As of May 18, 2021, the average salary for a Loan Processor in Michigan is $48,994 per year, which breaks down to an hourly rate of $24.
However, a Loan Processor's salary can vary significantly. Here’s a look at the typical salary range:
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Loan Processor Salaries by Percentile
| Annual Salary |
Monthly Pay |
Weekly Pay |
Hourly Wage |
|
| 75th Percentile | $54,112 | $4,509 | $1,041 | $26 |
| Average | $48,994 | $4,083 | $942 | $24 |
| 25th Percentile | $45,228 | $3,769 | $870 | $22 |
Swift Home Loans - , MI
Lending Force, LLC - Troy, MI
Mortgage Depot, LLC - Southfield, MI
Sonic Title Agency - Dearborn, MI
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.
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:
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:
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.
| Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage | |
|---|---|---|---|---|
| 75th Percentile | $54,112 | $4,509 | $1,041 | $26 |
| Average | $48,994 | $4,083 | $942 | $24 |
| 25th Percentile | $45,228 | $3,769 | $870 | $22 |
Ready to take the next step in your career? Browse thousands of current Loan Processor job openings on our job board. Use the search bar below to find your perfect match.
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