If your loans are opened or closed in a timely fashion, you should thank the mortgage processors. They receive all the paperwork after the rest of the mortgage team processes it. All the mortgage processes are run efficiently and smoothly due to their hard work and dedication.

They are an essential part of the mortgage team. Their main goal is to gather crucial documents and verify them before forwarding the application. Evaluation and compilation of application details for mortgage loans fall under their responsibilities. Moreover, once loan officers recommend the loan application for acceptance in the context of workflow, they take over the process.

A high school diploma will do the job for you, but a bachelor's degree in business or finance is preferred. By working at mortgage companies, banks, financial institutions, brokerage firms, or realty companies, you earn around $18.49 per hour. They work Monday to Friday during regular business hours.

What Does a Mortgage Processor Do

There are certain skills that many mortgage 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 Mortgage Processor does

How To Become a Mortgage Processor

If you're interested in becoming a mortgage processor, one of the first things to consider is how much education you need. We've determined that 51.7% of mortgage processors have a bachelor's degree. In terms of higher education levels, we found that 4.3% of mortgage processors have master's degrees. Even though most mortgage processors have a college degree, it's possible to become one with only a high school degree or GED.

Learn More About How To Become a Mortgage Processor

Mortgage Processor Career Paths

Average Salary for a Mortgage Processor

Mortgage Processors in America make an average salary of $40,527 per year or $19 per hour. The top 10 percent makes over $52,000 per year, while the bottom 10 percent under $31,000 per year.
Average Mortgage Processor Salary
$40,527 Yearly
$19.48 hourly
$31,000
10 %
$40,000
Median
$52,000
90 %

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Mortgage Processor Education

Mortgage Processor Majors

37.5 %
8.3 %

Mortgage Processor Degrees

Bachelors

51.7 %

Associate

23.8 %

High School Diploma

13.9 %

Top Colleges for Mortgage 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

Top Skills For a Mortgage 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, 23.8% of mortgage processors listed loan portfolio on their resume, but soft skills such as communication skills and math skills are important as well.

Choose From 10+ Customizable Mortgage Processor Resume templates

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

Mortgage Processor Resume
Mortgage Processor Resume
Mortgage Processor Resume
Mortgage Processor Resume
Mortgage Processor Resume
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Mortgage Processor Demographics

Mortgage Processor Gender Distribution

Female
Female
76%
Male
Male
24%

After extensive research and analysis, Zippia's data science team found that:

  • Among mortgage processors, 75.8% of them are women, while 24.2% are men.

  • The most common race/ethnicity among mortgage processors is White, which makes up 68.7% of all mortgage processors.

  • The most common foreign language among mortgage processors is Spanish at 62.6%.

Online Courses For Mortgage Processor That You May Like

Advertising Disclosure  The courses listed below are affiliate links. This means if you click on the link and purchase the course, we may receive a commission.
Become a Mortgage Loan Processor
udemy
4.5
(2,507)

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

Advanced Mortgage Loan Processor: Essential Skills Training
udemy
4.6
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Finibi Mortgage CEO, Joe Correa, teaches you how to take your mortgage loan processor career to the next level...

Start a Profitable Career as a Mortgage Loan Originator
udemy
4.8
(314)

Learn from the president and CEO of Finibi Mortgage, Joe Correa, how the entire mortgage process works...

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Best States For a Mortgage Processor

Some places are better than others when it comes to starting a career as a mortgage processor. The best states for people in this position are Arizona, Washington, California, and West Virginia. Mortgage processors make the most in Arizona with an average salary of $53,398. Whereas in Washington and California, they would average $51,663 and $49,911, respectively. While mortgage processors would only make an average of $49,391 in West Virginia, 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. Arizona

Total Mortgage Processor Jobs:
344
Highest 10% Earn:
$72,000
Location Quotient:
1.98 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. Washington

Total Mortgage Processor Jobs:
218
Highest 10% Earn:
$67,000
Location Quotient:
1 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. Colorado

Total Mortgage Processor Jobs:
229
Highest 10% Earn:
$63,000
Location Quotient:
1.29 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 Mortgage Processors

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Top Mortgage Processor Employers

Most Common Employers For Mortgage Processor

Rank  Company  Average Salary  Hourly Rate  Job Openings  
1Accenture$55,729$26.7937
2JPMorgan Chase & Co.$50,942$24.49133
3Citi$46,839$22.5270
4USAA$45,223$21.74163
5Navy Federal Credit Union$44,806$21.54128
6Fifth Third Bank$43,729$21.0266
7PHH Corporation$42,900$20.6350
8M&T Bank$42,429$20.4044
9Robert Half$40,418$19.43104
10PNC$40,392$19.4245

Mortgage Processor Videos

Becoming a Mortgage Processor FAQs

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.

How do I become a mortgage processor with no experience?

Becoming a mortgage processor with no experience requires having your high school diploma or GED equivalent is a requirement. You don't need a four-year degree, but having one in business or finance is recommended. In some cases, a mortgage processor certification is required.

How long does it take to be a loan processor?

It takes between 2 years and 33 hours to become a loan processor. It largely depends on the program itself. This includes the time it takes to earn a two-year associate's degree, followed by the number of hours needed to earn a more specialized loan processing certificate.

How much do mortgage loan processors make?

Mortgage loan processors make $41,782 in average yearly salary 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 an average salary of $61,300 or more compared to mid-level positions of $45,000.

Is mortgage loan processor a good job?

Yes, being a mortgage loan processor is a good job. It has steady employment growth and a generally good salary.

Mortgage loan processors make $41,782 in average yearly salary 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.

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