The average salary for a Loan Processor can range from $40,000 to $70,000 depending on the amount of experience, education and company employers. The type and volume of degree, which is associated with your position, is extremely important when it comes to your salary.
The average salary for a loan processor is $50,000, with a range between $45,000 and $55,000.
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Introduction
Loan processors are an important part of the mortgage lending process, as they prepare loan information for underwriting departments. Loan processors order credit reports, verify income and employment history, check assets and bank statements, and ensure borrowers meet all eligibility requirements before passing their information on to be approved. The Bureau of Labor Statistics lists the average annual salary of loan processors in the United States as $36,000. PayScale estimates that loan processors make an average of $17 per hour. Loan processors can also earn bonuses and commissions on top of their salary.
Loan processors are an important part of the mortgage lending process, as they prepare loan information for underwriting departments.
Loan processors are an important part of the mortgage lending process, as they prepare loan information for underwriting departments. Loan officers work directly with borrowers and collect all necessary documents, but it is the job of a loan processor to ensure that these documents are properly organized and presented in a timely manner.
The Bureau of Labor Statistics lists the average annual salary of loan processors in the United States as $36,000.
The Bureau of Labor Statistics (BLS) is a government agency that provides information and statistics on employment, wages, and other labor issues. The BLS lists the average annual salary of loan processors in the United States as $36,000. A separate report from the BLS states that the median annual wage for loan officers in 2017 was $35,000.
PayScale estimates that loan processors make an average of $17 per hour.
PayScale estimates that loan processors make an average of $17 per hour. However, pay depends on location, experience and industry. Pay also varies according to the size of the company you work for and even the type of loan you process. For example, if your job is to process home mortgages or auto loans, then you will likely earn less than if you were processing commercial mortgages or student loans.
In addition to location and industry factors that affect your pay as a loan processor, your title matters too. Entry-level positions are known as “loan officers” while more experienced professionals are called “supervising loan officers.” These titles have different levels of responsibility depending on their level within the organization; supervising loan officers tend to be responsible for managing an entire team of entry-level employees whereas entry-level employees are often assigned tasks individually rather than working with a group
Loan processors can also earn bonuses and commissions on top of their salary.
You may also be eligible for a bonus or commission, depending on how well your team is doing and the volume of loans that are processed. You can earn up to 20% of your salary as a bonus, but it’s not guaranteed. If the company experiences a bad quarter or hits its annual cap for bonuses, no one gets any extra compensation.
Loan processors can earn a good salary, or even more with additional compensation
The average salary for a loan processor is dependent on many factors, including location and experience. A loan processor’s annual salary may also vary depending on whether they work at a bank or an independent mortgage company.
The mortgage industry is known for paying their employees generous bonuses and commissions during the year, which can add up to thousands of dollars in extra income for employees who are diligent about meeting their quotas. However, this type of additional compensation isn’t guaranteed—you could be paid well one year but receive nothing if you don’t meet your goals the following year.
Conclusion
Loan processors are an important part of the mortgage lending process. They work with mortgage brokers, lenders and underwriters to ensure that loan applications are processed accurately. Loan processors prepare loan information for underwriting departments and help borrowers through their applications by answering questions about documentation requirements and other aspects of the application process. The Bureau of Labor Statistics lists the average annual salary of loan processors in the United States as $36,000. PayScale estimates that loan processors make an average of $17 per hour, or a bit over $35,000 per year if they work 40 hours every week. Loan processors can also earn bonuses and commissions on top of their salary.
