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Loan processor salary
Average loan processor salary
$38,122
Understanding Loan Processor Salaries
A Loan Processor plays a crucial role in the mortgage process, ensuring that loan applications are completed accurately and efficiently. As of October 2025, the average salary for a loan processor is $38,122 per year, or approximately $18 per hour. This compensation can vary significantly based on several factors, including location, experience level, and the specific employer.
Salary Variations by State
Loan processors in states such as California and New York often earn more due to higher demand and living costs. For instance, top-paying states typically offer salaries exceeding the national average. Understanding these variations is essential for individuals considering this career path.
Experience Matters
Experience plays a significant role in determining salary. Entry-level positions might start at lower rates, while seasoned professionals can command higher pay, especially in managerial roles. This makes gaining experience and pursuing relevant certifications beneficial for career advancement and salary growth.
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Where can a Loan Processor earn more?
Loan processor salaries by experience level
Loan processor salary estimates from across the web
Average loan processor salary by state
The average loan processor salary in West Virginia, California, and New Jersey are the highest in the U.S. The lowest average loan processor salary states are South Dakota, Kentucky, and Arkansas.
- State view
- County view
Highest paying states for loan processors
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Nevada | $43,285 | $20.81 |
| 2 | Arizona | $42,587 | $20.47 |
| 3 | New Jersey | $44,973 | $21.62 |
| 4 | Rhode Island | $40,339 | $19.39 |
| 5 | West Virginia | $49,167 | $23.64 |
| 6 | California | $45,801 | $22.02 |
| 7 | Colorado | $41,024 | $19.72 |
| 8 | Texas | $39,380 | $18.93 |
| 9 | Washington | $42,613 | $20.49 |
| 10 | North Carolina | $41,179 | $19.80 |
| 11 | Maryland | $44,665 | $21.47 |
| 12 | North Dakota | $37,406 | $17.98 |
| 13 | Michigan | $37,290 | $17.93 |
| 14 | New York | $44,592 | $21.44 |
| 15 | Oregon | $41,418 | $19.91 |
| 16 | Indiana | $37,397 | $17.98 |
| 17 | Virginia | $42,389 | $20.38 |
| 18 | Alaska | $39,719 | $19.10 |
| 19 | Hawaii | $41,693 | $20.04 |
| 20 | Pennsylvania | $37,753 | $18.15 |
| 21 | Kansas | $37,402 | $17.98 |
| 22 | Oklahoma | $38,199 | $18.36 |
| 23 | Minnesota | $36,863 | $17.72 |
| 24 | Tennessee | $36,028 | $17.32 |
| 25 | Alabama | $36,939 | $17.76 |
| 26 | Florida | $36,745 | $17.67 |
| 27 | Vermont | $38,600 | $18.56 |
| 28 | Mississippi | $36,284 | $17.44 |
| 29 | New Mexico | $37,709 | $18.13 |
| 30 | Idaho | $37,251 | $17.91 |
| 31 | Utah | $35,841 | $17.23 |
| 32 | Connecticut | $40,104 | $19.28 |
| 33 | Illinois | $37,143 | $17.86 |
| 34 | Ohio | $35,100 | $16.88 |
| 35 | Massachusetts | $39,795 | $19.13 |
| 36 | Delaware | $36,226 | $17.42 |
| 37 | Wyoming | $35,419 | $17.03 |
| 38 | New Hampshire | $37,633 | $18.09 |
| 39 | Wisconsin | $35,853 | $17.24 |
| 40 | South Dakota | $34,220 | $16.45 |
| 41 | Missouri | $34,828 | $16.74 |
| 42 | Georgia | $35,813 | $17.22 |
| 43 | Montana | $34,553 | $16.61 |
| 44 | Louisiana | $36,118 | $17.36 |
| 45 | Maine | $32,752 | $15.75 |
| 46 | Kentucky | $34,187 | $16.44 |
| 47 | South Carolina | $34,968 | $16.81 |
| 48 | Nebraska | $33,931 | $16.31 |
| 49 | Iowa | $32,920 | $15.83 |
| 50 | Arkansas | $34,172 | $16.43 |
| 51 | District of Columbia | $33,178 | $15.95 |
Highest paying cities for loan processors
The highest-paying cities for loan processors are San Francisco, CA, Mount Laurel, NJ, and New York, NY.
| Rank | City | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | San Francisco, CA | $46,606 | $22.41 |
| 2 | Mount Laurel, NJ | $45,734 | $21.99 |
| 3 | New York, NY | $44,864 | $21.57 |
| 4 | Baltimore, MD | $44,708 | $21.49 |
| 5 | Las Vegas, NV | $43,316 | $20.82 |
| 6 | Seattle, WA | $42,818 | $20.59 |
| 7 | Phoenix, AZ | $42,638 | $20.50 |
| 8 | Richmond, VA | $42,350 | $20.36 |
| 9 | Raleigh, NC | $41,828 | $20.11 |
| 10 | Eugene, OR | $41,752 | $20.07 |
| 11 | Englewood, CO | $40,994 | $19.71 |
| 12 | San Antonio, TX | $40,002 | $19.23 |
| 13 | Boston, MA | $39,695 | $19.08 |
| 14 | Troy, MI | $37,380 | $17.97 |
| 15 | Pittsburgh, PA | $37,355 | $17.96 |
| 16 | Chicago, IL | $37,299 | $17.93 |
| 17 | Overland Park, KS | $37,292 | $17.93 |
| 18 | Indianapolis, IN | $37,222 | $17.90 |
| 19 | Tampa, FL | $36,951 | $17.76 |
| 20 | Minneapolis, MN | $36,864 | $17.72 |
Loan Processors are the most in-demand in these five cities:
Loan processor salary details
A loan processor's salary ranges from $28,000 a year at the 10th percentile to $50,000 at the 90th percentile.
What is a loan processor's salary?
| Percentile | Annual salary | Monthly salary | Hourly rate |
|---|---|---|---|
| 90th Percentile | $50,000 | $4,167 | $24 |
| 75th Percentile | $44,000 | $3,667 | $21 |
| Average | $38,122 | $3,177 | $18 |
| 25th Percentile | $32,000 | $2,667 | $15 |
| 10th Percentile | $28,000 | $2,333 | $13 |
Highest paying loan processor jobs
The highest paying types of loan processors are loan servicing specialist, senior loan processor, and loan officer/loan processor.
| Job title | Annual salary | Monthly salary | Hourly rate | Job openings |
|---|---|---|---|---|
| Mortgage Consultant | $38,934 | $3,245 | $18.72 | 24,057 |
| Closing Coordinator | $39,066 | $3,256 | $18.78 | 19,203 |
| Loan Services Representative | $38,603 | $3,217 | $18.56 | 85,475 |
| Loan Closer | $39,093 | $3,258 | $18.79 | 11,431 |
| Loan Consultant | $38,876 | $3,240 | $18.69 | 23,448 |
| Loan Coordinator | $39,836 | $3,320 | $19.15 | 24,765 |
Top companies hiring loan processors now:
Which companies pay loan processors the most?
Loan processor salaries at Stanford University and BNP Paribas are the highest-paying according to our most recent salary estimates. In addition, the average loan processor salary at companies like D.R. Horton and Richmond American Homes are highly competitive.
| Rank | Company | Average salary | Hourly rate |
|---|---|---|---|
| 1 | Stanford University | $51,051 | $24.54 |
| 2 | BNP Paribas | $45,088 | $21.68 |
| 3 | D.R. Horton | $44,332 | $21.31 |
| 4 | Richmond American Homes | $43,823 | $21.07 |
| 5 | BGC Partners | $43,479 | $20.90 |
| 6 | CyberCoders | $43,044 | $20.69 |
| 7 | Washington Trust Bank | $42,596 | $20.48 |
| 8 | CTBC Bank | $42,500 | $20.43 |
| 9 | GPAC | $42,487 | $20.43 |
| 10 | HealthCare Associates Credit Union | $42,182 | $20.28 |
| 11 | Neiman Marcus Group | $41,876 | $20.13 |
| 12 | Idaho Central Credit Union | $41,847 | $20.12 |
| 13 | Century Communities | $41,308 | $19.86 |
| 14 | Murray | $40,608 | $19.52 |
| 15 | United Community Bank | $40,593 | $19.52 |
| 16 | Customers Bank | $40,261 | $19.36 |
| 17 | First Entertainment Credit Union | $40,018 | $19.24 |
| 18 | Summit Funding | $39,973 | $19.22 |
| 19 | Nefcu | $39,946 | $19.20 |
| 20 | German American | $39,918 | $19.19 |
Wage gap by gender, race and education
Loan processor salary trends
The average loan processor salary has risen by $6,035 over the last ten years. In 2014, the average loan processor earned $32,087 annually, but today, they earn $38,122 a year. That works out to a 7% change in pay for loan processors over the last decade.
Compare loan processor salaries for cities or states with the national average over time.
Average loan processor salary over time
Compare loan processor salaries for individual cities or states with the national average.
Loan processor salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2025 | $38,100 | $18.33 | +1.8% |
| 2024 | $37,400 | $18.00 | +1.8% |
| 2023 | $36,800 | $17.67 | +2.1% |
| 2022 | $36,000 | $17.30 | +1.1% |
| 2021 | $35,600 | $17.11 | +2.4% |
Recently added loan processor salaries
| Company | Job | Location | Date added | Salary |
|---|---|---|---|---|
| Carringtonres | Loan Processor, Wholesale, Submission | Windsor, CT | 06/29/2025 | $50,000 |
| ZP Group | Loan Processor | Alexandria, VA | 06/29/2025 | $52,175 |
| Trustone Financial Credit Union | Commercial Loan Processor | Plymouth, MN | 06/28/2025 | $44,871 |
| D.R. Horton | Loan Processor Team Lead | Greenville, SC | 06/27/2025 | $60,000 |
| D.R. Horton | Loan Processor | Charlotte, NC | 06/27/2025 | $50,000 |
| Crosscountry Mortgage | Loan Processor | Lake Oswego, OR | 06/27/2025 | $55,180 |
| Innova Solutions | Home Loan Processor | Dublin, CA | 06/27/2025 | $52,175 |
| Ktvaecu | Loan Processor-Loan Center | Knoxville, TN | 06/27/2025 | $40,175 |
| Recruiting for Good | Loan Processor | Petaluma, CA | 06/27/2025 | $52,175 |
| Carringtonres | Loan Processor, II, Retail | Jacksonville, FL | 06/26/2025 | $45,142 |
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