Average Mortgage Processing Manager Salary in Grenada for 2024

In this article, we will look at the average Mortgage Processing Manager salary for 2024 in Grenada and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Eastern Caribbean dollar. To keep things simple, we are using the XCD currency code instead of the currency symbol $.

How Much Does a Mortgage Processing Manager Make in Grenada?

A Mortgage Processing Manager working in Grenada will typically earn around 93,780 XCD per year, and this can range from the lowest average salary of about 43,260 XCD to the highest average salary of 150,000 XCD.

Average Annual Salary
93,780 XCD
Average Monthly Salary
7,815 XCD

Lowest Annual Salary
43,260 XCD
Lowest Monthly Salary
3,605 XCD

Highest Annual Salary
150,000 XCD
Highest Monthly Salary
12,500 XCD

These are average salaries for a Mortgage Processing Manager in Grenada and include benefits such as housing and transport. It's also possible for a Mortgage Processing Manager to earn more or less than the average salaries shown above.

Mortgage Processing Manager salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Mortgage Processing Manager Salaries in Grenada

So we've looked at the average salaries a Mortgage Processing Manager will earn in Grenada. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Mortgage Processing Manager can earn between 43,260 XCD and 150,000 XCD on average in Grenada. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Mortgage Processing Manager in Grenada is 99,220 XCD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 99,220 XCD, and 50% of the population earn more than 99,220 XCD.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Mortgage Processing Manager salary in Grenada, 25% of the population are earning less than 63,400 XCD while 75% of the population earn more than 63,400 XCD.

75% of the population earn less than 136,100 XCD, and 25% of the population earn more than 136,100 XCD.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Mortgage Processing Manager Salary by Experience Level in Grenada

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average mortgage processing manager salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Mortgage Processing Manager in Grenada that has less than two years of experience can expect to earn somewhere in the region of 48,640 XCD.
  • 2 - 5 Years Experience. With two to five years of experience the average Mortgage Processing Manager salary would increase to 65,760 XCD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Mortgage Processing Manager, the average salary would be 97,060 XCD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 117,380 XCD.
  • 15 - 20 Years Experience. A Mortgage Processing Manager with 15 to 20 years of experience can earn an average of 129,000 XCD.
  • 20+ Years Experience. For a Mortgage Processing Manager with more than 20 years, the expected average salary increases to 139,100 XCD.

Average Salary by Experience Chart

0-2 Years
48,640 XCD
2-5 Years +34%
65,760 XCD
5-10 Years +48%
97,060 XCD
10-15 Years +22%
117,380 XCD
15-20 Years +9%
129,000 XCD
20+ Years +8%
139,100 XCD

Mortgage Processing Manager Salary by Education Level in Grenada

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Mortgage Processing Manager in Grenada based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Mortgage Processing Manager in Grenada with a bachelor's degree education can earn an average salary of 56,460 XCD.

  • Master's Degree. A Mortgage Processing Manager in Grenada with a master's degree education can earn an average salary of 111,460 XCD.

Average Salary by Education Chart

Bachelor's Degree
56,460 XCD
Master's Degree +93%
111,460 XCD

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Grenada is around 31,300 to 94,000 XCD and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Mortgage Processing Manager Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Grenada, a male mortgage processing manager will earn an average of 102,240 XCD, while a female mortgage processing manager will earn around 87,020 XCD.

This means that a male mortgage processing manager earns approximately 17% more than a female mortgage processing manager for performing the same job.

Average Salary by Gender Chart in Grenada

Male
102,240 XCD
Female -17%
87,020 XCD

Mortgage Processing Manager Average Pay Raise in Grenada

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Mortgage Processing Manager in Grenada is around 9% every 27 months.

The national average pay raise across all professions and industries in Grenada is around 5% every 28 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 9 ÷ 27 ) × 12  = 4%

What this means is that a Mortgage Processing Manager in Grenada can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Grenada for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Grenada.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Mortgage Processing Manager Bonus and Incentive Rates in Grenada

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Mortgage Processing Manager is a moderate bonus based job, with 67% of employees reporting at least one bonus in the last 12 months.

33% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 5% to 9%.

Received Bonus
67%
No Bonus
33%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Grenada earn approximately 11% more than private sector employees in the same role.

Public Sector
78,500 XCD
Private Sector -11%
70,840 XCD

Salaries for Jobs Similar to a Mortgage Processing Manager

In the table below, we have salary information for jobs that are similar to a Mortgage Processing Manager in Grenada.

Job Title Category Salary
AML Analyst Banking 108,800 XCD
Assistant Bank Branch Manager Banking 92,500 XCD
Assistant Bank Manager Banking 119,700 XCD
ATM Manager Banking 110,380 XCD
ATM Service Technician Banking 32,020 XCD
Bank Accounts Analyst Banking 39,420 XCD
Bank Accounts Collector Banking 24,720 XCD
Bank Accounts Controller Banking 55,140 XCD
Bank Accounts Executive Banking 80,920 XCD
Bank Accounts Manager Banking 92,300 XCD
Bank Auditing Manager Banking 94,380 XCD
Bank Branch Manager Banking 129,000 XCD
Bank Branch Operations Coordinator Banking 58,440 XCD
Bank Clerk Banking 26,020 XCD
Bank Client Service Associate Banking 36,800 XCD
Bank Collector Banking 28,820 XCD
Bank Compliance Specialist Banking 67,020 XCD
Bank Manager Banking 150,000 XCD
Bank Operational Risk Manager Banking 151,800 XCD
Bank Operations Head Banking 157,600 XCD
Bank Operations Officer Banking 57,360 XCD
Bank Operations Specialist Banking 89,980 XCD
Bank Process Manager Banking 84,040 XCD
Bank Product Manager Banking 97,840 XCD
Bank Programme Manager Banking 103,200 XCD
Bank Project Manager Banking 123,400 XCD
Bank Propositions Manager Banking 111,700 XCD
Bank Quantitative Analyst Banking 78,120 XCD
Bank Regional Manager Banking 159,400 XCD
Bank Regional Risk Officer Banking 78,960 XCD
Bank Relationship Manager Banking 116,960 XCD
Bank Relationship Officer Banking 50,540 XCD
Bank Teller Banking 26,100 XCD
Banker Banking 54,560 XCD
Banking Business Analyst Banking 80,800 XCD
Banking Business Development Officer Banking 52,180 XCD
Banking Business Planning Executive Banking 115,080 XCD
Banking Product Manager Banking 98,820 XCD
Banking Reference Data Manager Banking 92,300 XCD
Banking Risk Analyst Banking 73,020 XCD
Banking Technical Analyst Banking 41,660 XCD
Bankruptcy Coordinator Banking 54,140 XCD
Bill and Account Collector Banking 27,020 XCD
Budget Analyst Banking 74,380 XCD
Capital Risk Manager Banking 151,800 XCD
Cards Marketing Manager Banking 96,160 XCD
Cash Management Manager Banking 142,300 XCD
Check Processing Manager Banking 103,840 XCD
Commercial Vault Associate Banking 72,540 XCD
Corporate Banker Banking 58,240 XCD
Corporate Dealer Banking 79,240 XCD
Credit Analyst Banking 57,820 XCD
Credit and Collections Manager Banking 102,460 XCD
Credit Card Fraud Investigator Banking 86,460 XCD
Credit Portfolio Manager Banking 142,300 XCD
Credit Risk Analyst Banking 86,740 XCD
Credit Risk Associate Banking 80,520 XCD
Direct Bank Sales Representative Banking 59,380 XCD
Exchange Control Consultant Banking 88,240 XCD
Executive Account Analyst Banking 75,100 XCD
Financial Bank Planning Consultant Banking 97,840 XCD
Financial Banking Analysis Manager Banking 115,260 XCD
Financial Banking Assistant Banking 36,580 XCD
Financial Banking Systems Manager Banking 104,620 XCD
Foreign Exchange Manager Banking 110,380 XCD
Fraud Analyst Banking 86,800 XCD
Fraud Detection Associate Banking 57,820 XCD
Fraud Detection Manager Banking 129,000 XCD
Fraud Detection Supervisor Banking 69,720 XCD
Internal Bank Audit Manager Banking 142,300 XCD
Internal Bank Auditor Banking 74,380 XCD
Internal Private Banker Banking 57,440 XCD
International Banking Manager Banking 158,700 XCD
Investment Banking Analyst Banking 117,440 XCD
Loan Analyst Banking 80,840 XCD
Loan Area Manager Banking 89,960 XCD
Loan Audit Team Leader Banking 84,880 XCD
Loan Branch Manager Banking 91,520 XCD
Loan Business Development Officer Banking 49,300 XCD
Loan Clerk Banking 28,720 XCD
Loan Collection and Recovery Manager Banking 91,660 XCD
Loan Collection Manager Banking 93,880 XCD
Loan Collector Banking 25,680 XCD
Loan Examiner Banking 32,900 XCD
Loan Officer Banking 31,960 XCD
Loan Processing Manager Banking 89,280 XCD
Loan Processor Banking 36,800 XCD
Loan Quality Assurance Auditor Banking 83,020 XCD
Loan Quality Assurance Manager Banking 88,020 XCD
Loan Quality Assurance Representative Banking 58,240 XCD
Loan Review Manager Banking 85,700 XCD
Loan Team Leader Banking 78,160 XCD
Loans Manager Banking 103,200 XCD
Mortgage Advisor Banking 56,460 XCD
Mortgage Collection Manager Banking 96,720 XCD
Mortgage Collector Banking 26,080 XCD
Mortgage Credit Analyst Banking 42,320 XCD
Mortgage Credit Manager Banking 88,260 XCD
Mortgage Development Manager Banking 99,340 XCD
Mortgage Document Reviewer Banking 31,520 XCD
Mortgage Funding Manager Banking 106,360 XCD
Mortgage Operations Manager Banking 134,600 XCD
Mortgage Payment Processing Clerk Banking 30,840 XCD
Mortgage Processor Banking 37,740 XCD
Mortgage Quality Assurance Auditor Banking 82,160 XCD
Mortgage Quality Assurance Manager Banking 91,520 XCD
Mortgage Servicing Clerk Banking 26,100 XCD
Mortgage Servicing Manager Banking 87,000 XCD
Mortgage Underwriter Banking 34,480 XCD
Online Banking Manager Banking 130,400 XCD
Payment Processing Clerk Banking 27,480 XCD
Personal Banker Banking 56,460 XCD
Personal Banking Advisor Banking 61,460 XCD
Phone Banker Banking 36,020 XCD
Private Banker Banking 60,400 XCD
Reconciliation and Investigation Specialist Banking 65,800 XCD
Tax Officer Banking 44,780 XCD
Teller Banking 25,440 XCD
Trade Officer Banking 31,380 XCD
Trade Product Manager Banking 95,600 XCD
Trader Banking 41,980 XCD
Treasury Operations Officer Banking 73,820 XCD

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