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 $46,101, a Loan Processor (1-3 years)earns $51,623, a Loan Processor III (3-5 years)earns $62,514, a Loan Processing Supervisor (5+ years)earns $67,566,

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 Rhode Island

How much does a Loan Processor make in Rhode Island?

As of May 18, 2021, the average salary for a Loan Processor in Rhode Island is $51,823 per year, which breaks down to an hourly rate of $25.

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

Top Earners (90th percentile): $62,165
Majority Range (25th-75th percentile): $47,840 to $57,237
Entry-Level (10th percentile): $44,214

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Loan Processor Salaries by Percentile

	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
75th Percentile	$57,237	$4,770	$1,101	$28
Average	$51,823	$4,319	$997	$25
25th Percentile	$47,840	$3,987	$920	$23

You may get higher pay by adjusting the following factors:

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Check out Loan Processor Job Openings in Rhode Island

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Regional Finance Company of California LLC - TEMECULA, CA

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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:

Adamsville: $52,310
Albion: $51,441
Ashaway: $52,508

Adamsville, RI $52,310 Albion, RI $51,441 Ashaway, RI $52,508 Barrington, RI $51,441 Block Island, RI $52,235 Bradford, RI $52,473 Bristol, RI $51,391 Carolina, RI $52,046

Charlestown, RI $52,101 Chepachet, RI $51,342 Clayville, RI $51,391 Coventry, RI $51,342 West Greenwich, RI $51,307 East Greenwich, RI $51,376 Exeter, RI $52,473 Fiskeville, RI $51,441

Forestdale, RI $51,391 Foster, RI $51,307 Glendale, RI $51,307 Greene, RI $51,883 Greenville, RI $51,441 Harmony, RI $51,426 Harrisville, RI $51,342 Hope, RI $51,441

Hope Valley, RI $52,508 Hopkinton, RI $52,523 Jamestown, RI $51,997 Kenyon, RI $52,458 Little Compton, RI $52,290 Manville, RI $51,441 Mapleville, RI $51,307 Newport, RI $52,007

Middletown, RI $52,225 North Kingstown, RI $51,292 North Scituate, RI $51,426 Oakland, RI $51,356 Pascoag, RI $51,327 Pawtucket, RI $51,441 Central Falls, RI $51,441 Cumberland, RI $51,441

Lincoln, RI $51,441 Portsmouth, RI $51,798 Prudence Island, RI $51,342 Rockville, RI $52,523 Saunderstown, RI $52,027 Shannock, RI $52,444 Slatersville, RI $51,391 Slocum, RI $52,027

Tiverton, RI $52,324 Wakefield, RI $51,972 Kingston, RI $51,982 Narragansett, RI $51,992 Peace Dale, RI $51,972 Warren, RI $51,426 Warwick, RI $51,441 Westerly, RI $52,538

West Kingston, RI $52,012 West Warwick, RI $51,441 Wood River Junction, RI $52,473 Woonsocket, RI $51,391 North Smithfield, RI $51,426 Wyoming, RI $52,458 Providence, RI $51,441 Cranston, RI $51,441

North Providence, RI $51,441 East Providence, RI $51,441 Riverside, RI $51,441 Rumford, RI $51,441 Smithfield, RI $51,441 Johnston, RI $51,441

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

$47,840

Average $51,823/year

$57,237

$3,987

Average $4,319/month

$4,770

$920

Average $997/week

$1,101

$23

Average $25/hour

$28

	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
75th Percentile	$57,237	$4,770	$1,101	$28
Average	$51,823	$4,319	$997	$25
25th Percentile	$47,840	$3,987	$920	$23

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