What is a Senior Loan Processor

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.

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 $25.81 an hour? That's $53,690 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.

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.

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 Associate Degree degrees. Other degrees that we often see on Senior Loan Processor resumes include High School Diploma 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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And if you’re looking for a job, here are the five top employers hiring now:

  1. JPMorgan Chase & Co. Jobs (641)
  2. Xerox Jobs (51)
  3. Freedom Mortgage Jobs (39)
  4. Chase Jobs (45)
  5. Nationwide Mutual Insurance Jobs (59)
Average Salary
$53,690
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
19,998
Job Openings
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Senior Loan Processor Career Paths

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Average Salary for a Senior Loan Processor

Senior Loan Processors in America make an average salary of $53,690 per year or $26 per hour. The top 10 percent makes over $87,000 per year, while the bottom 10 percent under $33,000 per year.
Average Salary
$53,690
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12 Senior Loan Processor Resume Examples

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 to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Senior Loan Processor Resume Examples And Templates

And if you’re looking for a job, here are the five top employers hiring now:

  1. JPMorgan Chase & Co. Jobs (641)
  2. Xerox Jobs (51)
  3. Freedom Mortgage Jobs (39)
  4. Chase Jobs (45)
  5. Nationwide Mutual Insurance Jobs (59)

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.

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

Senior Loan Processor Gender Statistics

female

77.0 %

male

23.0 %

Senior Loan Processor Ethnicity Statistics

White

68.0 %

Hispanic or Latino

14.7 %

Black or African American

8.3 %

Senior Loan Processor Foreign Languages Spoken Statistics

Spanish

66.1 %

Italian

3.7 %

Arabic

3.3 %
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Senior Loan Processor Education

Senior Loan Processor Majors

38.2 %
7.8 %

Senior Loan Processor Degrees

Bachelors

50.3 %

Associate

23.5 %

High School Diploma

14.6 %

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 • 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
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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 North Carolina, Texas, Maryland, and New York. Senior Loan Processors make the most in North Carolina with an average salary of $76,016. Whereas in Texas and Maryland, they would average $75,636 and $73,602, respectively. While Senior Loan Processors would only make an average of $71,564 in New York, 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:
$131,000
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

2. North Carolina

Total Senior Loan Processor Jobs:
426
Highest 10% Earn:
$130,000
Location Quotient:
0.92
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. Florida

Total Senior Loan Processor Jobs:
886
Highest 10% Earn:
$113,000
Location Quotient:
1.18
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 Senior Loan Processors

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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 & Co. was the best, especially with an average salary of $57,925. Bank of America follows up with an average salary of $43,449, and then comes Wells Fargo with an average of $43,412. 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 MUFG Americas Holdings, Kforce, and Randstad North America

Most Common Employers For Senior Loan Processor

RankCompanyZippia ScoreAverage Senior Loan Processor SalaryAverage Salary
1$82,294
2$57,925
3$56,285
4$53,514
5$50,566
6$49,601

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