Mortgage Loan Officer Salary

A substantial slice of final earnings for Mortgage Loan Officers (slightly less than three-fifths) arrives through commissions. Median overall income in this area is approximately $48K. Mortgage Loan Officers can also look forward to large paychecks in cities like Jacksonville (+66 percent), Cleveland (+32 percent), Honolulu (+25 percent), and Denver (+19 percent). The data in this summary comes from the PayScale salary survey.
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$28,951 - $85,988
(Median)
$29K
$44K
$86K
MEDIAN: $43,977
10%
50%
90%

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$10.77 - $21.86
(Median)
$11
$18
$22
MEDIAN: $17.00
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
$28,951 - $85,988  
   
Bonus
$0.00 - $29,312  
Profit Sharing
$0.34 - $14,899  
Commission
$0.37 - $104,796  
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).
)
$30,227 - $101,788  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 690
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
$10.77 - $21.86  
   
Overtime
$12.00 - $37.64  
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
$0.00 - $29,312  
   
Commission
$0.37 - $104,796  
Profit Sharing
$0.34 - $14,899  
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).
)
$30,227 - $101,788  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 131
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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

  • 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.

Common Career Paths for Mortgage Loan Officer


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Mortgage Loan Officers who become Registered Nurses may see a small rise in pay. On average, Registered Nurses earn $55K per year. Given that the median pay is $41K, it may be surprising to find that a Loan Officer is the most common role for Mortgage Loan Officers to subsequently assume on their way up the ladder. Transitioning into a Mortgage Loan Underwriter role — which pays $55K — is also typical for Mortgage Loan Officers, though less common by comparison.

Loan Officer Job Listings

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Popular Employer Salaries for Mortgage Loan Officer


Wells Fargo & Co. offers the largest salaries in town — $88K on average.

Popular Skills for Mortgage Loan Officer


Mortgage Loan Officers report using a wide range of professional skills. Most notably, skills in Sales, Residential Loans, Mortgage Loans, and Financial Analysis are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Consumer Loans. It is often found that people who know Mortgage Loans are also skilled in Financial Analysis.

Pay by Experience Level for Mortgage Loan Officer

Median of all compensation (including tips, bonus, and overtime) by years of experience.


For Mortgage Loan Officers, more experience in the field does not usually mean bigger paychecks. Survey participants with less than five years' experience pocket $42K on average, but those with five to 10 years of experience enjoy a much bigger median of $50K. On average, Mortgage Loan Officers make $54K following one to two decades on the job. More than 20 years of experience mean a somewhat bigger median paycheck of $55K, but it's not much more than what less experienced people make.

Mortgage Loan Officer Reviews

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.

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Experience Affects Mortgage Loan Officer Salaries




National Average
$48,000


Skills That Affect Mortgage Loan Officer Salaries

up arrow 14%

Residential Loans
up arrow 4%

Mortgage Loans
up arrow 2%

Financial Analysis
up arrow 2%

Loan Underwriting
up arrow 1%

National Average
$48,000

Loan Processing
up arrow 2%

Consumer Loans
up arrow 8%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 123 votes.

Gender

Female
65 %
Male
35 %

Years of Experience

Less than 1 year
6%
1-4 years
31%
5-9 years
20%
10-19 years
29%
20 years or more
14%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 68%
medical benefits
Vision: 50%
dental benefits
None: 12%
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