Q: Do loan processors make good money?

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.

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 much does a Loan Processor make?

Accepted Answer

The average loan processor salary in the United States is $38,122. Loan processor salaries typically range between $28,000 and $50,000 yearly. The average hourly rate for loan processors is $18.33 per hour.

Loan processor salary is impacted by location, education, and experience. Loan processors earn the highest average salary in West Virginia.

Question 2

What state pays Loan Processors the most?

Accepted Answer

West Virginia pays Loan Processors the most in the United States, with an average salary of $49,167 per year, or $23.64 per hour.

Question 3

How do I know if I'm being paid fairly as a Loan Processor?

Accepted Answer

You know if you are being paid fairly as a Loan Processor if your pay is close to the average pay for the state you live in. For example, if you live in California you should be paid close to $45,801 per year.

Question 4

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 5

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 6

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 7

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 8

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.

Rank	State	Avg. Salary	Hourly Rate
1	Nevada	$43,285	$20.81
2	Arizona	$42,587	$20.47
3	New Jersey	$44,973	$21.62
4	Rhode Island	$40,339	$19.39
5	West Virginia	$49,167	$23.64
6	California	$45,801	$22.02
7	Colorado	$41,024	$19.72
8	Texas	$39,380	$18.93
9	Washington	$42,613	$20.49
10	North Carolina	$41,179	$19.80
11	Maryland	$44,665	$21.47
12	North Dakota	$37,406	$17.98
13	Michigan	$37,290	$17.93
14	New York	$44,592	$21.44
15	Oregon	$41,418	$19.91
16	Indiana	$37,397	$17.98
17	Virginia	$42,389	$20.38
18	Alaska	$39,719	$19.10
19	Hawaii	$41,693	$20.04
20	Pennsylvania	$37,753	$18.15
21	Kansas	$37,402	$17.98
22	Oklahoma	$38,199	$18.36
23	Minnesota	$36,863	$17.72
24	Tennessee	$36,028	$17.32
25	Alabama	$36,939	$17.76
26	Florida	$36,745	$17.67
27	Vermont	$38,600	$18.56
28	Mississippi	$36,284	$17.44
29	New Mexico	$37,709	$18.13
30	Idaho	$37,251	$17.91
31	Utah	$35,841	$17.23
32	Connecticut	$40,104	$19.28
33	Illinois	$37,143	$17.86
34	Ohio	$35,100	$16.88
35	Massachusetts	$39,795	$19.13
36	Delaware	$36,226	$17.42
37	Wyoming	$35,419	$17.03
38	New Hampshire	$37,633	$18.09
39	Wisconsin	$35,853	$17.24
40	South Dakota	$34,220	$16.45
41	Missouri	$34,828	$16.74
42	Georgia	$35,813	$17.22
43	Montana	$34,553	$16.61
44	Louisiana	$36,118	$17.36
45	Maine	$32,752	$15.75
46	Kentucky	$34,187	$16.44
47	South Carolina	$34,968	$16.81
48	Nebraska	$33,931	$16.31
49	Iowa	$32,920	$15.83
50	Arkansas	$34,172	$16.43
51	District of Columbia	$33,178	$15.95

Rank	City	Avg. Salary	Hourly Rate
1	San Francisco, CA	$46,606	$22.41
2	Mount Laurel, NJ	$45,734	$21.99
3	New York, NY	$44,864	$21.57
4	Baltimore, MD	$44,708	$21.49
5	Las Vegas, NV	$43,316	$20.82
6	Seattle, WA	$42,818	$20.59
7	Phoenix, AZ	$42,638	$20.50
8	Richmond, VA	$42,350	$20.36
9	Raleigh, NC	$41,828	$20.11
10	Eugene, OR	$41,752	$20.07
11	Englewood, CO	$40,994	$19.71
12	San Antonio, TX	$40,002	$19.23
13	Boston, MA	$39,695	$19.08
14	Troy, MI	$37,380	$17.97
15	Pittsburgh, PA	$37,355	$17.96
16	Chicago, IL	$37,299	$17.93
17	Overland Park, KS	$37,292	$17.93
18	Indianapolis, IN	$37,222	$17.90
19	Tampa, FL	$36,951	$17.76
20	Minneapolis, MN	$36,864	$17.72

Percentile	Annual Salary	Monthly Salary	Hourly Rate
90th Percentile	$50,000	$4,167	$24
75th Percentile	$44,000	$3,667	$21
Average	$38,122	$3,177	$18
25th Percentile	$32,000	$2,667	$15
10th Percentile	$28,000	$2,333	$13

Job Title	Annual Salary	Monthly Salary	Hourly Rate	Job Openings
Mortgage Consultant	$38,934	$3,245	$18.72	24,057
Closing Coordinator	$39,066	$3,256	$18.78	19,203
Loan Services Representative	$38,603	$3,217	$18.56	85,475
Loan Closer	$39,093	$3,258	$18.79	11,431
Loan Consultant	$38,876	$3,240	$18.69	23,448
Loan Coordinator	$39,836	$3,320	$19.15	24,765

Rank	Company	Average Salary	Hourly Rate
1	Stanford University	$51,051	$24.54
2	BNP Paribas	$45,088	$21.68
3	D.R. Horton	$44,332	$21.31
4	Richmond American Homes	$43,823	$21.07
5	BGC Partners	$43,479	$20.90
6	CyberCoders	$43,044	$20.69
7	Washington Trust Bank	$42,596	$20.48
8	CTBC Bank	$42,500	$20.43
9	GPAC	$42,487	$20.43
10	HealthCare Associates Credit Union	$42,182	$20.28
11	Neiman Marcus Group	$41,876	$20.13
12	Idaho Central Credit Union	$41,847	$20.12
13	Century Communities	$41,308	$19.86
14	Murray	$40,608	$19.52
15	United Community Bank	$40,593	$19.52
16	Customers Bank	$40,261	$19.36
17	First Entertainment Credit Union	$40,018	$19.24
18	Summit Funding	$39,973	$19.22
19	Nefcu	$39,946	$19.20
20	German American	$39,918	$19.19

Loan Processor salary

Average loan processor salary

$38,122

How much does a loan processor make?

Where can a Loan Processor earn more?

Loan Processor Salaries By Experience Level