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Mortgage Loan Officer Salary

Commissions comprise a big part of overall income for Mortgage Loan Officers. The median take-home amount in this area is around $47K, and on average, slightly less than two-thirds of that final number comes from commissions. In the world of Mortgage Loan Officers, overall income ranges from $30K near the bottom to $102K at the top; this can include more than $21K from bonuses and more than $15K from profit sharing in exceptional cases. The most influential factor affecting pay for this group is residence, though the specific employer and tenure have a (lesser) impact as well. Most enjoy medical while the greater part get dental coverage. Vision coverage is also available to just under a half. The majority of Mortgage Loan Officers (64 percent) who took the survey are female. Most workers in this position report high levels of job satisfaction. The data in this summary comes from the PayScale salary survey.
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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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For Mortgage Loan Officers who go on to become Mortgage Loan Underwriters, career progression may result in slightly increased compensation. On average, a Mortgage Loan Underwriter earns $54K annually. Mortgage Loan Officers most frequently advance into Loan Officer and Mortgage Loan Processor roles even though the median salaries are $6K lower and $12K lower, respectively.

Loan Officer Job Listings

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Popular Employer Salaries for Mortgage Loan Officer


Mortgage Loan Officers flock to Wells Fargo & Co. for generous paychecks, where average earnings of $88K lead the pack in compensation.

Popular Skills for Mortgage Loan Officer


Survey results suggest that Mortgage Loan Officers use a fairly large toolkit of professional skills. Most notably, facility with Sales, Residential Loans, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 23 percent, 9 percent, and 5 percent, respectively. Skills that seem to negatively impact pay include Consumer Loans. Most people who know Mortgage Loans also know Financial Analysis.

Pay by Experience Level for Mortgage Loan Officer

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


Mortgage Loan Officers with a lot of experience do not necessarily enjoy more money. Salaries for the relatively untried average out to around $42K, but survey participants with five to 10 years of experience earn a significantly higher median of $48K. The average pay reported by folks with 10 to 20 years of experience is around $52K. As Mortgage Loan Officers reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $55K.

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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