Mortgage Loan Funder Salary
|Salary||$33,559 - $62,033|
|Bonus||$503 - $14,293|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$33,682 - $62,677|
|Hourly Rate||$15.33 - $27.04|
|Overtime||$21.90 - $40.66|
|Bonus||$503 - $14,293|
|Total Pay (||$33,682 - $62,677|
Job Description for Mortgage Loan Funder
Mortgage loan funders perform a variety of tasks at mortgage firms. They typically will be working in an office setting environment, where they answer client questions over the phone and prepare loan closing documents. Typically, they will also be required to call banks and credit companies and make sure all the funding is ready and in place for a mortgage loan. Mortgage loan funders typically work nine to five shifts but may be needed for extra hours or weekends, depending on the volume of closings for that week.Read More...
Funders will typically have a few co-workers sharing similar duties and will almost always report to a supervisor. The job of the supervisor is to oversee the whole mortgage loan process, and the funders will be assisting the supervisor with obtaining any information they need in order to make a final decision. Funders will be working with clients all of the time, so they will need to be courteous and work well with others. The typical day involves entering information into a computer, calling clients, cross-referencing financing information, and assisting the supervisor with whatever other tasks may need to be completed.
The position can be quite technical, so experience is a must. A college degree is not mandatory. However, many of the required regulations are only covered in classroom or technical training sessions, so additional training courses may be required. Candidates will need to know how to navigate the Microsoft Office Suite, as they will be referencing client information that is entered into databases.
Mortgage Loan Funder Tasks
- Ensure that loans are funded.
- Oversee processing of closing documents for loans.
Common Career Paths for Mortgage Loan Funder
Pay by Experience Level for Mortgage Loan Funder
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Mortgage Loan Funders with a lot of experience do not necessarily enjoy more money. During their first five years in the workforce, individuals in this position earn $41K on average. Survey participants with five to 10 years under their belts see an only a slightly bigger average of $46K. Mortgage Loan Funders claiming one to two decades of experience make an estimated median of $52K. Ultimately, more time spent in the workforce does seem to translate to bigger paychecks; seasoned veterans with more than 20 years of experience report a median income of $58K.
Pay Difference by Location
With a pay rate for Mortgage Loan Funders that is 27 percent greater than the national average, Concord offers a comfortable salary for those in this profession. Mortgage Loan Funders can also look forward to large paychecks in cities like Irvine (+26 percent), Los Angeles (+19 percent), San Diego (+15 percent), and San Francisco (+13 percent). Place of residence plays a huge part in a Mortgage Loan Funder's salary, with Dallas Mortgage Loan Funders earning salaries that are 21 percent less than the national average.
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Key Stats for Mortgage Loan Funder
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