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.
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.
Loan Processor Salaries
|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|
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.
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.