan Processor Salary

Median pay for Senior Mortgage Loan Processors in the United States comes out to approximately $50K per year, but employers in San Diego pay the most, the average compensation in that city is around $61K. Senior Mortgage Loan Processors will also find cushy salaries in Chicago (+11 percent), New York (+10 percent), Los Angeles (+10 percent), and Columbus (+5 percent). The data for this synopsis comes from respondents who took the PayScale salary survey.

$40,115 - $61,068
$40K
$50K
$61K
MEDIAN: $50,058
10%
50%
90%

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$16.88 - $28.33
$17
$22
$28
MEDIAN: $21.96
10%
50%
90%

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$0$68K
Salary $40,115 - $61,068
Bonus $1,965 - $18,246
Commission $3,945 - $38,169
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).
)
$40,205 - $68,271
  • Country: United States
  • Currency: USD
  • Updated: 21 Sep 2017
  • Individuals Reporting: 264
Hourly Data $0$43
Hourly Rate $16.88 - $28.33
Overtime $26.53 - $43.25
Annual Data $0$68K
Bonus $1,965 - $18,246
Commission $3,945 - $38,169
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).
)
$40,205 - $68,271
  • Country: United States
  • Currency: USD
  • Updated: 21 Sep 2017
  • Individuals Reporting: 112

Find Out Exactly What You Should Be Paid

United States (change)

Job Description for Senior Mortgage Loan Processor

A senior mortgage loan processor receives loan files that originate from loan officers and then processes them to ensure that they meet credit worthiness standards, federal and state regulatory requirements, and company policies. They review all paperwork, gather any further information needed to process the loan, verify information, and shepherd the loan from pre-approval to closing. The job requires persons with good attention to detail, organizational skills, and interpersonal skills.

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Senior Mortgage 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 Mortgage Loan Processor


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Senior Mortgage Loan Processors sometimes move into a Mortgage Processing Manager role, where the salary is similar. Becoming a Mortgage Loan Underwriter or an Underwriter is often the next step for a Senior Mortgage Loan Processor.

Senior Mortgage Loan Processor Job Listings

Popular Employer Salaries for Senior Mortgage Loan Processor


With a median salary of $45K, Bank of America Corp. (BOFA) provides Senior Mortgage Loan Processors with the lowest pay in their field; moreover, earnings are capped at only $61K, limiting employee salary growth.

Popular Skills for Senior Mortgage Loan Processor


Survey takers who work as Senior Mortgage Loan Processors usually report a few specific skills. Most notably, skills in Loan Processing, Mortgage Loans, Loan Underwriting, and Bilingual are correlated to pay that is above average. Skills that seem to negatively impact pay include Bilingual. Most people skilled in Loan Processing are similarly competent in Loan Underwriting.

Pay by Experience Level for Senior Mortgage Loan Processor

Pay by Experience for a Senior Mortgage Loan Processor has a positive trend. An entry-level Senior Mortgage Loan Processor with less than 5 years of experience can expect to earn an average total compensation of $48,000 based on 72 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Senior Mortgage 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 $51,000 based on 100 salaries. An experienced Senior Mortgage Loan Processor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $52,000 based on 214 salaries. A Senior Mortgage 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 $52,000 based on 111 salaries.

Pay Difference by Location

National Average: $52,760

Larger city markers indicate a job is popular in that location.

Related Job Salaries

Key Stats for Senior Mortgage Loan Processor

Gender

Female
90 %
Male
10 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 72 votes.
Less than 1 year
0%
1-4 years
11%
5-9 years
17%
10-19 years
43%
20 years or more
28%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Mortgage Loan Processor Salaries

National Average
$53,000

▼1%

▼2%

▼3%

▼9%

Skills That Affect Senior Mortgage Loan Processor Salaries

National Average
$53,000

Loan Processing
▼3%

Mortgage Loans
▼3%

Loan Underwriting
▼3%

Bilingual
▼13%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 72 votes.

Gender

Female
90 %
Male
10 %

Years of Experience

Less than 1 year
0%
1-4 years
11%
5-9 years
17%
10-19 years
43%
20 years or more
28%

Common Health Benefits

medical benefits
Medical: 80%
dental benefits
Dental: 72%
vision benefits
Vision: 65%
no benefits
None: 19%
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