How Much Do Loan Processors Make?
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How Much Do Loan Processors Make?
The average loan processor makes around $50,000 per year. However, there is a wide range in salaries, with the lowest 10 percent earning less than $29,000, and the highest 10 percent earning more than $81,000.
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Introduction
Loan processors are responsible for collecting and verifying the information their employer needs to approve or deny a loan application. They typically work in the loan department of a bank, credit union, or other lending institution. In some cases, they may work for a company that provides loan processing services to multiple lenders.
The median annual salary for loan processors was $32,780 in May 2017, according to the U.S. Bureau of Labor Statistics. The lowest 10 percent earned less than $22,860, and the highest 10 percent earned more than $54,980.
What Does a Loan Processor Do?
Loan processors work in the mortgage industry and their main task is to prepare loan applications for approval by underwriters. This job requires excellent communication and math skills, as well as the ability to work well under pressure.
To become a loan processor, you will need at least a high school diploma, although some employers may prefer candidates with an associate’s degree or higher. There are also some certification programs available that can help you learn the necessary skills for this career.
How Much Does a Loan Processor Make?
The median annual salary for loan processors was $51,760 in 2016, according to the U.S. Bureau of Labor Statistics. The highest-paid 10 percent earned more than $86,580, while the lowest-paid 10 percent earned less than $30,270.
Many loan processors are paid hourly, and the median hourly wage was $24.86 in 2016. The highest-paid 10 percent of loan processors earned more than $40.43 per hour, while the lowest-paid 10 percent earned less than $14.59 per hour.
Loan processors typically work full time during regular business hours. However, some may work evenings and weekends to process loans for customers who work during the week.
Loan Processor Salary by State
While a loan processor salary may vary by state, the average salary for a loan processor is $52,200 per year. The highest-paid loan processors make $65,000 per year, while the lowest-paid make $37,000 per year.
Job Outlook for Loan Processors
The job outlook for loan processors is positive, with an expected growth rate of 7 percent from 2019 to 2029, according to the U.S. Bureau of Labor Statistics. That’s faster than the average growth rate for all occupations. As the economy continues to strengthen and more people buy homes, demand for loan processors will increase.
Loan processors typically need at least a high school diploma, although some jobs may require postsecondary education, and most companies provide on-the-job training. Mortgage processors must be detail-oriented and able to meet deadlines because they often work with large volumes of documents. Strong computer skills are also important in this role.
Conclusion
Most loan processors make between $30,000 and $50,000 per year. The exact amount depends on experience, education, location, and other factors. Some loan processors may make more or less than this range.
