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.
Senior Loan Processor Overview
Senior Loan Processor Careers
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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Senior Loan Processor Career Paths
As you move along in your career, you may start taking on more responsibilities or notice that you've taken on a leadership role. Using our career map, a senior loan processor can determine their career goals through the career progression. For example, they could start out with a role such as senior underwriter, progress to a title such as underwriting manager and then eventually end up with the title underwriting manager.
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Average Salary for a Senior Loan Processor
Best Paying Cities
Recently Added Salaries
Job TitleCompany  | Company | Start Date | Salary |
|---|---|---|---|
Coastal Federal Credit Union 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 |
Glacier Bancorp SR RE Processor SR RE Processor | Glacier Bancorp Glacier Bancorp | 11/21/2020 11/21/2020 | $41,90711/21/2020 $41,907 |
Robert Half SR. Loan Processor SR. Loan Processor | Robert Half Robert Half | 11/18/2020 11/18/2020 | $50,08811/18/2020 $50,088 |
Carrington Mortgage Services, LLC. 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 |
Randstad SR Specimen Processor SR Specimen Processor | Randstad Randstad | 10/13/2020 10/13/2020 | $58,54010/13/2020 $58,540 |
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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 InformationTop Colleges for Senior Loan Processors
1. University of Pennsylvania
Philadelphia, PA • Private
2. Northwestern University
Evanston, IL • Private
3. University of Southern California
Los Angeles, CA • Private
4. SUNY at Binghamton
Vestal, NY • Public
5. Villanova University
Villanova, PA • Private
6. San Diego State University
San Diego, CA • Public
7. Bentley University
Waltham, MA • Private
8. Boston University
Boston, MA • Private
9. SUNY Stony Brook
Stony Brook, NY • Public
10. New York University
New York, NY • Private
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.
- Loan Portfolio, 22.9%
- Customer Service, 9.4%
- Loan Applications, 7.1%
- Ensure Compliance, 6.5%
- Va, 5.5%
- Other Skills, 48.6% See All Senior Loan Processor Skills
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
$64,068
Avg. Salary
2. Texas
$65,671
Avg. Salary
3. Ohio
$63,712
Avg. Salary
How Do Senior Loan Processor Rate Their Jobs?
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
Senior Loan Processor Videos
