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:
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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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.
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