What are the main factors that influence a Loan Processor's salary?

The primary factors are: 1) Experience Level, 2) Geographic Location, 3) Education/Skills, 4) Company Size & Industry

How does experience change A Loan Processor's salary?

A Loan Processor's salary grows with experience: a Loan Processor I (0-1 years)earns $49,148, a Loan Processor (1-3 years)earns $55,035, a Loan Processor III (3-5 years)earns $66,645, a Loan Processing Supervisor (5+ years)earns $72,032,

What are the highest paying states for a Loan Processor?

Loan Processor salary varies significantly by state. The top 3 highest paying states for Loan Processor roles are District of Columbia $54,960, California $54,752, Massachusetts $54,022. These tech hubs typically pay 10-15% above the national average.

How much do different types of Loan Processor roles make?

Salaries for Loan Processor level roles vary by specialization: Commercial Loan Processor: $59,658; Sba Loan Processor: $59,605; Loan Processor III: $59,204; Jr Loan Processor: $50,184; Loan Document Processor: $48,950.

Loan Processor Salary in District of Columbia

How much does a Loan Processor make in District of Columbia?

As of May 18, 2021, the average salary for a Loan Processor in District of Columbia is $55,248 per year, which breaks down to an hourly rate of $27.

However, a Loan Processor's salary can vary significantly. Here’s a look at the typical salary range:

Top Earners (90th percentile): $66,274
Majority Range (25th-75th percentile): $51,002 to $61,019
Entry-Level (10th percentile): $47,136

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Loan Processor Salaries by Percentile

	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
75th Percentile	$61,019	$5,085	$1,173	$29
Average	$55,248	$4,604	$1,062	$27
25th Percentile	$51,002	$4,250	$981	$25

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Check out Loan Processor Job Openings in District of Columbia

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Regional Finance Company of California LLC - TEMECULA, CA

Bilingual Customer Service/Loan Collections Specialist - 071

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Consumer Loan Sales Specialist

OneMain Financial - BISMARCK, ND

Consumer Loan Sales Specialist

OneMain Financial - MISSOULA, MT

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Key Factors That Influence Loan Processor Salaries

A Loan Processor'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 and company size can directly affect your earning potential.

How Do Loan Processor Salaries Vary from State to State?

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 Processors. For example, consider the average annual salaries in these key locations:

District of Columbia: $54,960.
California: $54,752.
Massachusetts: $54,022.

District of Columbia $54,960 California $54,752 Massachusetts $54,022 Washington $53,824 New Jersey $53,804 Alaska $53,734 Connecticut $53,049 New York $52,771

Hawaii $51,883 Rhode Island $51,466 Maryland $51,183 Minnesota $50,796 Colorado $50,647 Illinois $50,597 Oregon $50,408 Delaware $50,269

New Hampshire $50,182 Virginia $49,986 Pennsylvania $49,416 Nevada $49,128 North Dakota $49,033 Michigan $48,884 Wisconsin $48,830 Vermont $48,721

Texas $48,418 Maine $48,398 Arizona $48,368 Ohio $48,333 Georgia $47,877 Indiana $47,648 Wyoming $47,604 Utah $47,534

Iowa $47,504 Kansas $47,266 Louisiana $47,197 North Carolina $47,172 Missouri $47,162 Florida $46,968 Montana $46,864 Nebraska $46,765

Kentucky $46,710 South Carolina $46,512 Tennessee $46,388 Idaho $46,338 New Mexico $45,976 Oklahoma $45,896 Alabama $45,603 South Dakota $45,112

Arkansas $44,844 West Virginia $44,700 Mississippi $44,268

Top Paying Cities for Loan Processors

Salaries can also vary between different cities. Major metropolitan areas or cities with a high demand for technicians often offer more competitive pay. Here are a few examples of average annual salaries in different U.S. cities:

Parcel Return Service: $54,960
Washington: $54,960
Naval Anacost Annex: $54,960

Parcel Return Service, DC $54,960 Washington, DC $54,960 Naval Anacost Annex, DC $54,960 Washington Navy Yard, DC $54,960

Loan Processor Salary: Hourly Rate, Weekly Pay, and Monthly Pay

Understanding how a Loan Processor'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, 2021

$51,002

Average $55,248/year

$61,019

$4,250

Average $4,604/month

$5,085

$981

Average $1,062/week

$1,173

$25

Average $27/hour

$29

	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
75th Percentile	$61,019	$5,085	$1,173	$29
Average	$55,248	$4,604	$1,062	$27
25th Percentile	$51,002	$4,250	$981	$25

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