Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
Job outlook for senior loan processors in the United States
Senior loan processor job growth summary. After extensive research, interviews, and analysis, Zippia's data science team found that:
The projected senior loan processor job growth rate is 4% from 2018-2028.
About 12,600 new jobs for senior loan processors are projected over the next decade.
Senior loan processor salaries have increased 0% for senior loan processors in the last 5 years.
There are over 173,516 senior loan processors currently employed in the United States.
There are 21,995 active senior loan processor job openings in the US.
The average senior loan processor salary is $50,297.
Are senior loan processor jobs in demand?
Senior loan processor job and salary trends over time
Senior loan processor jobs over time
Senior loan processor job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 173,516 | 0.05% |
| 2020 | 152,355 | 0.05% |
| 2019 | 154,102 | 0.05% |
| 2018 | 159,130 | 0.05% |
| 2017 | 161,614 | 0.05% |
Average senior loan processor salary over time
Senior loan processor salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2026 | $50,297 | $24.18 | +1.1% |
| 2025 | $49,755 | $23.92 | +0.4% |
| 2024 | $49,574 | $23.83 | --2.5% |
| 2023 | $50,848 | $24.45 | +1.6% |
| 2022 | $50,054 | $24.06 | +0.3% |
Senior loan processor jobs by state
Most common states for senior loan processors
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | Arizona | 7,016,270 | 606 | 9% |
| 2 | Rhode Island | 1,059,639 | 80 | 8% |
| 3 | Colorado | 5,607,154 | 401 | 7% |
| 4 | Minnesota | 5,576,606 | 382 | 7% |
| 5 | Utah | 3,101,833 | 226 | 7% |
| 6 | Delaware | 961,939 | 67 | 7% |
| 7 | South Dakota | 869,666 | 61 | 7% |
| 8 | North Dakota | 755,393 | 55 | 7% |
| 9 | District of Columbia | 693,972 | 46 | 7% |
| 10 | Wyoming | 579,315 | 38 | 7% |
| 11 | Iowa | 3,145,711 | 176 | 6% |
| 12 | Maine | 1,335,907 | 85 | 6% |
| 13 | Ohio | 11,658,609 | 556 | 5% |
| 14 | Washington | 7,405,743 | 343 | 5% |
| 15 | Missouri | 6,113,532 | 287 | 5% |
| 16 | Oregon | 4,142,776 | 195 | 5% |
| 17 | Nevada | 2,998,039 | 150 | 5% |
| 18 | Kansas | 2,913,123 | 137 | 5% |
| 19 | Montana | 1,050,493 | 53 | 5% |
| 20 | Alaska | 739,795 | 38 | 5% |
Most common cities for senior loan processors
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | Cedar Rapids | 1 | 1% | $43,831 |
| 2 | Macon | 1 | 1% | $43,635 |
| 3 | Schaumburg | 1 | 1% | $41,770 |
| 4 | Tempe | 1 | 1% | $41,755 |
| 5 | Torrance | 1 | 1% | $58,929 |
| 6 | Baltimore | 2 | 0% | $67,102 |
| 7 | Atlanta | 1 | 0% | $43,381 |
| 8 | Minneapolis | 1 | 0% | $43,267 |
| 9 | Phoenix | 1 | 0% | $41,859 |
| 10 | Tampa | 1 | 0% | $49,775 |
Senior Loan Processor job outlook: Expert opinions
Our panel of senior loan processor experts
University of Georgia
National Association of Health Underwriters
Insurance Information Institute
Robert Hoyt, Ph.D.
Department Head and Dudley L. Moore Jr. Chair of InsuranceUniversity of Georgia
Risk Management and Insurance Program
Will there be an enduring impact of the coronavirus pandemic on Senior Loan Processors?
Robert Hoyt, Ph.D.: I think it is clear that the working environment and the necessary skills in insurance have been impacted by the pandemic in ways that will persistent. In some cases it has accelerated trends that were already underway (e.g., increased use of technology, expanded use of remote work, digital strategies). In other cases it has presented a business case for the importance of business resilience and the opportunities to interact with customers and business partners in new and efficient ways. The good news for our graduates is that opportunities in insurance will continue to grow in number and quality and emerging graduates who are digital natives will be perfectively positioned to help organizations embrace these new ways of doing business.
What's a day at work look like for a Senior Loan Processor?
Robert Hoyt, Ph.D.: They are training for it now. Due to pandemic restrictions, they are taking classes in a hybrid environment with less face-to-face class time integrated with virtual interaction. Some of their classmates are restricted to their home countries and are joining virtually throughout the class. Group work in our courses is always important, but now they are having to working in teams through virtual platforms. This is how business will be done and it will be increasingly global given the convenience of engaging virtually without the cost of travel. In my opinion, the future work environment in insurance is going to look a lot like how we are educating students currently. However, thankfully, without the masks and with more opportunities for face-to-face socializing with clients and colleagues. As I note in more detail below, I think geographic limits will be much less important going forward due to the ability to be effective through virtual platforms and much more flexibility around where and when we work with be the norm.
Max Wilson
National Association of Health Underwriters
What type of skills will young Senior Loan Processors need?
Max Wilson: The ability to communicate with others is an essential skill that I have noticed many young adults have trouble with. Many of my peers have expressed difficulty when attempting to start a conversation with others. As an agent, communication is key. One thing I have noticed in the months that I shadowed an agent from Colonial was that many business owners do not realize how affordable some insurance policies can be. It's on my generation to be able to communicate these policies in effective ways.
How do you envision technology impacting Senior Loan Processors in the next 5 years?
Max Wilson: Technology will allow agents to expand their services over a variety of industries. With the development of cybersecurity and telematics, I think there is no limit to what could be insured. When these services become available, we need agents to step up to the plate and inform the consumers.
How do you envision technology impacting Senior Loan Processors in the next 5 years?
Janet Ruiz: Technology will continue to streamline and enhance the underwriting process. Underwriters need to understand digital tools, the use of artificial intelligence, working with technology to enhance work flow.