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 who go on to become Assistant VPs of Mortgage Lending may see their salaries climb quite a bit. Median pay for Assistant VPs of Mortgage Lending is $73K annually. 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 Banking Branch Manager role — which pays $52K — 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
Mortgage Loan Officers seeking a sizable paycheck can earn the most at Wells Fargo & Co., where the average salary comes to $88K.
Popular Skills for Mortgage Loan Officer
Mortgage Loan Officers generally report applying a varied skill set to their work. Most notably, skills in Customer Service, Sales, Financial Analysis, and Loan Underwriting are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Consumer Loans and Loan Processing. For most people, competency in Mortgage Loans indicates knowledge of Financial Analysis.
Pay by Experience Level for Mortgage Loan Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries of relatively inexperienced workers fall in the neighborhood of $42K, but folks who have racked up five to 10 years see a notably higher median of $51K. People with 10 to 20 years of experience make an average of about $55K in this role. Survey participants with more than twenty years of experience only make around $54K on average, though; this group reports a lower median than the one claimed by mid-career individuals.