As of May 18, 2021, the average salary for a Loan Processor II in the United States is $48,890 per year, which breaks down to an hourly rate of $24.
However, a Loan Processor II's salary can vary significantly. Here’s a look at the typical salary range:
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A Loan Processor II'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 II'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 IIs. For example, consider the average annual salaries in these key locations:
Demanded Skills for the Role:
| Skills | Demand Percentage |
|---|---|
| Customer Service | 9.84% |
| Data Entry | 2.85% |
| Loan Review | 1.38% |
| Skill | Salary | Salary % Increase |
|---|---|---|
|
Loan Origination
|
$50,357 |
3%
|
|
Underwriting
|
$49,868 |
2%
|
|
Financial Services
|
$49,379 |
1%
|
|
Accounting
|
$49,379 |
1%
|
|
Written Communication
|
$48,890 |
0%
|
Your level of education can impact your salary potential. While many Loan Processor IIs 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 II with a High School Diploma or Technical Certificate is between $44,900 and $47,669).
Loan Processor II Salaries by Degree Level
| Degree Level | % of user with this level of education |
|---|---|
| No Diploma | 48.5% |
| High School | 48.5% |
| Associates | 18.2% |
| Bachelors | 27.3% |
| Masters | 6.1% |
| Doctorate | 0.0% |
Understanding how a Loan Processor II'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 II, 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 III | $59,204 | 21% |
| Loan Processing Assistant Manager | $73,323 | 50% |
| Loan Processing Manager | $96,796 | 98% |
Salaries for a Loan Processor II can change over time, reflecting shifts in market demand and the overall economy. The median salary decreased from $45,227 in 2023 to around $45,169 in 2025, reflecting changes in demand, location, experience, and the wider economy. For a detailed analysis of Loan Processor II salary trends, .
| Year | Average Annual Salary |
|---|---|
| 2022 |
View More
|
| 2023 | $45,227 |
| 2024 | $45,351 |
| 2025 | $45,169 |
| 2026 |
View More
|
| 2027 |
View More
|
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Compensation PlanningHere are companies hiring for Loan Processor II and their salaries, click below for more details.
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A Loan Processor II'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 II earns the most in San Jose, CA, where the annual salary of a Loan Processor II is $61,665.
The highest pay for Loan Processor II is $58,251.
The lowest pay for Loan Processor II is $41,804.
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 or equivalent. Typically reports to a supervisor. Works under moderate supervision. Gaining or has attained full proficiency in a specific area of discipline. Typically requires 1-3 years of related 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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