Clark Galvan
A mortgage loan processor's salary in the United States varies depending on experience, industry, and company. Entry-level mortgage processors with less than a year of experience can expect to earn an average of $16.82 per hour, while early-career processors with 1-4 years of experience can earn an average of $19.27 per hour. The average yearly salary for a mortgage loan processor is $40,527, with salaries ranging from $31,000 to $52,000. However, some sources give a higher average yearly salary of $63,550, with a range of $74,036 to $129,393. The top-paying industries for mortgage loan processors include management and consulting, insurance, and information technology. Mortgage loan processors may be paid a base salary, an hourly rate, or a commission with bonuses for closing a certain number of loans each month.
| Characteristics | Values |
|---|---|
| Average yearly salary | $40,527 - $97,021 |
| Average hourly rate | $15.54 - $26.57 |
| Entry-level yearly salary | $31,000 |
| Entry-level hourly rate | $16.82 |
| Highest yearly salary | $74,036 - $129,393 |
| Lowest yearly salary | $74,036 |
| Highest-paying industry | Management & Consulting |
| Highest-paying company | Morgan Stanley |
| Pay structure | Hourly, salary, commission, or bonus |
What You'll Learn
Mortgage processor salary range
The salary of a mortgage processor in the United States can vary depending on their level of experience, the industry, and the company they work for. On average, a mortgage processor can expect to earn $40,527 per year or $19 per hour. However, salaries can range from $31,000 to $52,000 per year.
Mortgage processors with less than a year of experience can expect to earn an average of $16.82 per hour, while those with 1-4 years of experience can earn an average of $19.27 per hour. The highest hourly rate for a mortgage processor is $26.57, while the lowest is $15.54.
The top five paying industries for mortgage processors in the United States are management and consulting, insurance, information technology, financial services, and construction, repair, and maintenance services. The median total pay for these industries ranges from $60,892 to $69,339 per year.
Some mortgage processors may also be paid per loan file funded, or they may receive a base salary plus bonuses for processing a certain volume of loans each month.
Mortgage Pre-Approval: Essential Step for Home Loan Success
You may want to see also
Mortgage processor hourly rate
The hourly rate for a mortgage loan processor can vary depending on several factors, including experience, location, education, and employer.
According to PayScale, the average hourly pay for a mortgage loan processor in 2025 is $20.29. The highest hourly rate is $26.57, while the lowest is $15.54. An entry-level mortgage loan processor with less than a year of experience can expect to earn an average of $16.82 per hour, while those with 1-4 years of experience can earn an average of $19.27 per hour.
Salary.com reports that as of August 27, 2024, the average hourly wage for a Mortgage Loan Processor I in the United States was $22, with the range typically falling between $20 and $25. However, by January 1, 2025, the average hourly salary had increased to $22, with a range of $18 to $27. The website also notes that the average salary for a Mortgage Loan Processor I can vary widely depending on location, with San Francisco, CA, offering the highest salary at $57,060 per year, while Miami, FL, has the lowest salary at 3.5% below the national average.
Some mortgage loan processors may also be paid per loan file funded or receive a base salary with bonuses for closing a certain number of loans each month.
Understanding Mortgage Estimation: Key Factors and Calculations
You may want to see also
Mortgage processor pay by experience
The pay for a mortgage processor varies depending on their level of experience, the company they work for, and the structure of their compensation package.
An entry-level mortgage processor with less than a year of experience can expect to earn an average hourly wage of $16.82, according to PayScale. This estimate is based on 88 salaries. Early-career mortgage processors with 1-4 years of experience earn an average of $19.27 per hour, based on 542 salaries. The highest hourly wage for a mortgage processor is $26.57, while the lowest is $15.54.
The average annual salary for a mortgage processor in the United States is $40,527, with salaries ranging from $31,000 to $52,000, according to Zippia. However, Glassdoor reports a higher average annual salary of $63,550, with a range of $74,036 to $129,393. The average annual salary for a loan processor in the United States is $55,222, according to Indeed.
Mortgage processors may be paid a base salary, an hourly wage, or a commission for each loan they process. Some companies may also offer bonuses for processing a certain volume of loans each month. The top-paying industries for mortgage processors in the United States include management and consulting, insurance, information technology, financial services, and construction, repair, and maintenance services.
Understanding DTI: The Key to Unlocking Your Dream Mortgage
You may want to see also
Mortgage processor pay by industry
The pay of a mortgage loan processor can vary depending on several factors, including experience, location, industry, education, and the specific employer.
According to Salary.com, the average annual salary for a Mortgage Loan Processor I in the United States is $45,648, with an hourly rate of $22. The salary range is between $41,421 and $51,587, with most professionals earning between $37,572 and $56,994. The highest-paid Mortgage Loan Processors can earn up to $56,994 per year, while those with less than a year of experience can expect an average salary of $45,002. In contrast, senior-level professionals with over eight years of experience can earn an average of $47,249.
Location also plays a role in determining pay, with Mortgage Loan Processors in San Jose, California, earning an average of $57,288 per year, while those in Massachusetts and New Jersey earn an average of $49,665 and $50,030, respectively.
The top-paying industries for Mortgage Loan Processors include Management & Consulting, with a median total pay of $69,339, and Insurance. The average salary for a Mortgage Loan Processor in the United States is reported to be $63,550 per year, while some sources indicate a higher average of $97,021. The highest salary reported for this position is $129,393 per year.
Mortgage loan processors may be paid a base salary, an hourly rate, or a combination of both, with additional bonuses or commissions for closing a certain number of loans each month. The specific pay structure can vary from company to company and may depend on whether the processor is self-employed or works for a company.
BPO Report Generation: Mortgage Process Simplified
You may want to see also
Mortgage processor pay structure
The pay structure for mortgage processors can vary depending on their employer and their level of experience. Some mortgage processors are paid a base salary, while others may be paid per loan file funded or receive a bonus for processing a certain volume of loans each month.
According to Glassdoor, the average salary for a mortgage loan processor in the United States is $97,021 per year, with a range of $74,036 to $129,393 per year. However, Zippia reports a lower average salary of $40,527 per year, with a range of $31,000 to $52,000 per year. Payscale reports an even lower average hourly rate of $19.27, with a range of $15.54 to $26.57 per hour for mortgage loan processors.
Entry-level mortgage processors with less than a year of experience can expect to earn a lower salary, with an average hourly rate of $16.82. On the other hand, those with more experience or who oversee more junior mortgage processors may earn a higher salary. Additionally, gaining advanced degrees or certifications can increase income potential and qualify individuals for promotions.
The top-paying industries for mortgage processors in the United States include management and consulting, insurance, information technology, financial services, and construction, repair, and maintenance services.
Mortgages: Understanding the High Cost of $1800 Monthly Payments
You may want to see also
Frequently asked questions
The salary of a mortgage processor in the United States can range from $31,000 to $129,393 per year. The average salary is $40,527 per year, or $19 per hour.
An entry-level mortgage processor with less than a year of experience can expect to make $16.82 per hour.
An early-career mortgage processor with 1-4 years of experience can expect to make $19.27 per hour.
A mortgage processor's salary can vary depending on their level of education, experience, employer, and whether they are paid a base salary, hourly wage, commission, or a combination of these.
