The average pay for a Mortgage Loan Officer is $41,639 per year. Most people with this job move on to other positions after 20 years in this field. The highest paying skills associated with this job are Sales and Residential Loans.
Mortgage Loan Officer Total Pay (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$24,312 - $89,170
(Median)
24K
32K
42K
59K
89K
MEDIAN: $41,639
10%
25%
50%
75%
90%
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Mortgage Loan Officer Total Pay (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$10.62 - $22.15
(Median)
11
13
17
19
22
MEDIAN: $17.00
10%
25%
50%
75%
90%
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National Salary Data

 (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Salary
$24,312 - $89,170  
   
Bonus
$0.00 - $27,000  
Profit Sharing
$2.70 - $12,365  
Commission
$1,614 - $101,813  
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).
)
$29,095 - $116,083  
PayScale
Country: United States | Currency: USD | Updated: 23 Apr 2014 | Individuals Reporting: 803
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$25$50$75
Hourly Rate
$10.62 - $22.15  
   
Overtime
$10.21 - $36.17  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Bonus
$0.00 - $27,000  
   
Commission
$1,614 - $101,813  
Profit Sharing
$2.70 - $12,365  
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).
)
$29,095 - $116,083  
PayScale
Country: United States | Currency: USD | Updated: 23 Apr 2014 | Individuals Reporting: 803
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Popular Employer Salaries for Mortgage Loan Officer
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
  • Track and maintain credit and loan data.
  • Work directly with clients to review agreements, explain programs, and negotiate loans and terms.
  • Obtain and compile financial information to evaluate loan applications and their risk.
  • Generate new clients and referrals through strong relationship building.
Read more about: Loan Officers
Popular Skills for Mortgage Loan Officer
Pay by Experience Level for Mortgage Loan Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Pay Difference By Location
Detroit
up arrow 105%
Charlotte
up arrow 81%
Chicago
up arrow 54%
Honolulu
up arrow 50%
Dallas
up arrow 39%
Atlanta
up arrow 23%
Tulsa
up arrow 21%
St. Louis
up arrow 18%
Denver
up arrow 13%
Phoenix
up arrow 3%
National Average
$49,000
Indianapolis
up arrow 14%
Oklahoma City
up arrow 17%
San Antonio
up arrow 20%
Knoxville
up arrow 21%
Larger circles over a city indicate a job is popular in that location.
Related Job Salaries

Experience Affects Mortgage Loan Officer Salaries

National Average
$49,000

Skills That Affect Mortgage Loan Officer Salaries

up arrow 25%
Financial Analysis
up arrow 4%
Mortgage Loans
up arrow 4%
Loan Processing
up arrow 3%
National Average
$49,000
Loan Underwriting
up arrow 2%
Job Satisfaction
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Highly satisfied
Rated 4 out of 5 based on 148 votes.
Gender
Female
63%
female alumni
 
Male
37%
male alumni
Years of Experience
Less than 1 year
5%
1-4 years
30%
5-9 years
25%
10-19 years
28%
20 years or more
11%
Common Health Benefits
medical benefits Medical: 81% dental benefits Dental: 65%
vision benefits Vision: 46% employee benefits None: 17%
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