A loan processor, also known as a loan interviewer or clerk, performs initial interviews and reviews of loan applications and supporting paperwork. They ensure completeness before underwriting makes the final loan decision. The average annual salary for a processor was $36,940 as of May 2013, reports the Bureau of Labor Statistics.
The median annual salary for processors was very close to the average, at $36,050 as of May 2013, according to the BLS. Twenty-five percent of loan processors made at or below $28,810 per year, while 10 percent earned at or below $23,520. At the high end, 25 percent made at or above $44,210 per year, while 10 percent made at or above $51,980.
Average Salary by Industry
Among the top employment sectors, processors in the depository credit intermediation sector earned an average of $36,010 per year as of May 2013, notes the BLS. Those who worked in nondepository credit intermediation averaged $36,740 per year; processors engaged in activities related to credit intermediation made an average of $37,390; those who worked in the employment services sector made $38,000 per year; and loan processors who worked for auto dealers were among the highest paid, with an average annual salary of $45,190.
Average Salary by State
Despite a relatively low concentration of employment, the District of Columbia was the highest-paying state or territory for processors, with an average annual salary of $45,550, according to the BLS. California, one of the largest states of employment for loan processors, showed an average annual salary of $42,690; processors in Colorado earned $42,250 per year; and Connecticut and Massachusetts rounded out the top-paying states with average salaries of $41,060 and $40,920, respectively.
Becoming a Loan Processor
A high school diploma is the minimum requirement, but earning an associate degree in banking, finance or a related field can help you get a good loan processing job. Banks, credit unions and mortgage companies are among the employment settings where you can apply for an entry-level job. On-the-job training is common for learning the systems and software solutions used in analyzing applications and moving them along. For successful processors, work experience combined with a bachelor's degree may lead to progression into a loan officer role.
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