Find The Best Mortgage Loan Processor Jobs For You

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Mortgage Loan Processor Careers

A mortgage loan processor collects and collates all information needed to approve a loan and makes informed decisions concerning an application, inputs that information into the lenders IT systems, verifies information through documents you supply, and makes third party checks with credit bureaus, employer, accountants, and so on. They order an appraisal of the home, obtain title insurance, ensure the compliance of your case with regulatory requirements and internal policies, order the final loan documents, ensure the loan stays on track to close on time, and schedule appointments for closing.

To fit into this role, you need to have an understanding of loan underwriting and processing procedures, knowledge of legislation and best practices, proficiency in mortgage loan computer software, outstanding communication and customer service skills, and well organized and able to handle pressure.

A bachelor's degree in business, accounting, or finance is required for this position. Their salary averages $41,241 a year, that's $19.83 an hour. However, they can earn anywhere between $33,000 and $50,000. The career will grow by 8% and create 72,100 new jobs between 2018 and 2028.

There is more than meets the eye when it comes to being a mortgage loan processor. For example, did you know that they make an average of $20.09 an hour? That's $41,782 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 Mortgage Loan Processor Do

There are certain skills that many mortgage 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.

When it comes to the most important skills required to be a mortgage loan processor, we found that a lot of resumes listed 19.4% of mortgage loan processors included customer service, while 19.3% of resumes included loan portfolio, and 6.4% of resumes included title companies. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the mortgage loan processor job title. But what industry to start with? Most mortgage loan processors actually find jobs in the finance and professional industries.

How To Become a Mortgage Loan Processor

If you're interested in becoming a mortgage loan processor, one of the first things to consider is how much education you need. We've determined that 40.7% of mortgage loan processors have a bachelor's degree. In terms of higher education levels, we found that 3.1% of mortgage loan processors have master's degrees. Even though some mortgage 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 mortgage loan processor. When we researched the most common majors for a mortgage loan processor, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on mortgage loan processor resumes include high school diploma degrees or master's degree degrees.

You may find that experience in other jobs will help you become a mortgage loan processor. In fact, many mortgage loan processor jobs require experience in a role such as loan processor. Meanwhile, many mortgage loan processors also have previous career experience in roles such as customer service representative or loan officer.

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Average Salary
$41,782
Average Salary
Job Growth Rate
5%
Job Growth Rate
Job Openings
11,862
Job Openings

Mortgage Loan Processor Career Paths

Top Careers Before Mortgage Loan Processor

Top Careers After Mortgage Loan Processor

What is the right job for my career path?

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

Average Salary for a Mortgage Loan Processor

Mortgage Loan Processors in America make an average salary of $41,782 per year or $20 per hour. The top 10 percent makes over $52,000 per year, while the bottom 10 percent under $33,000 per year.
Average Salary
$41,782

Best Paying Cities

City
ascdesc
Average Salarydesc
Los Angeles, CA
Salary Range41k - 56k$49k$48,517
New York, NY
Salary Range39k - 54k$47k$46,660
Colorado Springs, CO
Salary Range39k - 53k$46k$46,123
Richmond, VA
Salary Range38k - 54k$46k$45,554
Baltimore, MD
Salary Range38k - 53k$45k$45,224
Chicago, IL
Salary Range36k - 52k$44k$43,855
$32k
$56k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Mortgage Loan Processor 14096832
Mortgage Loan Processor 14096832
Cordia
Cordia
03/31/2021
03/31/2021
$60,00003/31/2021
$60,000
Mortgage Loan Processor 14096790
Mortgage Loan Processor 14096790
Cordia
Cordia
03/30/2021
03/30/2021
$60,00003/30/2021
$60,000
Mortgage Loan Processor
Mortgage Loan Processor
Aerotek
Aerotek
03/30/2021
03/30/2021
$50,00003/30/2021
$50,000
Mortgage Loan Processor 14049966
Mortgage Loan Processor 14049966
Cordia
Cordia
03/30/2021
03/30/2021
$60,00003/30/2021
$60,000
Mortgage Loan Processor 4
Mortgage Loan Processor 4
Wells Fargo
Wells Fargo
03/29/2021
03/29/2021
$45,60003/29/2021
$45,600
See More Recent Salaries

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Mortgage Loan Processor Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Mortgage Loan Processor. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Mortgage Loan Processor Resume

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

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Mortgage Loan Processor Demographics

Gender

female

74.5 %

male

21.7 %

unknown

3.8 %

Ethnicity

White

65.9 %

Hispanic or Latino

12.7 %

Black or African American

11.5 %

Foreign Languages Spoken

Spanish

57.6 %

French

6.3 %

Mandarin

5.6 %
See More Demographics

Mortgage Loan Processor Education

Majors

Business
37.1 %
Finance
8.8 %

Degrees

Bachelors

40.7 %

Certificate

21.0 %

Associate

18.6 %

Top Colleges for Mortgage 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 • Public

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 • Public

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 • Public

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

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info
Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills For a Mortgage 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, 19.4% of mortgage loan processors listed customer service on their resume, but soft skills such as communication skills and math skills are important as well.

Best States For a Mortgage Loan Processor

Some places are better than others when it comes to starting a career as a mortgage loan processor. The best states for people in this position are West Virginia, California, Connecticut, and New Hampshire. Mortgage loan processors make the most in West Virginia with an average salary of $51,155. Whereas in California and Connecticut, they would average $48,377 and $47,704, respectively. While mortgage loan processors would only make an average of $46,577 in New Hampshire, 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. North Dakota

Total Mortgage Loan Processor Jobs:
55
Highest 10% Earn:
$58,000
Location Quotient:
1.22
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. Colorado

Total Mortgage Loan Processor Jobs:
358
Highest 10% Earn:
$60,000
Location Quotient:
1.24
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. West Virginia

Total Mortgage Loan Processor Jobs:
48
Highest 10% Earn:
$70,000
Location Quotient:
0.65
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
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Top Mortgage 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 mortgage loan processors and discovered their number of mortgage loan processor opportunities and average salary. Through our research, we concluded that Wells Fargo was the best, especially with an average salary of $37,033. Bank of America follows up with an average salary of $37,012, and then comes JPMorgan Chase with an average of $37,626. 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 mortgage loan processor. The employers include Radian Group, Freedom Mortgage, and U.S. Bank

1. Wells Fargo
4.7
Avg. Salary: 
$37,033
Mortgage Loan Processors Hired: 
682+
2. Bank of America
4.8
Avg. Salary: 
$37,012
Mortgage Loan Processors Hired: 
475+
3. JPMorgan Chase
4.9
Avg. Salary: 
$37,626
Mortgage Loan Processors Hired: 
269+
4. Citi
4.8
Avg. Salary: 
$38,583
Mortgage Loan Processors Hired: 
257+
5. U.S. Bank
4.7
Avg. Salary: 
$38,188
Mortgage Loan Processors Hired: 
202+
6. SunTrust Banks
4.8
Avg. Salary: 
$37,164
Mortgage Loan Processors Hired: 
195+

Mortgage Loan Processor Videos

Updated October 2, 2020