As of May 18, 2021, the average salary for a Loan Processor I in the United States is $43,660 per year, which breaks down to an hourly rate of $21.
However, a Loan Processor I's salary can vary significantly. Here’s a look at the typical salary range:
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A Loan Processor I's salary isn't a fixed number. It's shaped by several important factors. Below, we'll explore how your years of experience, geographic location, education and company size can directly affect your earning potential.
Experience is a primary driver of a Loan Processor I's salary. As you build your skills and take on more complex tasks, your compensation generally increases. Here's how the average salary grows at different career stages:
| Job Role | Years of Experience | Average Salary |
|---|---|---|
| Loan Processor I | 0-1 years | $43,660 |
| Loan Processor II | 1-3 years | $48,890 |
| Loan Processor III | 3-5 years | $59,204 |
| Loan Processing Supervisor | 5+ years | $63,989 |
What Am I Worth?
Your salary can change significantly depending on where you work. States with a higher cost of living and strong industrial sectors often pay more to attract Loan Processor Is. For example, consider the average annual salaries in these key locations:
Demanded Skills for the Role:
| Skills | Demand Percentage |
|---|---|
| Customer Service | 10.13% |
| Data Entry | 2.88% |
| Loan Review | 1.35% |
| Skill | Salary | Salary % Increase |
|---|---|---|
|
Leadership
|
$55,885 |
28%
|
|
Underwriting
|
$49,336 |
13%
|
|
Commercial Loans
|
$46,280 |
6%
|
|
Consumer Loans
|
$45,843 |
5%
|
|
Customer Service
|
$44,970 |
3%
|
|
Commitment
|
$44,970 |
3%
|
Your level of education can impact your salary potential. While many Loan Processor Is enter the field with a High School Diploma or Technical Certificate degree, higher education can lead to more specialized and higher-paying roles.
According to our 100% employer-reported salary data, the median salary for a Loan Processor I with a High School Diploma or Technical Certificate is between $39,683 and $42,442).
Loan Processor I Salaries by Degree Level
| Degree Level | % of user with this level of education |
|---|---|
| No Diploma | 2.7% |
| High School | 34.5% |
| Associates | 15.9% |
| Bachelors | 45.1% |
| Masters | 1.8% |
| Doctorate | 0.0% |
Understanding how a Loan Processor I's annual salary breaks down can help with budgeting. Below, you can see the average hourly rate, weekly pay, and monthly pay for this role. Use the buttons to switch between different pay periods.
Last Updated on May 18, 2021Promotions are the fastest way to increase your earnings. As a Loan Processor I, you have the following paths for advancement. The table below compares the salary raises for common next-step roles. By comparing these figures, you can choose the career path that best meets your financial goals.
| Next Step Role | Estimate Salary | Projected Raise |
|---|---|---|
| Loan Processor II | $48,890 | 12% |
| Commercial Loan Processor | $59,658 | 37% |
| Mortgage Loan Processor II | $50,119 | 15% |
Salaries for a Loan Processor I can change over time, reflecting shifts in market demand and the overall economy. The median salary decreased from $41,205 in 2023 to around $41,006 in 2025, reflecting changes in demand, location, experience, and the wider economy. For a detailed analysis of Loan Processor I salary trends, .
| Year | Average Annual Salary |
|---|---|
| 2022 |
View More
|
| 2023 | $41,205 |
| 2024 | $41,245 |
| 2025 | $41,006 |
| 2026 |
View More
|
| 2027 |
View More
|
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Compensation PlanningHere are companies hiring for Loan Processor I and their salaries, click below for more details.
Ready to take the next step in your career? Browse thousands of current Loan Processor I job openings on our job board. Use the search bar below to find your perfect match.
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A Loan Processor I's earning potential can vary widely depending on several factors, including location, industry, experience, education, and the specific employer. According to the latest salary data by Salary.com, a Loan Processor I earns the most in San Jose, CA, where the annual salary of a Loan Processor I is $55,068.
The highest pay for Loan Processor I is $49,565.
The lowest pay for Loan Processor I is $37,487.
Performs administrative tasks for loan processing. Collects and prepares necessary information required by each loan type and purpose to process and complete loan files. Verifies all documentation for accuracy and completeness. Tracks and monitors due dates. Ensures all documents are prepared and finalized in compliance with regulatory policies and procedures. Inputs and maintains all required transaction and processing records according to procedures. Responds to inquiries. Prepares required regulatory reporting. Requires a high school diploma. Typically reports to a supervisor. Works under the close direction of senior personnel in the functional area. Possesses a moderate understanding of general aspects of the job. May require 0-1 year of general work experience.
Salary.com provides salary estimates, histograms, trends, and comparisons using data from employer job postings and third-party sources.
We offer detailed salary information across multiple percentiles for your reference. (Click here to learn Why the Salary Midpoint Formula Is Crucial for Achieving Pay Equity.)
With the most extensive online, real-time compensation data available, Salary.com helps you pinpoint your exact pay target.
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