Zippia Advice

The 10 States With The Highest Loan Processor Salaries For 2019

Chris Kolmar
by Chris Kolmar
Rankings, Salaries - 7 days 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. Colorado
  3. Nebraska
  4. North Carolina
  5. Illinois
  6. Arkansas
  7. Michigan
  8. Kansas
  9. Tennessee
  10. North Dakota

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:

How we determined pay by state

As we mentioned earlier, we took the average annual salary data for loan processors from the 2018 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 $46480, so our index value would be:

$46,480 * (100 / 135.9) = $34,201

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 $48,721 $44,190 90.7
2 Colorado $45,886 $47,630 103.8
3 Nebraska $45,425 $41,610 91.6
4 North Carolina $45,303 $42,540 93.9
5 Illinois $44,862 $42,440 94.6
6 Arkansas $44,776 $39,000 87.1
7 Michigan $44,370 $39,490 89.0
8 Kansas $44,360 $39,880 89.9
9 Tennessee $43,691 $39,060 89.4
10 North Dakota $43,249 $42,990 99.4
11 Utah $42,698 $39,710 93.0
12 Virginia $42,648 $42,990 100.8
13 Wyoming $42,614 $39,120 91.8
14 Missouri $42,422 $38,350 90.4
15 Washington $42,366 $44,570 105.2
16 Florida $42,309 $41,590 98.3
17 Minnesota $41,914 $42,250 100.8
18 Iowa $41,681 $37,930 91.0
19 Georgia $41,477 $37,910 91.4
20 Wisconsin $41,435 $40,110 96.8
21 Arizona $41,357 $40,530 98.0
22 Ohio $41,055 $38,510 93.8
23 Idaho $40,662 $37,450 92.1
24 Indiana $40,636 $36,370 89.5
25 Kentucky $40,165 $36,350 90.5
26 Oregon $39,826 $46,040 115.6
27 South Carolina $38,870 $38,560 99.2
28 Delaware $38,293 $38,830 101.4
29 Oklahoma $38,228 $34,100 89.2
30 Nevada $37,986 $39,240 103.3
31 Connecticut $37,713 $48,160 127.7
32 Mississippi $37,590 $32,290 85.9
33 New Jersey $37,547 $45,770 121.9
34 Alabama $37,182 $33,910 91.2
35 Montana $36,339 $36,630 100.8
36 Maryland $35,880 $45,030 125.5
37 New Mexico $35,678 $34,430 96.5
38 New York $34,748 $45,520 131.0
39 West Virginia $34,475 $32,200 93.4
40 Louisiana $34,451 $32,660 94.8
41 Rhode Island $34,349 $41,460 120.7
42 Pennsylvania $34,309 $34,790 101.4
43 New Hampshire $34,239 $40,060 117.0
44 California $34,201 $46,480 135.9
45 South Dakota $33,577 $34,820 103.7
46 Vermont $33,187 $40,190 121.1
47 Maine $33,050 $36,620 110.8
48 Massachusetts $32,256 $43,030 133.4
49 Alaska $32,181 $42,190 131.1
50 Hawaii $28,570 $47,970 167.9
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