What is a Loan Processor

Loan processors are the ones who decide if a client is fit for a loan or not. They link customers and financial institutions and facilitate the evaluation of clients' assets and repayment capacities and the approval or decline of their loan requests.

Loan processors work hand in hand with mortgage brokers and loan officers. They manage the paperwork of the candidate and help to submit the documents.

The median yearly salary of a loan processor is $49,352, which is an amount that probably does not accurately reflect the level of stress they have to deal with every day. Keeping up with new regulations, pressing closing dates, constant status update requests are just a few of the things that make this profession challenging.

There is more than meets the eye when it comes to being a Loan Processor. For example, did you know that they make an average of $18.77 an hour? That's $39,037 a year!

Between 2018 and 2028, the career is expected to grow 5% and produce 72,100 job opportunities across the U.S.

What Does a Loan Processor Do

There are certain skills that many Loan Processors have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Communication skills, Math skills and Organizational skills.

Learn more about what a Loan Processor does

How To Become a Loan Processor

If you're interested in becoming a Loan Processor, one of the first things to consider is how much education you need. We've determined that 46.4% of Loan Processors have a bachelor's degree. In terms of higher education levels, we found that 3.9% of Loan Processors have master's degrees. Even though most Loan Processors have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a Loan Processor. When we researched the most common majors for a Loan Processor, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Loan Processor resumes include High School Diploma degrees or Diploma degrees.

You may find that experience in other jobs will help you become a Loan Processor. In fact, many Loan Processor jobs require experience in a role such as Customer Service Representative. Meanwhile, many Loan Processors also have previous career experience in roles such as Administrative Assistant or Cashier.

What is the right job for my career path?

Tell us your goals and we'll match you with the right jobs to get there.

And if you’re looking for a job, here are the five top employers hiring now:

  1. Citigroup Jobs (178)
  2. JPMorgan Chase & Co. Jobs (497)
  3. Capital One Jobs (92)
  4. First National Bank Jobs (81)
  5. Regions Bank Jobs (111)
Average Salary
$39,037
Average Salary
Job Growth Rate
5%
Job Growth Rate
Job Openings
16,795
Job Openings
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Average Salary for a Loan Processor

Loan Processors in America make an average salary of $39,037 per year or $19 per hour. The top 10 percent makes over $50,000 per year, while the bottom 10 percent under $30,000 per year.
Average Salary
$39,037
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12 Loan Processor Resume Examples

Learn How To Write a Loan Processor Resume

At Zippia, we went through countless Loan Processor resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Loan Processor Resume Examples And Templates

And if you’re looking for a job, here are the five top employers hiring now:

  1. Citigroup Jobs (178)
  2. JPMorgan Chase & Co. Jobs (497)
  3. Capital One Jobs (92)
  4. First National Bank Jobs (81)
  5. Regions Bank Jobs (111)

Choose From 10+ Customizable Loan Processor Resume templates

Zippia allows you to choose from different easy-to-use Loan Processor templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Loan Processor resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.

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Loan Processor Resume
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Loan Processor Resume
Loan Processor Resume
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Loan Processor Resume
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Loan Processor Resume
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Loan Processor Resume

Loan Processor Demographics

Loan Processor Gender Statistics

female

79.4 %

male

20.6 %

Loan Processor Ethnicity Statistics

White

65.4 %

Hispanic or Latino

18.0 %

Black or African American

7.9 %

Loan Processor Foreign Languages Spoken Statistics

Spanish

67.0 %

French

5.1 %

Mandarin

3.8 %
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Loan Processor Education

Loan Processor Majors

36.2 %
7.7 %

Loan Processor Degrees

Bachelors

46.4 %

Associate

22.6 %

High School Diploma

19.1 %

Top Colleges for Loan Processors

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
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Online Courses For Loan Processor That You May Like

Become a Mortgage Loan Processor
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Finibi Mortgage CEO, Joe Correa, teaches you how to become a mortgage loan processor...

Advanced Mortgage Loan Processor: Essential Skills Training
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Finibi Mortgage CEO, Joe Correa, teaches you how to take your mortgage loan processor career to the next level...

How to Become a Mobile Notary and Loan Signing Agent
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Learn how to make over six figures as a Real Estate Loan Signing Agent and Mobile Notary...

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Top Skills For a Loan Processor

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 23.0% of Loan Processors listed Loan Portfolio on their resume, but soft skills such as Communication skills and Math skills are important as well.

  • Loan Portfolio, 23.0%
  • Loan Applications, 18.6%
  • Customer Service, 14.2%
  • Appraisal Reports, 3.7%
  • Title Companies, 3.3%
  • Other Skills, 37.2%

Best States For a Loan Processor

Some places are better than others when it comes to starting a career as a Loan Processor. The best states for people in this position are West Virginia, Connecticut, California, and New Jersey. Loan Processors make the most in West Virginia with an average salary of $49,311. Whereas in Connecticut and California, they would average $46,532 and $45,965, respectively. While Loan Processors would only make an average of $45,654 in New Jersey, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Nevada

Total Loan Processor Jobs:
127
Highest 10% Earn:
$58,000
Location Quotient:
1.51
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Arizona

Total Loan Processor Jobs:
424
Highest 10% Earn:
$59,000
Location Quotient:
1.81
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Rhode Island

Total Loan Processor Jobs:
69
Highest 10% Earn:
$55,000
Location Quotient:
1.41
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Loan Processors

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Top Loan Processor Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ Loan Processors and discovered their number of Loan Processor opportunities and average salary. Through our research, we concluded that Wells Fargo was the best, especially with an average salary of $43,358. Bank of America follows up with an average salary of $43,332, and then comes JPMorgan Chase & Co. with an average of $45,035. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a Loan Processor. The employers include Flagstar Bank, Lennar, and First Tech Federal Credit Union

Most Common Employers For Loan Processor

RankCompanyZippia ScoreAverage Loan Processor SalaryAverage Salary
1$47,044
2$45,035
3$43,877
4$43,752
5$43,737
6$43,406

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Becoming a Loan Processor FAQs

How long does it take to become a Loan Processor?

It takes 4 years of professional experience to become a loan processor. That is the time it takes to learn specific loan processor skills, but does not account for time spent in formal education. If you include the normal education requirements to complete a college degree, then it takes 7 to 9 years years to become a loan processor.

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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.

As most jobs go, education, location, and experience can determine your salary. Those with a college degree typically earn more than those without. Some of the top-paying states are West Virginia, California, and Connecticut, with average salaries above $46,000.

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How much does the average loan processor make?

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.

Years of Experience and Earning Potential for a Loan Processor:

  • Entry-level (with less than one year experience) averages $16.44/hr

  • Early career (with 1 to 4 years of experience) averages $17.61/hr

  • A mid-career (with 5 to 9 years of experience) averages $19.57/hr

  • An experienced (with 10 to 19 years of experience) averages $21.11/hr

  • A late-career (with 20 or more years of experience) averages $21/hr

Highest-Paying States for Loan Processors:

  • New Jersey - $69,976 a year ($33.64/hr)

  • Connecticut - $65,423 a year ($31.45/hr)

  • New Hampshire -$62,093 a year ($29.85/hr)

  • Washington - $60,251 a year ($28.97/hr)

  • Massachusetts -$60,012 a year ($28.85/hr)

Lowest-Paying States for Loan Processors:

  • Mississippi - $35,461 a year ($17.05/hr)

  • Alaska - $35,969 a year ($17.29/hr)

  • Utah -$37,238 a year ($17.90/hr)

  • Indiana - $40,244 a year ($19.35/hr)

  • Louisiana - $40,293 a year ($19.37/hr)

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Is being a loan processor a good career?

Yes, being a loan processor is a good career. This career is a good fit for people who want to work in the finance and banking industries and make a reasonably good salary with room to advance in the role.

Loan processors are bank professionals specializing in preparing applications for mortgage underwriters to review. Like other jobs in mortgage processing at banks, loan processors need to collect and review several pieces of information from applicants.

Because this role is within the banking and finance industries, there is much opportunity for comfortably high-income levels and upward growth, making it a good career option for people motivated by money and career growth.

The need for loan processors is expected to increase by about 8% over the next decade, meaning there will be a steadily increasing demand for the position.

Another reason it is a good career option is because working as a loan processor typically has no degree requirement. A person can pursue this career as long as they have a high school diploma. The highest earners in the field typically have a bachelor's degree in finance or accounting.

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Is being a loan processor stressful?

Yes, being a loan processor can be a stressful job. This job can be stressful due to the many variables influencing your decisions.

While the mortgage underwriter considers the layers of risk involved in the borrower's credit profile, the loan processor must verify all the information and documentation that the potential borrower submits. They ensure that everything submitted is accurate and all necessary appraisals and inspections have been completed.

This can make the job stressful as they attempt to navigate the many forms and paperwork required for the mortgage underwriter to approve the loan. This becomes more stressful when a mistake in paperwork, either way, can mean huge consequences.

Another aspect that makes the job of a loan processor stressful is the need to be flexible. This role requires that a person often rearrange their schedule and prioritize things on the go so that they can present accurate information to your underwriter.

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Is it hard to be a loan processor?

No, it's not hard to be a loan processor. However, it can be a stressful job at times. Although you need to have specific skills to work as a loan processor, it does not require formal educational training.

As a loan processor, you will find that each workday is quite different from the previous one. There is usually a lot of paperwork involved, especially when you need to carry out the verifications.

It requires some degree of people skills and communication abilities. On a typical day, a loan processor might find themselves having conversations with the loan officer, the underwriter, and the borrowers. Hence, if you have an outgoing personality, you will fit well in this role.

Working as a loan processor is usually a fast-paced job. This would be a hard job for someone who is not good at multitasking and thinking on their toes. As a loan processor, you will sometimes need to rearrange your schedule and prioritize things on the go and deal with situations as they arise.

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