Mortgage Loan Officer Salary

The average salary for a Mortgage Loan Officer is $47,366 per year.
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$29,521 - $91,300
$30K
$48K
$91K
MEDIAN: $48,156
10%
50%
90%

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$12.52 - $24.83
$13
$18
$25
MEDIAN: $17.83
10%
50%
90%

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$0$165K
Salary $29,521 - $91,300
Bonus $489.36 - $29,933
Profit Sharing $0.00 - $16,500
Commission $5,300 - $165,000
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).
)
$30,826 - $105,689
  • Country: United States
  • Currency: USD
  • Updated: 25 Jul 2017
  • Individuals Reporting: 348
Hourly Data $0$45
Hourly Rate $12.52 - $24.83
Overtime $20.02 - $45.54
Annual Data $0$165K
Bonus $489.36 - $29,933
Commission $5,300 - $165,000
Profit Sharing $0.00 - $16,500
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).
)
$30,826 - $105,689
  • Country: United States
  • Currency: USD
  • Updated: 25 Jul 2017
  • Individuals Reporting: 107

Find Out Exactly What You Should Be Paid

United States (change)

Job Description for Mortgage Loan Officer

The main objective of the mortgage loan officer is to increase the bank's customer base by finding and securing new customers seeking a mortgage. The mortgage loan officer is responsible for developing business relationships, soliciting mortgage customers, and handling customer screenings and loan pre-approvals. They also must work to increase their organization's mortgage customer base, and the officer may oversee a small staff. Most of the time, mortgage loan officers work in the banking industry and handle mortgage loan processes for these organizations; occasionally, a mortgage loan officer may work directly for a real estate firm. The mortgage loan officer is responsible for integrating mortgage loan information and statistics into the bank's strategic planning reviews, identifying improvements that can be made to the mortgage loan system and meeting organizational customer service expectations.

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Mortgage Loan Officer Tasks

  • Obtain and compile financial information to evaluate loan applications and their risk.
  • Generate new clients and referrals through strong relationship building.
  • Track and maintain credit and loan data.
  • Work directly with clients to review agreements, explain programs, and negotiate loans and terms.

Common Career Paths for Mortgage Loan Officer


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Mortgage Loan Officer Job Listings

Popular Employer Salaries for Mortgage Loan Officer

Popular Skills for Mortgage Loan Officer

Pay by Experience Level for Mortgage Loan Officer

Pay by Experience for a Mortgage Loan Officer has a positive trend. An entry-level Mortgage Loan Officer with less than 5 years of experience can expect to earn an average total compensation of $43,000 based on 222 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Mortgage Loan Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $52,000 based on 111 salaries. An experienced Mortgage Loan Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $57,000 based on 139 salaries. A Mortgage Loan Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $55,000 based on 70 salaries.

Pay Difference by Location

National Average: $50,209

Larger city markers indicate a job is popular in that location.

Mortgage Loan Officer Reviews

Q: What is it like working as a Mortgage Loan Officer?

Mortgage Loan Officer in San Mateo:
Pros: Corporate culture; work flexibility.
Cons: Stress level.

Mortgage Loan Officer in Phoenix:
Pros: Helping others.
Cons: Back to back calls.

Mortgage Loan Officer in Bethpage:
"Like mortgages but too stressful."
Pros: Gratification of people closing.
Cons: People are very needy.

Mortgage Loan Officer in Plattsburgh:
"Rewarding."
Pros: Being able to help get first time homebuyers into a home!
Cons: It is hard and exhausting work. Everyone wants you to drop everything for them.

Mortgage Loan Officer in McAllen:
"I Enjoy The Work."
Pros: I am able to assist and educate members what best type of mortgage fits their needs.
Cons: Management, pay and no incentives.

Related Job Salaries

Key Stats for Mortgage Loan Officer

Gender

Female
52 %
Male
48 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 68 votes.
Less than 1 year
7%
1-4 years
36%
5-9 years
15%
10-19 years
25%
20 years or more
16%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Loan Officer Salaries

▲13%

▲11%

▲3%

National Average
$50,000

▼14%

Skills That Affect Mortgage Loan Officer Salaries

Customer Service
▲5%

▲4%



National Average
$50,000




Consumer Loans
▼18%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 68 votes.

Gender

Female
52 %
Male
48 %

Years of Experience

Less than 1 year
7%
1-4 years
36%
5-9 years
15%
10-19 years
25%
20 years or more
16%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 74%
vision benefits
Vision: 56%
no benefits
None: 12%
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