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This question is about processor salaries, mortgage loan processor salaries, and loan processor salaries.
How much does the average loan processor make?
The average loan processor makes $18.64/hr ($44,742 a year). However, this can range from as low as $14.53/hr ($34,000 annually) to as high as $24.91/hr ($59,000 a year). Factors such as experience and location impact how much a loan processor can make.
Years of Experience and Earning Potential for a Loan Processor:
Entry-level (with less than one year experience) averages $16.44/hr
Early career (with 1 to 4 years of experience) averages $17.61/hr
A mid-career (with 5 to 9 years of experience) averages $19.57/hr
An experienced (with 10 to 19 years of experience) averages $21.11/hr
A late-career (with 20 or more years of experience) averages $21/hr
Highest-Paying States for Loan Processors:
New Jersey - $69,976 a year ($33.64/hr)
Connecticut - $65,423 a year ($31.45/hr)
New Hampshire -$62,093 a year ($29.85/hr)
Washington - $60,251 a year ($28.97/hr)
Massachusetts -$60,012 a year ($28.85/hr)
Lowest-Paying States for Loan Processors:
Mississippi - $35,461 a year ($17.05/hr)
Alaska - $35,969 a year ($17.29/hr)
Utah -$37,238 a year ($17.90/hr)
Indiana - $40,244 a year ($19.35/hr)
Louisiana - $40,293 a year ($19.37/hr)
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