Host said: What are typical loan processor salaries? Do some companies pay a lot more for this position than others? What does a top earner make in this field?
A salaried LP in the norm (5 years experience or more) will make around $40,000 annualy with a per file fee which varies from company to company SO A TOTAL SALARY OF ABOUT $43,000-47,000. With that said.., a commission only LP can make up to $60,000 or better a year. Commission only is usally about $325 per closed and funded file (I am salaried and my sister is commission only so these are good numbers). These figures are based off of a processor that is familiar with all loan types for the most part.
A rooky processor can start out anywhere from $25,000 - $30,000 a yr., $25,000 I have seen this and these were girls that were trained at the company they were at and had no previous experience.., employer trained so that they wouldn't have to pay the bigger salary.
What skills should you learn to increase your salary?