How much does a Loan Processor make?

The average salary for a Loan Processor is $50,159 per year in United States. Salaries estimates are based on 7403 salaries submitted anonymously to Glassdoor by a Loan Processor employees in United States.

The highest salary for a Loan Processor in United States is $61,224 per year.

The lowest salary for a Loan Processor in United States is $41,290 per year.

If you are thinking of becoming a Loan Processor or planning the next step in your career, find details about the role, the career path and salary trajectory of a Loan Processor.

Loan processors earn salaries similar to those of tellers, insurance sales agents, and tax examiners. Salaries are expected to remain steady. While both businesses and individuals will continue to seek credit seek for commercial investments and personal spending, the decline of branch banks will tame demand. Successful loan processors can move into bank branch manager positions.

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Loan processors can be considered high earners. According to anonymous Glassdoor reviews, 68% of employees are satisfied with their salary in this field. This role is competitive and offers many opportunities for career and education progression.

Choose industry-specific skills to increase your chance of getting onto the career ladder as a loan processor. Salaries often begin around $34,684.42 and increase up to $73,110.74 with experience. For each level of seniority, you'll need to master additional skills and build a considerable amount of experience. Senior roles, such as senior loan processor, often come with a higher earning potential.

A career as a loan processor is competitive, so it pays to begin by focusing on developing specific financial skills. You can choose an industry specialization once you have earned your bachelor's degree and gained working experience to further increase your salary. For example, choose to focus on developing property lending skills if you want to work for a mortgage broker or business lending for professional loans. You could choose to study for a master's degree, which isn't compulsory for career progression, but could earn you more opportunities sooner than without a degree.

As with all careers, arm yourself with knowledge and data about this role before you start negotiations. Loan processors are in demand, so you should check if you're paid fairly by comparing the salary for your loan processor job with others in your area. Prove you're worth the salary increase by showing your boss proof of your working knowledge in areas such as loan documentation, servicing, and compliance. If you've previously taken on more responsibilities in your role, point this out by explaining what you did and the results of your hard work.

About 68.34% of Loan Processor professionals feel satisfied with their salary, according to anonymous Glassdoor ratings. An additional $3,738 in potential pay per year, among other factors, can qualify the annual pay of a Loan Processor in United States as a good salary.

Loan Processor professionals in United States have a wide total pay range, between $34,684 and $73,111 depending on experience, with an estimated total pay of $50,159 following the average career path of a Loan Processor.