Average Loan Processor Salary
$40,000 yearly
$14.29 hourly
Updated July 28, 2021
$31,000
10 %
$40,000
Median
$51,000
90 %
Loan processors in the United States make an average salary of $40,379 per year or $19.41 per hour. People on the lower end of that spectrum, the bottom 10% to be exact, make roughly $31,000 a year, while the top 10% makes $51,000. As most things go, location can be critical. West Virginia, Colorado, California, Connecticut, and Nevada provide the highest loan processor salaries.

Average Loan Processor Salary By State

The darker areas on the map show where loan processors earn the highest salaries across all 50 states.

Average Salary

Loan Processor average salary by State

StateascdescAvg. salaryascdescHourly rateascdesc
Alabama
Alabama
$33,641
$33,641
$16.17
$16.17
Alaska
Alaska
$38,346
$38,346
$18.44
$18.44
Arizona
Arizona
$40,954
$40,954
$19.69
$19.69
Arkansas
Arkansas
$37,063
$37,063
$17.82
$17.82
California
California
$45,095
$45,095
$21.68
$21.68
Colorado
Colorado
$45,560
$45,560
$21.90
$21.90
Connecticut
Connecticut
$44,915
$44,915
$21.59
$21.59
Delaware
Delaware
$37,482
$37,482
$18.02
$18.02
District of Columbia
District of Columbia
$47,955
$47,955
$23.06
$23.06
Florida
Florida
$39,555
$39,555
$19.02
$19.02
Georgia
Georgia
$34,144
$34,144
$16.42
$16.42
Hawaii
Hawaii
$40,019
$40,019
$19.24
$19.24
Idaho
Idaho
$36,857
$36,857
$17.72
$17.72
Illinois
Illinois
$40,681
$40,681
$19.56
$19.56
Indiana
Indiana
$39,250
$39,250
$18.87
$18.87
Iowa
Iowa
$33,327
$33,327
$16.02
$16.02
Kansas
Kansas
$38,446
$38,446
$18.48
$18.48
Kentucky
Kentucky
$33,787
$33,787
$16.24
$16.24
Louisiana
Louisiana
$36,730
$36,730
$17.66
$17.66
Maine
Maine
$35,562
$35,562
$17.10
$17.10
Maryland
Maryland
$40,182
$40,182
$19.32
$19.32
Massachusetts
Massachusetts
$41,061
$41,061
$19.74
$19.74
Michigan
Michigan
$37,043
$37,043
$17.81
$17.81
Minnesota
Minnesota
$36,537
$36,537
$17.57
$17.57
Mississippi
Mississippi
$39,577
$39,577
$19.03
$19.03
Missouri
Missouri
$37,765
$37,765
$18.16
$18.16
Montana
Montana
$35,104
$35,104
$16.88
$16.88
Nebraska
Nebraska
$36,157
$36,157
$17.38
$17.38
Nevada
Nevada
$44,679
$44,679
$21.48
$21.48
New Hampshire
New Hampshire
$43,966
$43,966
$21.14
$21.14
New Jersey
New Jersey
$43,147
$43,147
$20.74
$20.74
New Mexico
New Mexico
$38,369
$38,369
$18.45
$18.45
New York
New York
$43,510
$43,510
$20.92
$20.92
North Carolina
North Carolina
$39,477
$39,477
$18.98
$18.98
North Dakota
North Dakota
$42,631
$42,631
$20.50
$20.50
Ohio
Ohio
$33,965
$33,965
$16.33
$16.33
Oklahoma
Oklahoma
$40,699
$40,699
$19.57
$19.57
Oregon
Oregon
$40,246
$40,246
$19.35
$19.35
Pennsylvania
Pennsylvania
$35,828
$35,828
$17.23
$17.23
Rhode Island
Rhode Island
$38,263
$38,263
$18.40
$18.40
South Carolina
South Carolina
$35,993
$35,993
$17.30
$17.30
South Dakota
South Dakota
$35,074
$35,074
$16.86
$16.86
Tennessee
Tennessee
$36,787
$36,787
$17.69
$17.69
Texas
Texas
$40,119
$40,119
$19.29
$19.29
Utah
Utah
$36,341
$36,341
$17.47
$17.47
Vermont
Vermont
$42,566
$42,566
$20.46
$20.46
Virginia
Virginia
$41,593
$41,593
$20.00
$20.00
Washington
Washington
$44,107
$44,107
$21.21
$21.21
West Virginia
West Virginia
$47,482
$47,482
$22.83
$22.83
Wisconsin
Wisconsin
$36,654
$36,654
$17.62
$17.62
Wyoming
Wyoming
$36,669
$36,669
$17.63
$17.63

Highest Paying Cities For Loan Processor

0 selections
CityascdescAvg. salaryascdescHourly rateascdesc
Washington, DC
Washington, DC
$48,016
$48,016
$23.08
$23.08
Englewood, CO
Englewood, CO
$45,558
$45,558
$21.90
$21.90
San Francisco, CA
San Francisco, CA
$45,428
$45,428
$21.84
$21.84
Las Vegas, NV
Las Vegas, NV
$44,714
$44,714
$21.50
$21.50
New York, NY
New York, NY
$43,652
$43,652
$20.99
$20.99
Richmond, VA
Richmond, VA
$41,418
$41,418
$19.91
$19.91

The largest raises come from changing jobs.

See what's out there.

Average Loan Processor Salary Over Time

Compare salaries for individual cities or states with the national average.

Location

    Average JOB Salary by Field

    Mortgage Consultant

    Avg. salary: $40,263

    A mortgage consultant is a professional who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
    19,571 Mortgage Consultant Jobs
    Closing Coordinator

    Avg. salary: $28,325

    In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
    8,926 Closing Coordinator Jobs
    Loan Services Representative

    Avg. salary: $30,794

    A loan service representative is responsible for communicating and interacting with clients and serves as a back-up or reliever in a company. They are the first person that the client must go through if they want to apply for a loan. Loan representatives monitor and ensure that all data and information is properly documented using a loan processing system. Also, they are the ones who inspect and verify if a company is complying with the transaction rules as well as the loan procedures and regulations.
    50,136 Loan Services Representative Jobs
    Loan Closer

    Avg. salary: $39,689

    A loan closer is primarily in charge of handling and closing loan documentation, ensuring accuracy and smooth transactions. A loan closer's responsibilities revolve around liaising with clients to guarantee that they adhere to every term in the contract, preparing necessary reports and documents, monitoring payment progress, and ensuring that they have a deep understanding of the obligations under the contract. Furthermore, it is essential to maintain records of all transactions and assist clients, all while implementing the company's policies and regulations.
    8,051 Loan Closer Jobs
    Loan Consultant

    Avg. salary: $41,355

    A Loan Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
    22,886 Loan Consultant Jobs
    Loan Coordinator

    Avg. salary: $44,458

    A Loan Coordinator is responsible for processing loan applications and determining the eligibility of applicants for loan options. Loan Coordinators perform administrative and clerical duties under the supervision of a loan supervisor. They file reports, monitor transactions, and review the applicants' credit scores. A loan coordinator must have excellent communication and organizational skills, especially responding to the applicants' inquiries and concerns, resolving complaints, and directing them to the loan personnel for any updates on their applications.
    14,153 Loan Coordinator Jobs

    Loan Processor Salaries By Years Of Experience

    The salary for a loan processor can vary depending on the years of experience that a person has, from entry level to senior level. Data on how experience level affects total compensation is provided by the Bureau of Labor Statistics (BLS) as part of their National Compensation Survey, which is based on factors such as knowledge, complexity, contacts, and environment.

    Which Companies Pay Loan Processors The Most?

    To earn a high income as a loan processor, working for Aerotek or Sutherland Asset Management might be your best bet, as they are the highest paying companies in this field. In addition, companies like First Republic Bank and First Federal Lakewood report highly competitive wages for loan processors.
    Company

    Recently Added Loan Processor Salaries

    Location
    CompanyascdescJobascdescLocationascdescDate AddedascdescSalaryascdesc
    Junior Loan Processor
    Junior Loan Processor
    Sacramento, CA
    Sacramento, CA
    06/30/2021
    06/30/2021
    $29,218
    $29,218
    06/30/2021
    Loan Processor
    Loan Processor
    Denver, CO
    Denver, CO
    06/30/2021
    06/30/2021
    $41,740
    $41,740
    06/30/2021
    Loan Processor
    Loan Processor
    San Marcos, TX
    San Marcos, TX
    06/30/2021
    06/30/2021
    $39,653
    $39,653
    06/30/2021
    Loan Processor-Loan Coordinator
    Loan Processor-Loan Coordinator
    Eugene, OR
    Eugene, OR
    06/30/2021
    06/30/2021
    $37,566
    $37,566
    06/30/2021
    Horizon Credit Union
    Horizon Credit Union
    Loan Processor
    Loan Processor
    Loan Processor
    Clearfield, UT
    Clearfield, UT
    06/27/2021
    06/27/2021
    $26,088
    $26,088
    06/27/2021
    Home Equity Loan Processor
    Home Equity Loan Processor
    Eugene, OR
    Eugene, OR
    06/27/2021
    06/27/2021
    $38,213
    $38,213
    06/27/2021
    Loan Processor
    Loan Processor
    Portland, OR
    Portland, OR
    06/26/2021
    06/26/2021
    $40,175
    $40,175
    06/26/2021
    Public Service Credit Union
    Public Service Credit Union
    Commercial Loan Processor
    Commercial Loan Processor
    Commercial Loan Processor
    Lone Tree, CO
    Lone Tree, CO
    06/26/2021
    06/26/2021
    $42,157
    $42,157
    06/26/2021
    Loan Processor
    Loan Processor
    Newark, DE
    Newark, DE
    06/26/2021
    06/26/2021
    $50,088
    $50,088
    06/26/2021
    Loan Processor
    Loan Processor
    Vancouver, WA
    Vancouver, WA
    06/25/2021
    06/25/2021
    $40,175
    $40,175
    06/25/2021

    Average Loan Processor Salary by Demographic

    Loan Processor Gender Pay Gap

    male-income
    Male Income
    $39,868
    female-income
    Female Income
    $38,943
    Median Loan Processor Income by Race
    Asian loan processors have the highest average salary compared to other ethnicities. Black or african american loan processors have the lowest average salary at $38,835.
    $41,000
    $40,000
    $39,000
    $38,000
    White
    Black or African American
    Asian
    Unknown
    Hispanic or Latino
    Ethnicityascdesc
    Salaryascdesc
    White$39,266
    Black or African American$38,835
    Asian$40,028
    Unknown$39,338
    Hispanic or Latino$39,559
    Average Loan Processor Salary by Education Level
    Loan processors with a Masters degree earn more than those without, at $39,979 annually. With a Bachelors degree, loan processors earn a median annual income of $38,950 compared to $38,943 for loan processors with an High School Diploma degree.
    $41,000
    $40,000
    $39,000
    $38,000
    High School Diploma or Less
    Some College/ Associate Degree
    Bachelor's Degree
    Master's Degree
    Educationascdesc
    Salaryascdesc
    High School Diploma or Less$38,943
    Some College/ Associate Degree$38,718
    Bachelor's Degree$38,950
    Master's Degree$39,979