These Are The 10 States With The Highest Loan Processor Salaries For 2017

We used the most recent data to determine the states that pay loan processors the best.

Chris Kolmarby Chris KolmarRankings, Salaries - 3 months ago




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Without fail, in surveys across basically every demographic, the number one most important aspect of a job for most people is the salary — how much do loan processors get paid where I live?

And while there are many things to go into how much you, specifically, can expect to make, there’s really good data for average salaries for loan processors by state across America broken down by seniority level. So while your city may be slightly different than the state average, these averages give you a rough sense of what to expect for your salary.

To better understand how salaries change across America, we decided to take a look the most recent data from the Bureau of Labor Statistics on average pay for loan processors by state.

Additionally, we wanted to adjust the salary based on the cost of living in a state — because your salary goes further in North Carolina than it does in California.

The state with the best salary for loan processors after this adjustment? That would be Loan Interviewers And Clerks.

Here’s a quick snapshot of the top ten states for salaries:

  1. Texas
  2. Illinois
  3. Colorado
  4. Arkansas
  5. Nevada
  6. Kansas
  7. Nebraska
  8. North Carolina
  9. Idaho
  10. Minnesota

Let’s take a look at how we got here and a full ranking of all the states.

If you’re interested, you can read more about the job scene here:

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How we determined pay by state

As we mentioned earlier, we took the average annual salary data for loan processors from the 2016 Bureau of Labor Statistics — specifically their ‘Occupational Employment Statistics.’

To make the comparison of salaries apples to apples across states, we also took into account the cost of living in each state.

We then created an index by dividing the average wage for a state by the cost of living relative to average. As an example, the cost of living index in California is 135.9 and the average pay is $44480, so our index value would be:

$44,480 * (100 / 135.9) = $32,729

We then ranked every state on this criteria with the state with the highest salary index ranking as highest average salary for loan processors.

Here’s a look at the full ranking for all states.

For more reading, check out:

Detailed List Of Loan Processor Salaries By State

Rank State Adjusted Salary Average Wage Cost Of Living
1 Texas $51,609 $46,810 90.7
2 Illinois $45,517 $43,060 94.6
3 Colorado $44,210 $45,890 103.8
4 Arkansas $43,719 $38,080 87.1
5 Nevada $43,630 $45,070 103.3
6 Kansas $43,147 $38,790 89.9
7 Nebraska $43,024 $39,410 91.6
8 North Carolina $42,715 $40,110 93.9
9 Idaho $42,703 $39,330 92.1
10 Minnesota $42,341 $42,680 100.8
11 Arizona $41,887 $41,050 98.0
12 Tennessee $41,241 $36,870 89.4
13 Michigan $40,853 $36,360 89.0
14 Iowa $40,835 $37,160 91.0
15 Florida $40,590 $39,900 98.3
16 Mississippi $40,104 $34,450 85.9
17 Indiana $39,955 $35,760 89.5
18 Missouri $39,745 $35,930 90.4
19 North Dakota $39,627 $39,390 99.4
20 Ohio $39,562 $37,110 93.8
21 Wisconsin $39,018 $37,770 96.8
22 Wyoming $38,845 $35,660 91.8
23 Virginia $38,710 $39,020 100.8
24 Georgia $38,610 $35,290 91.4
25 Delaware $38,303 $38,840 101.4
26 Kentucky $38,243 $34,610 90.5
27 Washington $37,452 $39,400 105.2
28 Pennsylvania $37,238 $37,760 101.4
29 South Carolina $37,197 $36,900 99.2
30 Oregon $37,076 $42,860 115.6
31 Alabama $36,589 $33,370 91.2
32 Utah $36,000 $33,480 93.0
33 Louisiana $35,801 $33,940 94.8
34 Oklahoma $35,089 $31,300 89.2
35 Maryland $34,892 $43,790 125.5
36 New Jersey $34,790 $42,410 121.9
37 Montana $34,732 $35,010 100.8
38 Alaska $33,981 $44,550 131.1
39 Massachusetts $33,380 $44,530 133.4
40 Connecticut $33,257 $42,470 127.7
41 California $32,729 $44,480 135.9
42 West Virginia $32,237 $30,110 93.4
43 South Dakota $32,131 $33,320 103.7
44 Vermont $32,130 $38,910 121.1
45 New Hampshire $31,905 $37,330 117.0
46 Rhode Island $31,789 $38,370 120.7
47 New Mexico $31,626 $30,520 96.5
48 Maine $31,615 $35,030 110.8
49 New York $31,419 $41,160 131.0
50 Hawaii $26,611 $44,680 167.9

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