How much do you make as a loan processor in S. California?

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Mortgage loan processors who work in the Southern California area, especially downtown LA, can you tell me approximately how much you make? Are u paid a salary, hourly, or commission? Do you have bonuses for every loan closed? How did you get your job as a loan processor? Does a temp agency make it easier to get that job?

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  1. Reply
    Ms Betty
    April 29, 2011 at 11:08 pm

    Loan Processors in California cannot buy a job. Haven’t you heard, lenders in California are closing everyday. ABC went out of business on Monday, First NLC closed today, Long Beach is on the verge of BK and so it Option One (so the rumor is). Mortgage companies are closing every where you look, loan officers are looking for real jobs, and brokers are going BK. The real estate market is in a huge decline and offices are struggling to just survive. No one is hiring and everyone is laying off. Loan Processors who do have jobs get paid about $ 2500-$ 4500 depending on location, volume of the office, and how stingy the owner is….. per file fees can range depending on the salary. If a salary is $ 2k a month, the file fees tend to be higher like $ 250-$ 300 per file. But if the salary is $ 3500 a month, maybe like $ 25-$ 50 per file. There are ALWAYS exceptions… I know processors making $ 10 hr getting $ 400 per file bonus and some getting $ 2000 a month getting $ 25 per file. There are even some I know getting $ 5500 a month and $ 100 per file. Just depends on the company.

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