Mortgage Loan Officer Salary (United States)

The average salary for Mortgage Loan Officers in the United States is $47,601 per year, and pay runs especially high in Charlotte, where the average is $84K. Mortgage Loan Officers will also find cushy salaries in Tulsa (+24 percent) and Denver (+21 percent). This outline is derived from replies to PayScale's salary survey.
Mortgage Loan Officer Salary (?
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.
)
$24,431 - $87,293
(Median)
24K
33K
42K
59K
87K
MEDIAN: $42,099
10%
25%
50%
75%
90%
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Mortgage Loan Officer Salary (?
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.
)
$10.28 - $21.86
(Median)
10
13
17
19
22
MEDIAN: $16.00
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
$24,431 - $87,293  
   
Bonus
$0.00 - $20,349  
Profit Sharing
$491.76 - $14,950  
Commission
$1,745 - $104,293  
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).
)
$29,044 - $103,489  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 706
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
$10.28 - $21.86  
   
Overtime
$14.90 - $35.51  
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 - $20,349  
   
Commission
$1,745 - $104,293  
Profit Sharing
$491.76 - $14,950  
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).
)
$29,044 - $103,489  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 117
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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, advancing into a Mortgage Loan Underwriter role, where salaries are a slight $6,042 higher, is not typical but is also not out of the question. Going from Mortgage Loan Officer to Loan Officer is the transition that occurs most often in this field, even given the smaller paychecks (-$6,791). Many others choose to work as Bank Branch Managers, where pay goes up by $3,344.

Mortgage Loan Officer Job Listings

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Popular Employer Salaries for Mortgage Loan Officer

Wells Fargo & Co. pays the most with a median salary of $87,584. While select Bank of America Corp. (BOFA) employees may bring in up to $167,500, a median salary of only $73,469—the lowest in the field—suggests a serious lag in the earnings department.

Popular Skills for Mortgage Loan Officer

Mortgage Loan Officers seem to require a number of specific skills. Most notably, facility with Residential Loans, Sales, and Loan Processing are correlated to pay that is significantly above average, leading to increases of 28 percent, 26 percent, and 6 percent, respectively. 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.
For Mortgage Loan Officers, experience is not a major factor in determining pay, and incremental pay growth is standard. After five to 10 years, starting salaries jump from $42K to $49K. Earnings total $53K after one to two decades. After a couple decades on the job, Mortgage Loan Officers see only modest salary growth, with pay averaging $58K. Experienced employees who have 10-20 years of experience make up about a third of the workforce; inexperienced individuals who have been working for less than one year comprise 6 percent, and senior people with more than 20 years under their belt fill out the remaining 12 percent. Most employees in this workforce have between one and nine years of experience; more than half of those surveyed fall within this distribution.

Pay Difference By Location

Charlotte
up arrow 76%
Tulsa
up arrow 24%
Denver
up arrow 21%
National Average
$48,000
San Antonio
up arrow 20%
Larger circles over a city indicate a job is popular in that location.

Related Job Salaries

Experience Affects Mortgage Loan Officer Salaries

National Average
$48,000

Skills That Affect Mortgage Loan Officer Salaries

up arrow 26%
Loan Underwriting
up arrow 2%
National Average
$48,000

Job Satisfaction

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Highly satisfied
Rated 4 out of 5 based on 148 votes.

Gender

Female
64%
female alumni
 
Male
36%
male alumni

Years of Experience

Less than 1 year
6%
1-4 years
29%
5-9 years
24%
10-19 years
29%
20 years or more
12%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 64%
vision benefits Vision: 45% employee benefits None: 17%
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