As of July 01, 2026, the average salary for a Mortgage Loan Processor II in Minnesota is $51,309 per year, which breaks down to an hourly rate of $25.
However, a Mortgage Loan Processor II's salary can vary significantly. Here’s a look at the typical salary range:
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Mortgage Loan Processor II Salaries by Percentile
| Annual Salary |
Monthly Pay |
Weekly Pay |
Hourly Wage |
|
| 75th Percentile | $56,447 | $4,704 | $1,086 | $27 |
| Average | $51,309 | $4,276 | $987 | $25 |
| 25th Percentile | $47,418 | $3,951 | $912 | $23 |
Merchants Bank - Lakeville, MN
SERVION INC - Saint Paul, MN
Kensington Bank - Willmar, MN
UPMC - Pittsburgh Medical Center - PITTSBURGH, PA
A Mortgage Loan Processor II's salary isn't a fixed number. It's shaped by several important factors. Below, we'll explore how your years of experience, geographic location, and company size can directly affect your earning potential.
Experience is a primary driver of a Mortgage Loan Processor II's salary. As you build your skills and take on more complex tasks, your compensation generally increases. Here's how the average salary grows at different career stages:
| Job Role | Years of Experience | Average Salary |
|---|---|---|
| Mortgage Loan Processor I | 0-1 years | $46,068 |
| Mortgage Loan Processor II | 1-3 years | $51,309 |
| Loan Processing Manager | 3-5 years | $99,163 |
What Am I Worth?
Your salary can change significantly depending on where you work. States with a higher cost of living and strong industrial sectors often pay more to attract Mortgage Loan Processor IIs. For example, consider the average annual salaries in these key locations:
Salaries can also vary between different cities. Major metropolitan areas or cities with a high demand for technicians often offer more competitive pay. Here are a few examples of average annual salaries in different U.S. cities:
Mortgage Loan Processor II salary potential scales significantly with company size. Data shows that Enterprise companies (5,000+ employees) pay the highest average salary at around $54,732. While startup companies pay approximate $46,446.
| Company Size | Employees | Average Salary |
|---|---|---|
| Startup | 1~50 | $46,446 |
| Growth Stage | 51~500 | $49,087 |
| Established | 501~5000 | $52,902 |
| Enterprise | 5000+ | $54,732 |
For Mortgage Loan Processor II roles, the industry you choose can impact your earning potential by as much as 40% (the gap between the highest and lowest paying industries). Data shows that the highest-paying industry, Business Services, offers compensation 20% above the average. Conversely, Mortgage Loan Processor positions in Edu., Gov't. & Nonprofit typically offer lower base pay, as this sector often view Mortgage Loan Processor II as a support function rather than a direct revenue driver.
| Industry Sector | Average Annual Salary | Average Hourly Rate | Pay vs.Avg |
|---|---|---|---|
| Business Services | $61,571 | $30.0 | 20% |
Understanding how a Mortgage Loan Processor II's annual salary breaks down can help with budgeting. Below, you can see the average hourly rate, weekly pay, and monthly pay for this role. Use the buttons to switch between different pay periods.
| Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage | |
|---|---|---|---|---|
| 75th Percentile | $56,447 | $4,704 | $1,086 | $27 |
| Average | $51,309 | $4,276 | $987 | $25 |
| 25th Percentile | $47,418 | $3,951 | $912 | $23 |
Promotions are the fastest way to increase your earnings. As a Mortgage Loan Processor II, you have the following paths for advancement. The table below compares the salary raises for common next-step roles. By comparing these figures, you can choose the career path that best meets your financial goals.
| Next Step Role | Estimate Salary | Projected Raise |
|---|---|---|
| Mortgage Closer III | $58,600 | 14% |
| Loan Processor III | $60,662 | 18% |
| Commercial Loan Processor III | $54,529 | 6% |
| Mortgage Loan Processor III | $64,803 | 26% |
Ready to take the next step in your career? Browse thousands of current Mortgage Loan Processor II job openings on our job board. Use the search bar below to find your perfect match.
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