Senior loan processors work in financial institutions. Their job is to solicit, negotiate and coordinate consumer and commercial loans. Their duties include verifying documents, boarding various loan types, supervising billings, ensuring loan maintenance, and collecting insurance information. You must ensure that all required documentation for loans is complete and accurate. You might be required to underwrite requirements for FNMA, FHLMC, FHA, local bonding programs, and private investors. You must also monitor and ensure compliance with regulatory and secondary market guidelines with FNMA, FHLMC, VA, FHA investors, and PMI loans. You must be able to relate with people from diverse backgrounds as you will have the privilege of meeting a wide array of people.

You need skills like loan portfolio, customer service, loan application, VA, as well as great interpersonal and detail-oriented skills. Senior loan processors commonly study business, accounting, or finance. They make an average salary of $29.69 per hour and $61,754 annually.

What Does a Senior Loan Processor Do

There are certain skills that many senior 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 detail oriented, initiative and interpersonal skills.

Learn more about what a Senior Loan Processor does

How To Become a Senior Loan Processor

If you're interested in becoming a senior loan processor, one of the first things to consider is how much education you need. We've determined that 50.3% of senior loan processors have a bachelor's degree. In terms of higher education levels, we found that 4.1% of senior loan processors have master's degrees. Even though most senior loan 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 Senior Loan Processor

Senior Loan Processor Career Paths

Average Salary for a Senior Loan Processor

Senior Loan Processors in America make an average salary of $50,297 per year or $24 per hour. The top 10 percent makes over $75,000 per year, while the bottom 10 percent under $33,000 per year.
Average Senior Loan Processor Salary
$50,297 Yearly
$24.18 hourly

What Am I Worth?


Roles and Types of Senior Loan Processor

The role of a senior loan processor includes a wide range of responsibilities. These responsibilities can vary based on an individual's specific job, company, or industry.Here are some general senior loan processor responsibilities:

  • 1. Process fha, va, conventional and other loan programs such as usda, home equity lines of credit, 2nd mortgages, home improvement loans, down payment assistance
  • Responsible for the complex claims processing functions including open items, escheat, collections, deductible billings, reports analysis, erroneous claims
  • Gather information and take each file from pre-approval to closing. Input proper loan information into the system for processing. Responsible for ensuring that all loan documentation is complete accurate verified

There are several types of senior loan processor, including:



An underwriter decides who gets insurance cover. Your role will be studying insurance proposals, studying the background information of the clients, and deciding how much should be paid out. You will be liaising with professionals and those specialized to help judge the risk assessment. By doing so, you will write policies and add specific conditions when required. Similarly, you will be involved in negotiating terms with the clients. In addition, you will select the appropriate and competitive premiums based on information and judgment and deciding whether the risk should be shared.

Employers will always look out for graduates, most especially in the field of accounting, finance, business, and management. You must be able to use your initiative, have good negotiating skills, and be a great communicator. Skills required also include good judgment and a great decision-maker, especially when under pressure. Knowledge of technical information is also an added advantage. You will earn an average of $68,217 yearly or $32.8 hourly.

  • Average Salary: $61,751
  • Degree: Bachelor's Degree

Mortgage Underwriter


Ever applied for a bank loan for a house, or are you planning to do so? Get well prepared to meet the concerned mortgage underwriter. If you fail to impress this guy, no mortgage for you. And if you succeed to prove to this guy that you can repay their loan, well done! As you are now officially approved to enter the process of getting a home loan.

Having a bachelor's degree and experience in finance or real estate will help you land this job. This is a demanding job, and you have to work hard to achieve your job goals. So you will be paid accordingly, which could be around $37.17 per hour.

Of course, it is not as easy as it looks because a Mortgage Underwriter calculates all credit risks before letting you into the loan cycle. Mortgage Underwriters have an office desk job where they must work 9-5, or sometimes late hours to meet job requirements. And you can also expect occasional site visits.

  • Average Salary: $55,721
  • Degree: Bachelor's Degree

Loan Manager


Loan managers work for banks or financial institutions and are responsible for evaluating loan applications. Their main duty is to determine whether the applicant has the required financial background to be considered eligible for a loan. They review financial statements and other documents necessary for completing loan applications, update records, and approve loans as they see fit.

Working in this position, your job will be to mediate between the applicants and the financial institution you work for. You will meet with clients and prepare proposals, create payment installment plans, and keep updating the status of ongoing loans. You will finalize loan contracts and make sure clients are familiar with the policies and regulations that apply to them.

A bachelor's degree in a finance-related field is typically required of candidates for this position. You will need to have previous experience working in a similar role and have a clear understanding of state and federal regulations regarding loan transactions. Your communication and customer service skills will be just as important as your subject matter expertise, earning you yearly salaries around $70,000 on average.

  • Average Salary: $39,623
  • Degree: Bachelor's Degree

States With The Most Senior Loan Processor Jobs

Mouse over a state to see the number of active senior loan processor jobs in each state. The darker areas on the map show where senior loan processors earn the highest salaries across all 50 states.

Average Salary: Job Openings:

Number Of Senior Loan Processor Jobs By State

RankStateNumber of JobsAverage Salary
9New York441$62,945
10North Carolina426$53,428
14New Jersey380$57,134
26South Carolina190$41,426
38Rhode Island80$52,908
41New Mexico66$62,745
42South Dakota61$53,082
43North Dakota55$42,980
44West Virginia53$49,706
47New Hampshire40$43,085

Senior Loan Processor Education

Senior Loan Processor Majors

38.2 %
7.8 %

Senior Loan Processor Degrees


50.3 %


23.5 %

High School Diploma

14.6 %

Top Colleges for Senior Loan Processors

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition




2. Northwestern University

Evanston, IL • Private

In-State Tuition




3. University of Southern California

Los Angeles, CA • Private

In-State Tuition




4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition




5. Villanova University

Villanova, PA • Private

In-State Tuition




6. San Diego State University

San Diego, CA • Private

In-State Tuition




7. Bentley University

Waltham, MA • Private

In-State Tuition




8. Boston University

Boston, MA • Private

In-State Tuition




9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition




10. New York University

New York, NY • Private

In-State Tuition




Top Skills For a Senior 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, 13.9% of senior loan processors listed customer service on their resume, but soft skills such as detail oriented and initiative are important as well.

Choose From 10+ Customizable Senior Loan Processor Resume templates

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

Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume
Senior Loan Processor Resume

Senior Loan Processor diversity

Senior Loan Processor Gender Distribution


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

  • Among senior loan processors, 77.0% of them are women, while 23.0% are men.

  • The most common race/ethnicity among senior loan processors is White, which makes up 63.6% of all senior loan processors.

  • The most common foreign language among senior loan processors is Spanish at 66.1%.

Online Courses For Senior Loan Processor That You May Like

Advertising Disclosure  

1. FPGA Softcore Processors and IP Acquisition


This course will introduce you to all aspects of development of Soft Processors and Intellectual Property (IP) in FPGA design. You will learn the extent of Soft Processor types and capabilities, how to make your own Soft Processor in and FPGA, including how to design the hardware and the software for a Soft Processor. You will learn how to add IP blocks and custom instructions to your Soft Processor. After the Soft Processor is made, you learn how to verify the design using simulation and an...

2. Advanced Mortgage Loan Processor: Essential Skills Training


Finibi Mortgage CEO, Joe Correa, teaches you how to take your mortgage loan processor career to the next level...

3. Become a Mortgage Loan Processor


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

Show More Online Courses For Senior Loan Processor
Job type you want
Full Time
Part Time

Best States For a Senior Loan Processor

Some places are better than others when it comes to starting a career as a senior loan processor. The best states for people in this position are Hawaii, Maryland, New York, and New Mexico. Senior loan processors make the most in Hawaii with an average salary of $66,904. Whereas in Maryland and New York, they would average $66,866 and $62,945, respectively. While senior loan processors would only make an average of $62,745 in New Mexico, 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. Texas

Total Senior Loan Processor Jobs: 1,125
Highest 10% Earn:
Location Quotient:

2. Nevada

Total Senior Loan Processor Jobs: 150
Highest 10% Earn:
Location Quotient:

3. South Dakota

Total Senior Loan Processor Jobs: 61
Highest 10% Earn:
Location Quotient:
Full List Of Best States For Senior Loan Processors

How Do Senior Loan Processors Rate Their Jobs?

Working as a Senior Loan Processor? Share your experience anonymously.
Overall Rating*
Career Growth
Work/Life balance

Top Senior Loan Processor Employers

Most Common Employers For Senior Loan Processor

RankCompanyAverage SalaryHourly RateJob Openings
3JPMorgan Chase & Co.$65,639$31.56633
5Universal American$53,670$25.8059
6Freedom Mortgage$51,964$24.9839
7Capital One$51,539$24.7832
8Bank of America$51,436$24.73299
10Wells Fargo$50,209$24.14240

Senior Loan Processor Videos