Q: Is being a loan processor a good career?

Yes, being a loan processor is a good career. This career is a good fit for people who want to work in the finance and banking industries and make a reasonably good salary with room to advance in the role.

Q: Is being a loan processor stressful?

Yes, being a loan processor can be a stressful job. This job can be stressful due to the many variables influencing your decisions. While the mortgage underwriter considers the layers of risk involved in the borrower's credit profile, the loan processor must verify all the information and documentation that the potential borrower submits. They ensure that everything submitted is accurate and all necessary appraisals and inspections have been completed.

Q: Is it hard to be a loan processor?

No, it's not hard to be a loan processor. However, it can be a stressful job at times. Although you need to have specific skills to work as a loan processor, it does not require formal educational training.

Q: How much does an entry-level loan processor make?

An entry-level loan processor makes $47,138 annually. The range is between $26,000 and $69,000 a year. Factors such as company type and location impact how much an entry-level loan processor can make.

Question 1

How long does it take to become a Loan Processor?

Accepted Answer

It takes 4 years of professional experience to become a loan processor. That is the time it takes to learn specific loan processor skills, but does not account for time spent in formal education. If you include the normal education requirements to complete a college degree, then it takes 7 to 9 years years to become a loan processor.

Question 2

How much does the average loan processor make?

Accepted Answer

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.

Question 3

How to become a loan processor with no experience

Accepted Answer

You must get an education, obtain relevant employment, and learn specialized software in order to become a loan processor with no experience. For details on each of these steps, reference this guide:

Question 4

Is being a loan processor a good career?

Accepted Answer

Yes, being a loan processor is a good career. This career is a good fit for people who want to work in the finance and banking industries and make a reasonably good salary with room to advance in the role.

Question 5

Is being a loan processor stressful?

Accepted Answer

Yes, being a loan processor can be a stressful job. This job can be stressful due to the many variables influencing your decisions.

While the mortgage underwriter considers the layers of risk involved in the borrower's credit profile, the loan processor must verify all the information and documentation that the potential borrower submits. They ensure that everything submitted is accurate and all necessary appraisals and inspections have been completed.

Question 6

Is it hard to be a loan processor?

Accepted Answer

No, it's not hard to be a loan processor. However, it can be a stressful job at times. Although you need to have specific skills to work as a loan processor, it does not require formal educational training.

Question 7

Loan Processor vs. Loan Officer

Accepted Answer

A loan processor is a professional who reviews and processes loan applications, while a loan officer is someone who works for a bank or credit union and offers loans.

A loan processor works for a bank or other financial institution to review loan applications and submit them to underwriters for final review. They play a crucial role in guiding a client's loan to the closing table.

Question 8

What is a good starting salary for a Loan Processor?

Accepted Answer

A good starting salary for a loan processor is $30,000 in the United States. That puts you in the 10th percentile of annual income for a loan processor in the U.S., which is about what you would expect if you were new to the field. The average salary for loan processors is $39,037, but that normally requires some level of experience to achieve. Furthermore, a good starting salary for a loan processor can vary by state.

Question 9

How much does a loan processor make per hour?

Accepted Answer

A loan processor makes an hourly wage that ranges from $18 to $22. This translates to most loan processors' salaries being around $40,000 to $50,000 in a year.

While many factors affect earning potential for loan processors, location is a major influence. Loan processors can make 16% more living in San Francisco, Santa Clara, and Washington D.C.

Question 10

How much does an entry-level loan processor make?

Accepted Answer

An entry-level loan processor makes $47,138 annually. The range is between $26,000 and $69,000 a year. Factors such as company type and location impact how much an entry-level loan processor can make.

Question 11

Can a loan processor make 100k?

Accepted Answer

Yes, you can make $100,000 per year as a loan processor. It is highly unlikely to earn over $100k because the average annual salary for a loan processor is $39,037. Even loan processors in higher-paid positions do not typically earn more than $50,000 per year.

Question 12

Do loan processors make good money?

Accepted Answer

Yes, loan processors make good money. A loan processor's average annual salary is $41,782 or $20.09 per hour.

On the lower end of the salary range, you may only make around $33,000, usually for entry-level positions. On the higher end, you can make around $52,000. Senior-level positions can earn you an average salary of $61,300 or more compared to mid-level positions of $45,000.

Question 13

What is a loan processor's job?

Accepted Answer

A loan processor's job is to prepare the borrower's application for the mortgage and other essential paperwork. This job requires the loan processor to coordinate with the loan officer and the mortgage underwriter to ensure the timely processing of the mortgage loan.

Question 14

What percentage of Loan Processors are female?

Accepted Answer

78.4% of loan processors are female in the United States. This is 2.0 percentage points higher than last year. Additionally, the percentage of female loan processors has decreased by -5.3 percentage points since 2010. That means there are a total of 152,476 female loan processors in the U.S. and 42,009 male loan processors in the United States. Note that Zippia's estimate accounts only for the 194,485 people with the specific job title of loan processor and doesn't include grouping similar job titles, or people with potentially similar credentialing.

Question 15

Is being a loan processor a hard job?

Accepted Answer

No, being a loan processor is not a hard job. However, working as a loan processor can be a stressful job. This job can be stressful due to the many variables that influence the decisions to be made.

Question 16

What are a loan processor's duties?

Accepted Answer

A loan processor's duties are to prepare the borrower's application for the mortgage and other essential paperwork. This job requires the loan processor to coordinate with the loan officer and the mortgage underwriter to ensure the timely processing of the mortgage loan.

Frequently asked questions about loan processors

Questions About Becoming a Loan Processor