How Much Does A Mortgage Loan Processor I?

How Much Do Mortgage Loan Processor Jobs Pay per Hour?

Annual Salary Hourly Wage
Top Earners $60,000 $29
75th Percentile $51,500 $25
Average $47,138 $23
25th Percentile $37,500 $18

How much do mortgage loan processors make?

The salaries of Mortgage Loan Processors in the US range from $22,224 to $62,000, with a median salary of $37,710. The middle 57% of Mortgage Loan Processors makes between $37,710 and $45,183, with the top 86% making $62,000.

How much does a loan processor make a month?

A Mortgage Loan Officer in your area makes on average $6,292 per month, or $146 (2%) more than the national average monthly salary of $6,146.

Is it hard to be a mortgage loan processor?

The job of a mortgage loan processor is an important one and it requires the incumbent to have certain skills and traits. It is a both challenging and highly rewarding role to fulfill and many people in the loan industry find the job of a loan processor to be their best stint overall.

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Is a mortgage processor a good job?

Is Loan Processor a Good Job? The BLS projects an 11% increase in loan officer positions between 2016 and 2026. This rate is higher than the national average for all careers combined, making loan processor careers an excellent option for those interested in the finance field.

Do loan processors get commission?

Yes, loan processors can and do earn commissions. Usually, loan processors get paid either for each loan file application executed or through a salary which comes with a bonus for a particular volume of monthly funded loans.

What is the difference between a loan processor and a mortgage processor?

A loan processor, also called a mortgage processor, is the person responsible for processing your loan and submitting it to the underwriter for final approval. Getting a mortgage requires a lot of paperwork and it’s the loan processor’s job to double -check all your personal information and financial documents.

Do loan officers or loan processors make more money?

Whereas loan officers/loan processor tend to make the most money in the finance industry with an average salary of $62,747. The education levels that mortgage consultants earn is a bit different than that of loan officers/loan processor.

Can a loan processor deny a loan?

The answer is yes. He or she can make a negative decision regarding your file, and that decision can cause your loan to be rejected. First-time home buyers / borrowers often ask if they can be turned down for a loan, after they’ve been pre-approved by the lender.

How long is mortgage processing?

For most lenders, the mortgage loan process takes approximately 30 days. But it can vary quite a bit from one lender to the next. Banks and credit unions tend to take a bit longer than mortgage companies.

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What does a processor do for a mortgage?

A mortgage processor, or loan processor, is responsible for assembling, administering and processing your loan application paperwork before it gets approved by the loan underwriter.

Are mortgage loan processors happy?

Loan officers are one of the least happy careers in the United States. As it turns out, loan officers rate their career happiness 2.5 out of 5 stars which puts them in the bottom 5% of careers.

Do you have to be licensed to be a mortgage processor?

How Do You Become a Mortgage Processor? Mortgage loan processors need a bachelor’s degree to gain employment at verified firms. You must also become licensed through the National Mortgage Licensing System (NMLS), and you need to pass the mortgage loan originator (MLO) licensing exam.

What is like being a mortgage processor?

Loan processors are highly organized and have an excellent eye for detail. You may be dealing with various clients in one day, so you will need to keep all the correct paperwork together. You will also be tasked with keeping track of the loan schedule and making sure everything is moving along and on time.

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