What are the job responsibilities of a Loan Processor ? What does an individual in this position get paid in Ohio?
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Interview loan applicants to elicit information; investigate applicants' backgrounds and verify references; prepare loan request papers; and forward findings, reports, and documents to appraisal department. Review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
In Ohio, the midpoint of salaries reported for the position (50th percentile) is $32,466. The 75th percentile (the rate below which 75% of salary data falls) is $39,188. The 25th percentile (the rate below which 25% of the data falls) is $27,260.
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How much should you pay a Loan Processor ?
Compensation.BLR.com, a leading provider of compensation data, scores this job as nonexempt (entitled to overtime). According to Compensation.BLR.com's rate ranges, grade 24 has a minimum of $24,356. The midpoint is $32,487, and the maximum is $40,599.
How much should an employer be paying a Loan Processor in Ohio? It depends on many factors, but the most important are the experience and skills of the employee or applicant. Answer these questions: How much experience does he or she have? How highly skilled is he or she? Then, use the table below. Interpolate as necessary.
| Applicant's Skills and Experience |
|---|
| | Beginner | Competent | Expert |
|---|
| Salary Survey | | | |
| National | $27,340 | $33,350 | $40,800 |
| Ohio | $27,260 | $32,466 | $39,188 |
| | | | |
| Rate Range (Grade 24) | | | |
National | $24,356 | $32,487 | $40,599 | | Ohio | $24,122 | $32,156 | $40,209 |