Q: Do mortgage loan processors make commission?

Yes, mortgage loan processors can make commissions. It is dependent on their employer. Some employers may offer the option of being paid per loan funded or offer a base salary plus a bonus for a certain number of loans funded per month.

Q: 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.

Q: Is a mortgage processor a hard job?

Yes, being a mortgage processor can be a hard job. As a mortgage processor, you are essentially checking applications to make sure everything is in order with all the necessary paperwork before sending it off to an underwriter.

Q: 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.

Question 1

How do I become a mortgage processor with no experience?

Accepted Answer

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.

Question 2

How long does it take to be a loan processor?

Accepted Answer

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.

Question 3

Do mortgage loan processors make commission?

Accepted Answer

Yes, mortgage loan processors can make commissions. It is dependent on their employer.

Some employers may offer the option of being paid per loan funded or offer a base salary plus a bonus for a certain number of loans funded per month.

Question 4

Are mortgage loan processors in demand?

Accepted Answer

Yes, mortgage loan processors are generally in demand due to the demand for other similar occupations in the field, such as loan officers and underwriters.

With low rates due to the pandemic, more borrowers are looking to refinance or buy homes. This has created a sharp demand for those working in occupations relating to the loan process, such as loan officers and underwriters.

Question 5

Do loan processors make good money?

Accepted Answer

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.

Question 6

How much do mortgage loan processors make?

Accepted Answer

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.

Question 7

How much do mortgage processors make?

Accepted Answer

Mortgage processors make $40,000 a year, on average ($19.32 an hour). However, the range in how much a mortgage processor can make starts from as little as $32,000 to as high as $52,000 a year. Factors such as location and company impact how much a mortgage processor will make.

Question 8

Is a mortgage processor a hard job?

Accepted Answer

Yes, being a mortgage processor can be a hard job. As a mortgage processor, you are essentially checking applications to make sure everything is in order with all the necessary paperwork before sending it off to an underwriter.

Question 9

Is mortgage loan processor a good job?

Accepted Answer

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.

Question 10

What is a good objective for a mortgage processor's resume?

Accepted Answer

A good objective for a mortgage processor's resume will showcase the specific mortgage background and soft skills that you have. A good objective for a mortgage processor gives people a glimpse of your past work as well as an indication of all the skills you have and the type of projects you can do.

Question 11

What is the job description of a mortgage loan processor?

Accepted Answer

The job description of a mortgage loan processor involves assembling, administering, and processing a person's loan application paperwork before it gets approved by the loan underwriter. They play a key role in getting a mortgage loan request to the final close.

Question 12

What skills do you need to be a mortgage processor?

Accepted Answer

Skills you need to be a mortgage processor include time management, communication, and teamwork. A good mortgage processor will possess skills that allow them to provide the best counsel throughout the mortgage process.

Frequently asked questions about mortgage processors

Questions about becoming a mortgage processor