On average, commissions constitute a fair portion (around half) of final income for Mortgage Loan Officers. That final number averages out to $49K across the industry. In the world of Mortgage Loan Officers, overall income ranges from $31K near the bottom to $100K at the top; this can include more than $29K from bonuses and more than $15K from profit sharing in exceptional cases. Earnings for this group are mostly affected by location, followed by the company and experience level. Women Mortgage Loan Officers who took the survey just slightly outnumber men. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Job satisfaction is reported as high by the vast majority of workers. This snapshot results from replies to PayScale's salary survey.
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$29,409 - $89,768
$29K
$46K
$90K
MEDIAN: $46,380
10%
50%
90%

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$12.12 - $23.98
$12
$18
$24
MEDIAN: $17.60
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Salary
$29,409 - $89,768  
   
Bonus
$508 - $28,906  
Profit Sharing
$0.00 - $15,319  
Commission
$3,091 - $129,190  
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).
)
$30,510 - $99,875  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 356
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$25$50$75
Hourly Rate
$12.12 - $23.98  
   
Overtime
$19.59 - $45.08  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Bonus
$508 - $28,906  
   
Commission
$3,091 - $129,190  
Profit Sharing
$0.00 - $15,319  
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).
)
$30,510 - $99,875  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 105

Find Out Exactly What You Should Be Paid

United States (change)

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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 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.

Loan Officer Job Listings

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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

National Average: $49,300

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

Mortgage Loan Officer Reviews

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

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
55 %
Male
45 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 57 votes.
034
Less than 1 year
7%
1-4 years
34%
5-9 years
16%
10-19 years
27%
20 years or more
16%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Loan Officer Salaries




National Average
$49,000


Skills That Affect Mortgage Loan Officer Salaries

Customer Service
up arrow 6%

up arrow 4%



National Average
$49,000




Consumer Loans
up arrow 18%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 57 votes.

Gender

Female
55 %
Male
45 %

Years of Experience

Less than 1 year
7%
1-4 years
34%
5-9 years
16%
10-19 years
27%
20 years or more
16%

Common Health Benefits

medical benefits
Medical: 86%
dental benefits
Dental: 75%
vision benefits
Vision: 57%
dental benefits
None: 11%
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