As of May 18, 2021, the average salary for a Loan Processor III in the United States is $59,204 per year, which breaks down to an hourly rate of $28.
However, a Loan Processor III's salary can vary significantly. Here’s a look at the typical salary range:
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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, 2021Promotions are the fastest way to increase your earnings. As a Loan Processor III, 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 Processing Supervisor | $63,989 | 8% |
| Loan Processing Assistant Manager | $73,323 | 24% |
| Loan Processing Manager | $96,796 | 63% |
Salaries 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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Compensation PlanningHere are companies hiring for Loan Processor III and their salaries, click below for more details.
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A Loan Processor III'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 III earns the most in San Jose, CA, where the annual salary of a Loan Processor III is $74,674.
The highest pay for Loan Processor III is $72,325.
The lowest pay for Loan Processor III is $49,453.
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.
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.)
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