Share: A mortgage processor, or loan processor, is responsible for assembling, administering and processing your loan application paperwork before it gets approved by the loan underwriter. They play a key role in getting your mortgage loan request to the final close.
Besides, do loan processors get commission?
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.
Furthermore, how long do loan processors work a week?
How much do mortgage loan officers make in California?
The average salary for a mortgage loan originator is $238,970 per year in California and $67,200 commission per year. 800 salaries reported, updated at November 19, 2021.
How much do Sr loan processors make?
The average senior loan processor salary is $61,754 per year, or $29.69 per hour, in the United States. People on the lower end of that spectrum, the bottom 10% to be exact, make roughly $37,000 a year, while the top 10% makes $102,000.
How much does a loan processor make an hour?
Loan Processor Salaries
| Job Title | Salary |
|---|---|
| Hays Loan Processor salaries – 2 salaries reported | $27/hr |
| Randstad Loan Processor salaries – 1 salaries reported | $29/hr |
| Hudson Loan Processor salaries – 1 salaries reported | $72,500/yr |
| Programmed (Australia) Loan Processor salaries – 1 salaries reported | $40/hr |
Is a loan processor the same as an underwriter?
underwriter. While a mortgage processor makes sure your application, documents and supplemental information are accounted for and in order, a mortgage loan underwriter determines whether you meet the guidelines for the home loan you’ve requested.
What type of job is loan processor?
A loan processor is responsible for evaluating, authorizing approval or deny applications for people or businesses. Loan processors act as a liaison between customers and financial institutions who assist qualified applicants acquire loans in a timely manner.