Assistant Vice President (AVP), Mortgage Lending Salary
Commissions constitute a big slice (just below two-thirds on average) of overall compensation for Assistant VPs of Mortgage Lending, and the median take-home for this group lies near $78K. Total cash earnings of Assistant VPs of Mortgage Lending range from $44K on the low end to $119K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $20K and $12K, respectively. The most influential factor affecting pay for this group is location, though career length and the particular employer have a (lesser) impact as well. Most Assistant VPs of Mortgage Lending report high levels of job satisfaction. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The majority of Assistant VPs of Mortgage Lending (65 percent) who took the survey are female. The figures in this rundown are based on the results of PayScale's salary questionnaire.
Job Description for Assistant Vice President (AVP), Mortgage Lending
Assistant vice presidents (AVPs) of mortgage lending work with their vice president and assist with the daily operations of a company's mortgage loan department. They are often responsible for monitoring the loan applications of mortgage brokers to ensure profitable loans are provided and that customers are able to pay them back, and also monitor the lender's profit margin to ensure profitability.Read More...
Those in this position are often responsible for implementing a variety of policies and procedures to gain potential new clients and increase revenues. They are also tasked with ensuring the accuracy of various marketing and budgeting reports to be reviewed by upper-management employees.
A bachelor’s degree in finance or accounting and at least five years of experience in the banking/financial field are generally required for this position. These AVPS must be able to be trusted with confidential information to ensure the safety of both the bank and its customers. They should certainly have exceptional knowledge of computer systems, financial reports, and all state and federal regulations regarding banking procedures, and should also pass a federal background check and obtain a NMLS number.
Assistant Vice President (AVP), Mortgage Lending Tasks
- Select and negotiate with vendors and contractors, evaluating costs and benefits.
- Train staff in and ensure compliance with federal, state, and organizational regulations.
- Oversee and motivate loan staff, including setting goals and schedules.
Assistant Vice President (AVP), Mortgage Lending Job Listings
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Popular Skills for Assistant Vice President (AVP), Mortgage Lending
Survey results show that Assistant VPs of Mortgage Lending typically report just a few professional skills. Most notably, skills in Operations Management, Mortgage Loans, Regulatory Compliance, and Loan Underwriting are correlated to pay that is above average. Those listing Consumer Loans as a skill should be prepared for drastically lower pay. Loan Underwriting and Regulatory Compliance also typically command lower compensation. Consumer Loans and Mortgage Loans are also commonly seen together.
Pay by Experience Level for Assistant Vice President (AVP), Mortgage Lending
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $62K, but survey participants with five to 10 years of experience earn a significantly higher median of $80K. The average pay reported by folks with 10 to 20 years of experience is around $76K. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $87K, which is substantially larger than the medians reported by folks with fewer years on their resumes.