Often asked: How Much Do Mortgage Loan Processors Make?

Salary Ranges for Mortgage Loan Processors 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.

Do mortgage loan processors make 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.

How much does a loan processor earn?

The average loan officer/loan processor salary is $50,689 per year, or $24.37 per hour, in the United States. People on the lower end of that spectrum, the bottom 10% to be exact, make roughly $24,000 a year, while the top 10% makes $105,000. As most things go, location can be critical.

How do mortgage processors get paid?

They may get paid per loan file funded or a base salary AND a bonus for a certain volume of funded loans each month.

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Who makes more money loan officer or loan processor?

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.

Is a mortgage loan 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.

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.

How long does it take to become a loan processor?

To earn this certification, the loan processor must complete at least 42 hours of training that includes all four subjects of the CMLP exam plus the FHA’s special rehab program, analysis of tax returns and mortgage fraud awareness and prevention.

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

Loan Processor Vs. A mortgage loan officer is a licensed mortgage expert who helps navigate the borrower through the loan application process. Once the borrower decides on the type and size of the loan, this information is passed on to the mortgage processor, who then files the paperwork.

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Do mortgage processors get bonuses?

There is also a wide range of bonuses paid to processors. The Payscale survey indicated that annual bonus amounts range from just under $973 all the way to more than $12,000. Salary.com data showed median bonuses ranging from $1,292 for level I professionals to $1,587 for level III processors.

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.

How long do loan processors work a week?

Loan officers evaluate, authorize, or recommend approval of loan applications. Most loan officers are employed by commercial banks, credit unions, mortgage companies, and other financial institutions. Most loan officers work full time, and some work more than 40 hours per week.

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.

Do mortgage loan processors make good money?

The average bonus for a Mortgage Loan Processor is $12,000 which represents 24% of their salary, with 100% of people reporting that they receive a bonus each year. Mortgage Loan Processors make the most in Los Angeles, CA at $51,885, averaging total compensation 3% greater than the US average.

How much does a mortgage closer make?

Salary Ranges for Mortgage Loan Closers The salaries of Mortgage Loan Closers in the US range from $25,944 to $130,630, with a median salary of $40,059. The middle 57% of Mortgage Loan Closers makes between $40,059 and $63,430, with the top 86% making $130,630.

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