Our comprehensive salary research shows that, on average, a loan processor in atlanta, ga makes an estimated $38,212 annually. This can range from $34,096 to $41,979 annually, and is based on a variety of factors, including education, experience, certifications and additional skills.
Moreover, are loan processors in demand?
Is Loan Processor a Good Job? According to the U.S. Bureau of Labor Statistics (BLS), loan officer, underwriter, and processor jobs will continue to experience significant growth in the near future. The BLS projects an 11% increase in loan officer positions between 2016 and 2026.
Regarding this, do loan processors get paid commission?
Do loan processors earn commissions? Yes, loan processors can and do earn commissions. … Usually, loan processors get paid either for each loan file application executed or through a salary which comes with a bonus for a particular volume of monthly funded loans.
Do loan processors make good money?
The salaries of Mortgage Loan Processors in the US range from $22,224 to $62,000 , with a median salary of $37,710 . The middle 57% of Mortgage Loan Processors makes between $37,710 and $45,183, with the top 86% making $62,000.
Loan Processors are, by definition, required by Georgia law to have a mortgage broker’s license or registration unless such person is otherwise exempt under Georgia law. “Registrant” means any person required to register pursuant to O.C.G.A. §§ 7-1-1001 and 7-1-1003.2.
Georgia Mortgage License Requirements
- Complete a Criminal Background Check (CBC).
- Authorize a credit report through the NMLS that demonstrates financial responsibility.
- Fulfill all state and federal education requirements as designated by Georgia.
- Take and pass a National Test.
- Sponsored by a Georgia-licensed company.
How To Become A Loan Processor
- Step 1: Earn a high school diploma. This is usually a minimum educational requirement at many loan companies.
- Step 2: Earn a higher-level degree. …
- Step 3: Receive your mortgage license. …
- Step 4: Obtain employment. …
- Step 5: Work your way up.
The qualifications that you need to get a job as a loan officer with no experience include a bachelor’s degree in a field like finance, business, or accounting. Employers expect a new loan officer to have a Mortgage Loan Originators license (MLO) from the Nationwide Mortgage Licensing System.
loanDepot.com Loan Processors earn $65,000 annually, or $31 per hour, which is 55% higher than the national average for all Loan Processors at $37,000 annually and 2% lower than the national salary average for all working Americans.
Loan processor salaries are most often based on experience level. While an entry level position may start around the $50k plus super mark, processors can develop efficiencies and complementary skills that will boost their earning potential.
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.
How much does a Loan Processor make in California? As of Nov 27, 2021, the average annual pay for a Loan Processor in California is $47,105 an year.
Whereas loan officers/loan processor tend to make the most money in the finance industry with an average salary of $62,747. The education levels that mortgage consultants earn is a bit different than that of loan officers/loan processor.