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Senior Loan Processor Careers

A senior loan processor is a professional that works with financial organizations to process loans. He is in charge of the processes that involve obtaining and repaying loans. A senior loan officer is responsible for interviewing clients to judge if they are qualified to obtain loans or not. He also makes sure the client can repay the loan by researching their current financial position and history. While working on the needs of clients, the senior loan processor may recommend or suggest the most suitable loan type for the client. He vets loan documents and makes sure that they are complete and genuine. The senior loan processor makes sure the client understands the loan requirements and repayment plans.

You must have a bachelor's degree in finance or other related fields with years of experience to work as a senior loan processor. Having a comprehensive knowledge about loan processes and banking software is necessary. You should also have great interpersonal and communications skills. A Senior loan processor earns $61,500 yearly on average and may earn up to $101, 000 annually.

There is more than meets the eye when it comes to being a senior loan processor. For example, did you know that they make an average of $29.69 an hour? That's $61,754 a year!

Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.

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.

When it comes to the most important skills required to be a senior loan processor, we found that a lot of resumes listed 22.9% of senior loan processors included loan portfolio, while 9.4% of resumes included customer service, and 7.1% of resumes included loan applications. 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 senior loan processor job title. But what industry to start with? Most senior loan processors actually find jobs in the finance and insurance industries.

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 38.2% of senior loan processors have a bachelor's degree. In terms of higher education levels, we found that 6.8% of senior loan processors have master's degrees. Even though some senior 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 senior loan processor. When we researched the most common majors for a senior loan processor, we found that they most commonly earn bachelor's degree degrees or high school diploma degrees. Other degrees that we often see on senior loan processor resumes include associate degree degrees or master's degree degrees.

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

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Average Salary
$61,754
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
14,046
Job Openings

Senior Loan Processor Career Paths

Top Careers Before Senior Loan Processor

Top Careers After Senior 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 Senior Loan Processor

Senior Loan Processors in America make an average salary of $61,754 per year or $30 per hour. The top 10 percent makes over $102,000 per year, while the bottom 10 percent under $37,000 per year.
Average Salary
$61,754

Best Paying Cities

City
ascdesc
Average Salarydesc
Hempstead, NY
Salary Range48k - 93k$68k$67,563
Cambridge, MA
Salary Range49k - 92k$67k$67,358
Plano, TX
Salary Range47k - 92k$66k$66,269
Columbus, OH
Salary Range45k - 89k$63k$63,487
Burlingame, CA
Salary Range43k - 88k$62k$61,989
Rockville, MD
Salary Range43k - 85k$61k$60,993
$29k
$93k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Construction Loan Processor SR.
Construction Loan Processor SR.
Coastal Federal Credit Union
Coastal Federal Credit Union
12/16/2020
12/16/2020
$41,23912/16/2020
$41,239
SR RE Processor
SR RE Processor
Glacier Bancorp
Glacier Bancorp
11/21/2020
11/21/2020
$41,90711/21/2020
$41,907
SR. Loan Processor
SR. Loan Processor
Robert Half
Robert Half
11/18/2020
11/18/2020
$50,08811/18/2020
$50,088
Loan Processor, Retail, Full DOC, SR.
Loan Processor, Retail, Full DOC, SR.
Carrington Mortgage Services, LLC.
Carrington Mortgage Services, LLC.
11/12/2020
11/12/2020
$24,00011/12/2020
$24,000
SR Specimen Processor
SR Specimen Processor
Randstad
Randstad
10/13/2020
10/13/2020
$58,54010/13/2020
$58,540
See More Recent Salaries

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Senior 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 Senior 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 Senior Loan Processor Resume

At Zippia, we went through countless Senior 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.

View Detailed Information

Senior Loan Processor Demographics

Gender

female

72.5 %

male

23.9 %

unknown

3.6 %

Ethnicity

White

68.8 %

Hispanic or Latino

14.6 %

Black or African American

8.2 %

Foreign Languages Spoken

Spanish

66.1 %

Italian

3.7 %

Arabic

3.3 %
See More Demographics

Senior Loan Processor Education

Majors

Business
37.3 %
Finance
7.7 %

Degrees

Bachelors

39.3 %

Certificate

23.2 %

Associate

18.3 %

Top Colleges for Senior 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 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, 22.9% of senior loan processors listed loan portfolio on their resume, but soft skills such as detail oriented and initiative are important as well.

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 Massachusetts, Connecticut, New York, and Virginia. Senior loan processors make the most in Massachusetts with an average salary of $67,606. Whereas in Connecticut and New York, they would average $67,380 and $67,071, respectively. While senior loan processors would only make an average of $66,869 in 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. Nevada

Total Senior Loan Processor Jobs:
150
Highest 10% Earn:
$122,000
Location Quotient:
1.49
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. Texas

Total Senior Loan Processor Jobs:
1,125
Highest 10% Earn:
$120,000
Location Quotient:
1.16
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. Ohio

Total Senior Loan Processor Jobs:
556
Highest 10% Earn:
$118,000
Location Quotient:
1.13
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 Senior 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 senior loan processors and discovered their number of senior loan processor opportunities and average salary. Through our research, we concluded that JPMorgan Chase was the best, especially with an average salary of $76,645. Bank of America follows up with an average salary of $55,189, and then comes Wells Fargo with an average of $54,460. 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 senior loan processor. The employers include Flagstar Bank, Fairway Independent Mortgage, and People's United Financial

1. JPMorgan Chase
4.9
Avg. Salary: 
$76,645
Senior Loan Processors Hired: 
632+
2. Bank of America
4.8
Avg. Salary: 
$55,189
Senior Loan Processors Hired: 
275+
3. Wells Fargo
4.7
Avg. Salary: 
$54,460
Senior Loan Processors Hired: 
224+
4. Chase
4.5
Avg. Salary: 
$55,234
Senior Loan Processors Hired: 
84+
5. The PNC Financial Services Group
4.9
Avg. Salary: 
$49,589
Senior Loan Processors Hired: 
73+
6. Nationstar Mortgage Holdings
4.7
Avg. Salary: 
$66,127
Senior Loan Processors Hired: 
60+

Senior Loan Processor Videos

Updated October 2, 2020