As of May 18, 2021, the average hourly rate for a Loan Processor III in the United States is $28, which translates to an annual salary of about $59,204.
However, the hourly wage can vary significantly based on several factors. Here’s a detailed look at the typical pay range per hour:
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A Loan Processor III'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 III'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 IIIs. For example, consider the average annual salaries in these key locations:
Demanded Skills for the Role:
| Skills | Demand Percentage |
|---|---|
| Customer Service | 13% |
| Loan Review | 2.46% |
| Financial Services | 1.03% |
| Skill | Salary | Salary % Increase |
|---|---|---|
|
Financial Services
|
$62,756 |
6%
|
|
Commitment
|
$60,980 |
3%
|
|
Commercial Loans
|
$60,980 |
3%
|
|
Organizational Skills
|
$60,388 |
2%
|
|
Underwriting
|
$60,388 |
2%
|
|
Communication Skills
|
$60,388 |
2%
|
Your level of education can impact your salary potential. While many Loan Processor IIIs 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 III with a High School Diploma or Technical Certificate is between $53,901 and $57,443).
Loan Processor III Salaries by Degree Level
| Degree Level | % of user with this level of education |
|---|---|
| No Diploma | 43.9% |
| High School | 43.9% |
| Associates | 22.0% |
| Bachelors | 29.3% |
| Masters | 4.9% |
| Doctorate | 0.0% |
Understanding how a Loan Processor III'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, 2021Salaries for a Loan Processor III can change over time, reflecting shifts in market demand and the overall economy. The median salary decreased from $50,760 in 2023 to around $50,294 in 2025, reflecting changes in demand, location, experience, and the wider economy. For a detailed analysis of Loan Processor III salary trends, .
| Year | Average Annual Salary |
|---|---|
| 2022 |
View More
|
| 2023 | $50,760 |
| 2024 | $50,555 |
| 2025 | $50,294 |
| 2026 |
View More
|
| 2027 |
View More
|
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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 independently within established procedures associated with the specific job function. Has gained proficiency in multiple competencies relevant to the job. Typically requires 3-5 years of related experience.
Specify the abilities and skills that a person needs in order to carry out the specified job duties. Each competency has five to ten behavioral assertions that can be observed, each with a corresponding performance level (from one to five) that is required for a particular job.
Customer Service: Customer service is the provision of service to customers before, during and after a purchase. The perception of success of such interactions is dependent on employees "who can adjust themselves to the personality of the guest". Customer service concerns the priority an organization assigns to customer service relative to components such as product innovation and pricing. In this sense, an organization that values good customer service may spend more money in training employees than the average organization or may proactively interview customers for feedback. From the point of view of an overall sales process engineering effort, customer service plays an important role in an organization's ability to generate income and revenue. From that perspective, customer service should be included as part of an overall approach to systematic improvement. One good customer service experience can change the entire perception a customer holds towards the organization.
Loan Review: Loan review is a process routinely used by banks to assess the current value of loan portfolios. Provisioning is a technique to translate loan review results into the balance sheet.
Financial Services: A services provided by the finance industry, which encompasses a broad range of businesses that manage money. These services involve banking, brokerage, mortgages, credit cards, payment services, real estate, investment funds, taxes and accounting.
Salary.com salary estimates, histograms, trends, and comparisons are derived from both employer job postings and third-party data sources. We also provide multiple percentiles of salary information for your reference, click here to know Why the Salary Midpoint Formula Is Crucial to Getting Pay Equity Right. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.
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