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Salary and Benefits

Loan Processor
$36K-$44K / yr. (est.)
$36K
$40,327 / year
$44K
Average base salary
The salary information provided is based on data collected from various reliable sources and may vary depending on individual qualifications and other factors.

About Loan Processor

What does a Loan Processor do?

As loan processors, our role demands us to guarantee that all data given by the client is accurate and abides by the current lawful ties. We have a tremendous communicational, organizational, and strategic thinking approach since we go about as a characteristic scaffold between invested individuals and financing organizations. We likewise know how to be amazingly conscientious and coordinated to complete our positions in an ideal manner conceivable. Alongside every one of these jobs, we additionally monitor how individuals utilize their loans, so no money goes to waste.

Core tasks:

  • checking the background of people asking for a loan
  • recording all financial records
  • settling repayment strategies
  • signing loan agreement

Insights

How Many Years of Experience Do Professionals Need Before Becoming Loan Processor?
On average, people work 3-5 years in other positions prior to becoming a Loan Processor.
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Bank TellerBoston, MA - 10 months ago
Man, that's discouraging. If it's true, it's gonna be a long road to becoming a Loan Processor for me. 😓
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Real Estate AgentSeattle, WA - 10 months ago
🤷 Yeah, it might take a while, but I bet the experience gained in those other positions helps Loan Processors be more well-rounded!
How Long Do Loan Processor Employees Typically Stay in Their Roles?
On average, Loan Processors works in this position for 3-5 years across multiple employers.
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AttorneyWashington, D.C. - 10 months ago
I work closely with loan processors, and let me tell you, they're meticulous and detail-oriented. We need them to keep everything legal.
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Customer Service RepresentativeHouston, TX - 10 months ago
Loan processors make my job harder. They're always asking for additional documentation and slowing down the process.
What Is the Job Hopper Score for Loan Processor Employees?
Frequent job changes in Loan Processor, indicating a willingness to change companies and roles more frequently.
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Mortgage BrokerHouston, TX - 10 months ago
I see it differently; Loan Processors shouldn't hop around jobs too much, it could hurt their credibility! 😡
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Financial AnalystNew York City, NY - 10 months ago
Do Loan Processors get adequate training and advancement opportunities in their roles? Are they being undervalued? 🤔

Career path

Path to job

Discover a Loan Processor's areas of knowledge sorted by their majors.
Explore the list of higher education institutions that a Loan Processor typically studied at.
Arizona State University-Tempe
San Diego State University

Path after job

Community

Demographics

What Is the Age and Gender Ratio of Loan Processor Employees?
Gender ratio in Loan Processor position: 0.329751894529222 Male and 0.670248105470778 Female. Age ratio in Loan Processor position: 16-20: 16%, 21-30: 60%, 31-40: 16%, 41-50: 6%, 51-60: 2%, 60+: 0%. Loan Processor position is predominantly female (67.0%) with the largest age group being 21-30 years old, followed by 31-40 years old.
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Loan ProcessorPhoenix, AZ - 10 months ago
Seriously, though? Only 2% of loan processors are between 51-60 years old? Is it because the field doesn't respect older workers? 😡
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Loan ProcessorPhiladelphia, PA - 10 months ago
Hey, the main takeaway here is that loan processing is a field where young women thrive! 💪

Workplaces

Who Are the Top Employers for Loan Processor?
Top employers of Loan Processor position: Bank of America, Fairway Independent Mortgage, Guild Mortgage. People who work in Loan Processor position most typically go on to work for the Bank of America.
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Loan ProcessorHouston, TX - 10 months ago
I would definitely choose Fairway Independent Mortgage as it values employee contributions more than Guild Mortgage.
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Loan ProcessorSeattle, WA - 10 months ago
Working at Bank of America as a Loan Processor will give you invaluable experience and networking opportunities.
Bank of America
Fairway Independent Mortgage
Guild Mortgage
What Industries Does Loan Processor Typically Have Experience In?
Industry Background: The most typical industries of Loan Processor: Finance & Insurance, Professional / Scientific / Technical, Real Estate / Rental / Leasing, Construction, Administrative & Support. Loan Processor employees most likely come from a Finance & Insurance industry background.
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Loan ProcessorHouston, TX - 10 months ago
I've been doing this job for years - you have to be super organized and detail-oriented or else it'll drive you crazy!
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Loan ProcessorPhiladelphia, PA - 10 months ago
🤬Dealing with entitled jerks and their loan applications is my nightmare. Give me a break!

Find your job as Loan Processor

Discussion about Loan Processor

Want to know more about Loan Processor position?
Share your thoughts and ideas about Loan Processor position with others in our community.
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Are the working conditions good if you work as a Loan Processor?
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A year ago
Single homeowner no pets, no roommates dedicated office
What is the women/men ratio in the job of Loan Processor?
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Sophie Hayes3 years ago
Women are more common working as a Loan Processor.
How old are people who work as a Loan Processor?
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Benjamin Gardner3 years ago
The average age is 27
Is a Loan Processor considered to be a junior profession?
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Sophie Hayes3 years ago
You should work for 4 years on average to become a Loan Processor.
Which industries does a Loan Processor typically work in?
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Liam Brown3 years ago
For a Loan Processor it’s the most likely to work in the Finance & Insurance.
Do I need a degree to work as a Loan Processor?
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Isabella Holmes3 years ago
Most people have No higher education
Which company are you working for as a Loan Processor?
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Liam Brown3 years ago
It’s common for a Loan Processor to work for Bank of America, Fairway Independent Mortgage, Guild Mortgage, JPMorgan Chase & Co. and Wells Fargo Home Mortgage
How long do you usually work as a Loan Processor before changing to another position?
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Benjamin Gardner3 years ago
On average people change after 4 years.
How frequently people change companies if they work as a Loan Processor?
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Sophie Hayes3 years ago
A Loan Processor is likely to work for multiple companies as a Loan Processor.
What occupations do people usually work in before becoming a Loan Processor?
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Sophie Hayes3 years ago
You have a good chance of becoming a Loan Processor if you are working as Mortgage Loan Processor, Loan Officer or Customer Service Representative
Working as a Loan Processor what job titles should I consider to switch to?
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Isabella Holmes3 years ago
Mortgage Loan Processor, Underwriter or Loan Officer can be a good next step
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Disclaimer

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