Loan Processor Salary in the US Financial Industry

In the US financial industry, loan processors play a vital role in facilitating the loan application process. Loan processors in this industry can earn a median salary of $54,000 per year.

Their salary can vary depending on factors such as location, experience, and specific employer. For example, loan processors in California can earn a median salary of $65,000 per year, while those in Texas can earn around $52,000 per year.

Loan processors typically require a high school diploma or equivalent, and many hold an associate's degree or higher. Their salary can increase with experience, with senior loan processors earning up to $80,000 per year.

The salary ranges for loan processors can vary significantly depending on factors like location and experience.

The 75th percentile salary for a Loan Processor I is $48,488 per year, or $4,041 per month, $932 per week, and $23 per hour.

The average national salary for loan processors is around $45,500 per year, according to the U.S. Bureau of Labor Statistics (BLS).

Here's a breakdown of the salary ranges for Loan Processor I positions:

As of January 01, 2025, the average hourly salary for a Loan Processor I is $21, with a range of $17 to $26.

The hourly wage varies across different percentiles, with the 75th percentile at $23, the average at $21, and the 25th percentile at $19.

Here's a breakdown of the hourly and monthly salary for a Loan Processor I:

The monthly salary for a Loan Processor I is $3,622 on average, with a range of $2,863 to $4,422.

According to the U.S. Bureau of Labor Statistics, the average annual salary for loan processors nationwide is around $45,500.

This provides a baseline for salary expectations in this profession across the country. However, actual incomes can vary significantly based on factors like location, experience, loan type specializations, and more.

For a Loan Processor I, the 75th percentile salary is $48,488 per year, while the 25th percentile salary is $38,697 per year.

Here's a breakdown of the average national salaries for Loan Processor I roles:

Years of experience play a significant role in determining a loan processor's salary, with seasoned processors commanding higher base salaries and production-based bonuses.

A loan processor's location is another crucial factor, with major metropolitan areas offering higher wages due to a higher cost of living. For instance, in San Francisco, CA, the average yearly salary for a Mortgage Loan Processor I is $57,202.

Loan type specialization also impacts salary, with processors skilled in complex loan products like jumbo loans earning more. This is evident in the fact that experience with specialized loan types commands higher earnings potential.

Here are some key factors that affect loan processor salaries:

In addition to these factors, production volume also plays a role in determining salary, with processors who prepare a high loan volume monthly qualifying for increased incentive pay.

Your salary as a loan processor can vary significantly based on several key factors.

Years of experience play a major role in determining your earning potential. Seasoned processors can command higher base salaries and production-based bonuses given their efficiency and expertise navigating loans.

Location is another crucial factor, with major metropolitan areas like San Francisco, CA, and New York, NY, offering higher processor wages due to a higher cost of living. In these regions, loan processors can earn up to $63,000 and $59,000 per year, respectively.

Loan type specialization is also a significant factor, with processors skilled in more complex loan products like jumbo loans earning more.

Production volume is the last key factor, with processors who prepare a high loan volume monthly qualifying for increased incentive pay.

Here are some specific average salaries for loan processors based on these factors:

These factors can impact your salary as a loan processor, and understanding them can help you make informed decisions about your career.

As an employer, your role in determining an employee's salary is significant, and several factors come into play.

The size of the company is a major factor, with large corporations often offering higher salaries than smaller businesses.

A company's location can also impact salary, with cities in high-cost areas like San Francisco or New York typically offering higher wages.

The industry you're in can also influence salary, with fields like finance and technology often paying more than non-profit or education.

The level of experience and qualifications of the employee are also key considerations, with more senior or highly skilled employees commanding higher salaries.

The company's budget and financial situation can also affect salary, with companies in financial distress often having to cut costs, including salaries.

As you consider a career as a loan processor, it's essential to understand that salaries can vary significantly depending on the location. The 75th percentile salary for a loan processor I is $48,488 per year.

In the United States, salaries for loan processors differ widely between states due to factors like cost of living, local economies, and industry presence. California, Massachusetts, and New Jersey are among the states with average salaries above $47,000.

Take a look at this: Home Loan Processor Salary

The highest paying states for loan processors are California, Washington, New York, and Massachusetts, while the lowest paying states are Mississippi, Oklahoma, Alabama, and Louisiana. These states tend to have more rural areas and lower cost of living, resulting in lower salaries.

Here's a rough breakdown of average salaries for loan processors in the United States:

Keep in mind that these figures are averages, and actual salaries can vary depending on individual circumstances.