Do mortgage processors make good money?

Do mortgage processors make good money?

Salary Ranges for Mortgage Loan Processors The salaries of Mortgage Loan Processors in the US range from $22,224 to $62,000 , with a median salary of $37,710 . The middle 57% of Mortgage Loan Processors makes between $37,710 and $45,183, with the top 86% making $62,000.

How do I get a job as a loan processor?

How To Become A Loan Processor

1. Step 1: Earn a high school diploma. This is usually a minimum educational requirement at many loan companies.
2. Step 2: Earn a higher-level degree.
3. Step 3: Receive your mortgage license.
4. Step 4: Obtain employment.
5. Step 5: Work your way up.

What is a mortgage processor duties?

Mortgage processors administer loan applications for the purchasing of real estate. Their primary responsibilities include interviewing loan applicants, assisting applicants in choosing the right mortgage option, and approving or rejecting loans.

What mortgage jobs pay the most?

18 high paying mortgage jobs

1. Escrow officer. National average salary: $60,231 per year.
2. Senior loan processor. National average salary: $60,862 per year.
3. Auditor. National average salary: $61,119 per year.
4. Compliance officer.
5. Financial consultant.
6. Financial analyst.
7. Senior compliance officer.
8. Financial advisor.

Is it hard to be a mortgage loan processor?

The job of a mortgage loan processor is an important one and it requires the incumbent to have certain skills and traits. It is a both challenging and highly rewarding role to fulfill and many people in the loan industry find the job of a loan processor to be their best stint overall.

How do I get experience in the mortgage industry?

Here are the basic steps you need to take to become a licensed broker:

1. Step 1: Take the pre-licensure class. All mortgage loan brokers must be licensed.
2. Step 2: Pass the NMLS test. You must pass something called the SAFE Mortgage Loan Originator Test.
3. Step 3: Get to work.
4. Step 4: Continue your education on mortgage lending.

Is mortgage banking lucrative?

High Earning Potential. One of the best aspects of a mortgage career is the limitless earning potential. Mortgage Loan Originators and Mortgage Loan Officers (both referred to as MLOs) usually make approximately 1% of the total mortgage amount in commission.

What skills are required for a mortgage loan processor?

The main skills and qualifications of a Loan Processor are:

• Experience with mortgage loan software programs.
• Verbal and written communication.
• Good interpersonal and customer service skills.
• Time-management and organization skills.
• Ability to work with strict deadlines.
• Ability to explain technical concepts in simple terms.

How long does it take to learn mortgage processing?

NMLS SAFE Mortgage License Training – Required All states require 20 hours of mortgage education from an NMLS approved mortgage school. If you are seeking a new mortgage license, be sure to enroll in the 20 hours SAFE course in addition to your state-specific education requirements.