Loan Processors

Overview

Introduction

Loan processors review applications for loans for big-ticket items (such as homes, vehicles, or home appliances), verify financial information, contact loan applicants if application information is missing or needs to be verified, and coordinate external activities with the title company, insurance agents, and appraisers and surveyors (when processing mortgage loans). In short, they manage the customer relationship from pre-approval to close status. Loan processors do not negotiate mortgage rates or loan terms; that is done by the l...

Quick Facts


Median Salary

$48,000

Employment Prospects

Good

Minimum Education Level

High School Diploma


Experience

One to two years as bank teller


Skills

Financial|Information Management|Math


Personality Traits

Conventional|Organized|Problem-Solving

Earnings

Consumer loan processors earned average salaries of $55,208 in 2024, according to Glassdoor.com. Salaries ranged from $46,000 to $67,000 or more.

Mortgage loan processors earned average annual salaries of $42,203 in 2025, according to PayScale.com. The lowest paid 10 percent made $32,323 or less, while the highest paid 10 percent earned $55,266 or more.

Some loan processors receiv...

Work Environment

Loan processors work in typical office settings. They may have to work overtime during busy periods (e.g., such as spring and summer, when many mortgage loan applications are submitted). This job can be extremely stressful. In fact, 91 percent of loan processors with at least five to seven years of experience surveyed by PayScale.com said that their jobs were “fairly stressful” or “extremely st...

Outlook

The Great Recession had a negative impact on the real estate industry. Fewer people could afford to purchase homes and new cars, and the number of loan request declined, prompting a commensurate drop in employment for loan processors. In recent years, the economy has bounced back and requests for loans of all types have increased—but advances in technology, especially loan processing automation...