How much does a loan processor make at a bank?

Published by Charlie Davidson on

How much does a loan processor make at a bank?

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.

Do loan processors make good money?

While ZipRecruiter is seeing salaries as high as $63,411 and as low as $20,154, the majority of Loan Processor salaries currently range between $33,425 (25th percentile) to $49,155 (75th percentile) with top earners (90th percentile) making $58,986 annually in California.

Is a 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.

How much do contract loan processors make?

While ZipRecruiter is seeing annual salaries as high as $83,000 and as low as $22,500, the majority of Contract Mortgage Loan Processor salaries currently range between $39,500 (25th percentile) to $50,500 (75th percentile) with top earners (90th percentile) making $64,500 annually across the United States.

What’s the difference between a loan officer and a loan processor?

While the loan officer or broker may be the person who “got you the loan” to begin with, it’s the processor that will likely take over once you’ve been “sold.” Their role is to assist the originator, whose job it is to sell the rate/product, and organize the loan file.

Is it hard to be a 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.

Do loan processors get paid commission?

This can vary from company to company and by state. Do loan processors make commission? They certainly can and often do. They may get paid per loan file funded or a base salary AND a bonus for a certain volume of funded loans each month.

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.

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

Why do loans get declined?

The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.

How long does a loan processor take?

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. Also, high volume can alter turn times.

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