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Mortgage Loan Officer Salary

The average pay for a Mortgage Loan Officer is $41,840 per year. A skill in Sales is associated with high pay for this job.
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$24,722 - $83,714
(Median)
$25K
$42K
$84K
MEDIAN: $41,840
10%
50%
90%

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$10.68 - $22.14
(Median)
$11
$18
$22
MEDIAN: $17.00
10%
50%
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
$24,722 - $83,714  
   
Bonus
$0.00 - $20,917  
Profit Sharing
$3.07 - $14,681  
Commission
$1,614 - $111,098  
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).
)
$29,547 - $101,814  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 742
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
$10.68 - $22.14  
   
Overtime
$16.73 - $37.05  
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 - $20,917  
   
Commission
$1,614 - $111,098  
Profit Sharing
$3.07 - $14,681  
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).
)
$29,547 - $101,814  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 128

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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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Loan Officer Job Listings

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Popular Employer Salaries for Mortgage Loan Officer

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.

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.

Related Job Salaries

United States (change)

Experience Affects Mortgage Loan Officer Salaries




National Average
$47,000


Skills That Affect Mortgage Loan Officer Salaries

up arrow 23%



Mortgage Loans
up arrow 4%

Loan Underwriting
up arrow 3%

National Average
$47,000

Loan Processing
up arrow 1%

Consumer Loans
up arrow 6%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 146 votes.

Gender

Female
64 %
Male
36 %

Years of Experience

Less than 1 year
6%
1-4 years
30%
5-9 years
22%
10-19 years
30%
20 years or more
12%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 65%
vision benefits Vision: 46% employee benefits None: 15%
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