Mortgage Loan Officer Salary
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.Read More...
The mortgage loan officer works with new mortgage loans from initiation to completion. They delegate and oversee the collection and verification of personal information, as well as preparation of mortgage loan documentation and scheduling for mortgage loan closings. Mortgage loan officers work with lawyers, banking representatives, insurance agents, and external customers. They develop best practices for mortgage loan financial standards and continually update their job knowledge by attending workshops and seminars and reading industry publications. Individuals in this position normally work during regular business hours, and travel to local businesses and courthouses is required. Mortgage loan officers normally report to a vice president and usually have a small staff of loan officers and administrative employees working for them.
Mortgage loan officer jobs typically require a bachelor's degree and a minimum of five years mortgage and loan experience. Excellent organizational and multitasking skills are required. Mortgage loan officers are required to have extensive experience in the loan and banking field and possess the ability to lead and direct the work of other team members. They may be required to sit and stand for long periods of time, and they must be able to use standard accounting/loan software.
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
Mortgage Loan Officers' salaries may rise greatly for those who assume a higher-end position such as an Assistant Vice President of Mortgage Lending. The average Assistant Vice President of Mortgage Lending brings home $72K per year. Becoming a Loan Officer is, more often than not, the most common role that Mortgage Loan Officers move into when they're ready for the next step in their career. A median salary for a Loan Officer is $41K. Another frequent advance is for Mortgage Loan Officers to assume a Banking Branch Manager role; in this role, workers often take home $52K.
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Popular Employer Salaries for Mortgage Loan Officer
Wells Fargo & Co. leads the field in terms of pay, with a median salary of $88K.
Popular Skills for Mortgage Loan Officer
Survey results imply that Mortgage Loan Officers put a diverse skill set to use. Most notably, skills in Customer Service, Sales, Financial Analysis, and Loan Underwriting are correlated to pay that is above average. Skills that pay less than market rate include Consumer Loans and Loan Processing. Those educated in Mortgage Loans tend to be well versed in Financial Analysis.
Pay by Experience Level for Mortgage Loan Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Workers in their first five years can expect to earn $42K, but people who have been around for five to 10 years earn a noticeably bigger sum of $51K. After working for 10 to 20 years, Mortgage Loan Officers make a median salary of $55K. Respondents who boast more than two decades on the job don't boast commensurate pay, unfortunately; these veterans see average earnings of only $54K.
Pay Difference by Location
Charlotte is home to an above-average pay rate for Mortgage Loan Officers, 72 percent higher than the national average. Mortgage Loan Officers will also find cushy salaries in Jacksonville (+62 percent), Dallas (+38 percent), Portland (+38 percent), and Honolulu (+22 percent). Compared to the national average, San Antonio Mortgage Loan Officers have considerably lower salaries, 22 percent below the national average to be exact. Location appears to be a major driving force in pay for those in this profession. Two other places where employers salaries are below the median are San Diego and Omaha (14 percent lower).
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