Time Frame

• PayScale showed that there was as much as a $12,000 salary difference between the 75th-percentile wages of an entry-level loan processor and a senior-level loan processor. For example, entry-level loan processors with less than one year of experience fell within the salary range of $24,558 to $33,988 per year. However, loan processors with 20 years of work experience or more received average salaries ranging from $35,531 to $46,546 per year. Those who possessed up to five years of work experience earned between $26,573 and $36,047 per year. Loan processors with five to fewer than 20 years of work experience ranged between $28,254 and $42,907 annually.
  
  

Location

• Average salaries for loan processors were similar across different geographic regions. Whereas California loan processors earned between $29,376 and $43,664 per year, Illinois loan processors reported average salaries of $29,187 to $44,219 per year. Loan processors averaged between $26,824 and $40,275 in Texas, and between $29,155 and $39,500 in Georgia. Those employed in Florida reported earning average salaries ranging from $34,670 to $42,729. In New Jersey, annual wages for loan processors fell between $32,190 and $45,201.
  
  

Industry

• Some loan processing jobs pay higher than others, depending on the type of company and industry. In the banking industry, loan processors received an average salary range of $26,916 to $38,103 annually. Professionals working in mortgage loan and credit approval agencies received average salaries ranging between $29,479 and $41,437 per year. The financial services industry paid loan processors on average $28,491 to $36,930 yearly. Loan processors in the commercial banking and mortgage lending sectors averaged annual wages of $26,295 to $40,088 and $29,218 to $44,181 respectively.
  
  

Gender

• Whether you are a male or female has little influence on your salary potential as a loan processor. Female loan processors reported earning between $27,542 and $39,175. In comparison, male loan processors averaged slightly higher salaries, making between $27,594 and $40,482 annually.