Table of Contents:

Mortgage Companies
Loan Processor

Loan Processor: Salary, Duties, and Responsibilities

Loan processors are essential to streamline loan applications and ensuring compliance with specific lending regulations and policies. They commonly work for various businesses that offer loans such as banks and financial institutions.

This role is crucial since they also conduct thorough client background research and provide suggestions for different types of loans accordingly.

But what are some of their other significant duties and how can you identify the best candidate for a loan processor? Is it also ideal for your business to hire one locally or virtually?

Continue reading as we provide complete guidance to hiring a loan processor. We’ll provide a comparison chart of loan processor salaries in the Philippines and other countries, expert hiring tips, and additional information.

What is a Loan Processor?

What is a Loan Processor
A loan processor’s main responsibilities include preparing loan repayment plans, reviewing loan applications, selecting eligible candidates, and finalizing loan contracts.
They are generally in charge of the loan process from beginning to end. From conducting applicant interviews, gathering all the necessary documents prior to submission, and closing procedures.

What is the salary of a Loan Processor?

The salary of a loan processor vastly depends on several factors. This includes their relevant work experience, location, and expertise in the role. As of April 2023, the entry-level salary of a loan processor in the USA is $28,000.
Hiring a virtual loan processor who lives and works in a low-cost location can save you a lot of money. For instance, a ShoreAgent loan processor based in the Philippines has low labor costs with a knowledgeable workforce.
A virtual loan processor based in the Philippines is an excellent option because they have the necessary skills and work ethics. Not only that, but they also come with a fraction of what a local loan officer will cost.

What is the average salary for a Loan Processor?

Depending on the location of each candidate, the average salary for a loan processor role differs accordingly. In Australia, for example, the average annual salary for loan processor jobs can be as aggressive as $70,000 AUD. This vastly depends on the candidate’s skills and background.
Discover the salary comparison table below as it can help you make an informed decision.
On a side note, the salary amount listed for other countries does not include other costs. Exclusions are government charges, employer contributions, supplemental insurance, and other equipment costs for employers.
The average salary in the Philippines listed below, however, already includes employee benefits, government charges, and ShoreAgents’ fees.
The average salary of a Loan Processor in Australia
Australia Flag

AU

$60,000 AUD

Local

Philippines Flag

PH

$26,952 AUD

based in the Philippines

The average salary of a Loan Processor in New Zealand
New Zealand Flag

NZ

$62,510 NZD

Local

Philippines Flag

PH

$28,728 NZD

based in the Philippines

The average salary of a Loan Processor in United Kingdom
United Kingdom Flag

GB

£32,250 GBP

Local

Philippines Flag

PH

£15,144 GBP

based in the Philippines

The average salary of a Loan Processor in United States of America
USA Flag

USA

$46,753 USD

Local

Philippines Flag

PH

$18,552 USD

based in the Philippines

The average salary of a Loan Processor in Canada
Canada Flag

CA

$38,144 CAD

Local

Philippines Flag

PH

$25,320 CAD

based in the Philippines

The average salary of a Loan Processor in Singapore

SG

$31,200 SGD
Local
Philippines Flag

PH

$24,060 SGD
based in the Philippines
It is crystal clear that the labor costs of a ShoreAgents loan processor in the Philippines are certainly affordable. In fact, you can even hire at least two loan processors for the price of one based locally.

Can a Loan Processor work virtually?

Can a Loan Processor work virtually
The good news is that loan processors can certainly work virtually! Living in the digital era will easily allow this process with the provision of equipment and software.
Here is a pro tip: It is highly recommended to partner with an offshore real estate staffing solutions firm like ShoreAgents.
Through this, you can ensure that your operations will run smoothly as the necessary tools are already provided. Not to mention that the labor costs are extremely low compared to other countries! This comprises of:
  • An essential cloud-based task management tool for organizing and handling daily tasks
  • A precise and comprehensive job description
  • Clearly written and precise procedures

Hire a Loan Processor Expert Now!

Local Loan Processor Vs. Virtual Loan Processor

If you prefer in-person communication and document signing, hiring a loan processor locally is a viable option. However, you will need to consider more expenses apart from the labor costs such as a furnished office with work facilities. Depending on your location, another challenge can be finding the best candidate for your team.
On the other hand, hiring loan processors virtually definitely has more perks! Here are some of the advantages of hiring a virtual loan processor:
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.