Mortgage Loan Officer Salary

A large fraction of take-home pay for Mortgage Loan Officers comes from commissions — roughly three-fifths on average, in fact. The median overall income in this field is approximately $50K. In the world of Mortgage Loan Officers, overall cash allowance can occasionally include more than $29K from bonuses and, in some exceptional cases, $17K from profit sharing, causing incomes to vary widely between $31K and $102K. The most important factor affecting compensation for this group is residence, followed by the specific employer and years of experience. Job satisfaction for Mortgage Loan Officers is high. Women Mortgage Loan Officers who took the survey just slightly outnumber men. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. The figures in this rundown are based on the results of PayScale's salary questionnaire.
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$29,572 - $90,470
$30K
$48K
$90K
MEDIAN: $47,608
10%
50%
90%

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$12.32 - $24.90
$12
$18
$25
MEDIAN: $17.63
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
$29,572 - $90,470  
   
Bonus
$487.67 - $29,087  
Profit Sharing
$0.00 - $16,500  
Commission
$5,166 - $150,000  
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).
)
$31,081 - $101,710  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 366
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
$12.32 - $24.90  
   
Overtime
$19.21 - $45.54  
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
$487.67 - $29,087  
   
Commission
$5,166 - $150,000  
Profit Sharing
$0.00 - $16,500  
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).
)
$31,081 - $101,710  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 105

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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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At the upper end, Mortgage Loan Officers who move into an Assistant Vice President of Mortgage Lending role can end up with a hefty increase in pay. The average income for Assistant VPs of Mortgage Lending is a much higher $72K per year. A Loan Officer role is the most common promotion for Mortgage Loan Officers moving up the ladder. Pay for this role tends to be $41K per year. Another typical, albeit less common, transition for Mortgage Loan Officers is a Banking Branch Manager position, where earnings are usually $52K.

Loan Officer Job Listings

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Popular Employer Salaries for Mortgage Loan Officer


Those at Wells Fargo & Co. can expect to make the most, with the company offering a median salary of $88K.

Popular Skills for Mortgage Loan Officer


Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Customer Service, Sales, Financial Analysis, and Loan Underwriting are correlated to pay that is above average. At the other end of the pay range are skills like 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

Pay by Experience for a Mortgage Loan Officer has a positive trend. An entry-level Mortgage Loan Officer with less than 5 years of experience can expect to earn an average total compensation of $43,000 based on 222 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Mortgage Loan Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $52,000 based on 111 salaries. An experienced Mortgage Loan Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $57,000 based on 139 salaries. A Mortgage Loan Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $55,000 based on 70 salaries.

Pay Difference by Location

National Average: $50,409

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

For Mortgage Loan Officers, working in the bustling city of Charlotte has its advantages, including an above-average pay rate. Mortgage Loan Officers can also look forward to large paychecks in cities like Jacksonville (+59 percent), Dallas (+47 percent), Portland (+34 percent), and Honolulu (+19 percent). Location is a huge contributor to overall pay, with Mortgage Loan Officers in San Antonio earning a whopping 24 percent below the national average. Employers in San Diego and Omaha also lean toward paying below-median salaries (16 percent less).

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
53 %
Male
47 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 63 votes.
Less than 1 year
7%
1-4 years
35%
5-9 years
17%
10-19 years
25%
20 years or more
15%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Loan Officer Salaries

▲13%

▲10%

▲3%

National Average
$50,000

▼15%

Skills That Affect Mortgage Loan Officer Salaries

Customer Service
▲4%

▲3%



National Average
$50,000




Consumer Loans
▼18%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 63 votes.

Gender

Female
53 %
Male
47 %

Years of Experience

Less than 1 year
7%
1-4 years
35%
5-9 years
17%
10-19 years
25%
20 years or more
15%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 75%
vision benefits
Vision: 58%
no benefits
None: 12%
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