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Mortgage Loan Officer Salary

A large fraction of take-home pay for Mortgage Loan Officers comes from commissions — more than two-thirds on average, in fact. The median overall income in this field is approximately $48K. Mortgage Loan Officers will also find cushy salaries in Honolulu (+25 percent) and Denver (+20 percent). The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
$24,504 - $87,197
(Median)
25K
33K
42K
59K
87K
MEDIAN: $42,313
10%
25%
50%
75%
90%

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$10.39 - $21.93
(Median)
10
13
17
19
22
MEDIAN: $17.00
10%
25%
50%
75%
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
$24,504 - $87,197  
   
Bonus
$0.00 - $20,575  
Profit Sharing
$473.44 - $14,848  
Commission
$1,855 - $106,654  
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).
)
$29,359 - $103,849  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 748
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
$10.39 - $21.93  
   
Overtime
$15.10 - $35.27  
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 - $20,575  
   
Commission
$1,855 - $106,654  
Profit Sharing
$473.44 - $14,848  
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).
)
$29,359 - $103,849  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 125
United States (change)

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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Though unusual, some Mortgage Loan Officers transition into jobs as Mortgage Loan Underwriters. Mortgage Loan Underwriters make $54K per year on average. Becoming a Loan Officer is, more often than not, the most common role that Mortgage Loan Officers move into when they're ready for the next step in their career. A typical salary for a Loan Officer is $41K. Another frequent advance is for Mortgage Loan Officers to assume a Banking Branch Manager role; in this role, workers often take home $51K.

Loan Officer Job Listings

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Popular Employer Salaries for Mortgage Loan Officer


Offering a median salary of only $73K, Bank of America Corp. (BOFA) pays the least. Not only that, but the earnings range of $26K to $168K is pretty narrow, too.

Popular Skills for Mortgage Loan Officer


Mortgage Loan Officers generally report applying a varied skill set to their work. Most notably, facility with Sales, Residential Loans, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 24 percent, 17 percent, and 5 percent, respectively. At the other end of the pay range are skills like Consumer Loans. Those educated in Mortgage Loans tend to be well versed in Financial Analysis.

Pay by Experience Level for Mortgage Loan Officer

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


More years of relevant experience do not necessarily translate to higher paychecks. Those in the early stages of their career can expect to make around $42K; however, individuals with five to 10 years of experience bring in $49K on average — a distinctly larger sum. For Mortgage Loan Officers, 10 to 20 years of experience on the job amounts to an average salary of $53K. In the end, more experience does seem to mean larger paychecks; seasoned Mortgage Loan Officers with more than 20 years of experience earn a predictably higher median salary of $60K.

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

Experience Affects Mortgage Loan Officer Salaries




National Average
$48,000


Skills That Affect Mortgage Loan Officer Salaries

up arrow 24%



Mortgage Loans
up arrow 4%

Loan Underwriting
up arrow 1%

Loan Processing
up arrow 1%

National Average
$48,000

Consumer Loans
up arrow 7%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 149 votes.

Gender

Female
64 %
Male
36 %

Years of Experience

Less than 1 year
6%
1-4 years
30%
5-9 years
24%
10-19 years
29%
20 years or more
11%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 65%
vision benefits Vision: 45% employee benefits None: 16%