Mortgage Loan Officer Salary

The median total income of Mortgage Loan Officers is around $48K, and for the average worker in this area, a good chunk of that (slightly less than two-thirds, in fact) comes from commissions. Cash earnings for Mortgage Loan Officers — which occasionally include more than $21K from bonuses and more than $15K from profit sharing — stretch from around $30K to approximately $101K. While the company and experience level impact pay for this group, location is the most influential factor. Job satisfaction for Mortgage Loan Officers is high. A large number report receiving medical coverage from their employers and the larger part collect dental insurance. The majority of Mortgage Loan Officers (64 percent) who took the survey are female. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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$25,158 - $83,510

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$10.56 - $22.06

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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
$25,158 - $83,510  
   
Bonus
$0.00 - $20,648  
Profit Sharing
$3.07 - $14,681  
Commission
$1,200 - $103,340  
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).
)
$30,048 - $101,235  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 698
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
$10.56 - $22.06  
   
Overtime
$16.66 - $37.16  
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
$0.00 - $20,648  
   
Commission
$1,200 - $103,340  
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).
)
$30,048 - $101,235  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 123
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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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Mortgage Loan Officers who transition into new roles such as Mortgage Loan Underwriter may see a slight upturn in salary. The average Mortgage Loan Underwriter earns $54K per year. Mortgage Loan Officers most frequently become Loan Officers and Mortgage Loan Processors even though median compensation is $7K lower and $13K lower, respectively.

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


Mortgage Loan Officers report using a diverse set of skills on the job. Most notably, skills in Sales, Residential Loans, Financial Analysis, and Mortgage Loans are correlated to pay that is above average, with boosts between 4 percent and 18 percent. Skills that seem to negatively impact pay include Consumer Loans. Most people skilled in Mortgage Loans are similarly competent in 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, more experience in the field does not usually mean bigger paychecks. 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 $50K. The average pay reported by folks with 10 to 20 years of experience is around $53K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $54K on average.

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.

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Experience Affects Mortgage Loan Officer Salaries




National Average
$48,000


Skills That Affect Mortgage Loan Officer Salaries

up arrow 18%


Financial Analysis
up arrow 4%

Mortgage Loans
up arrow 3%

Loan Underwriting
up arrow 2%

National Average
$48,000

Loan Processing
up arrow 3%

Consumer Loans
up arrow 7%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 130 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
29%
20 years or more
13%

Common Health Benefits

medical benefits Medical: 83% dental benefits Dental: 67%
vision benefits Vision: 48% employee benefits None: 14%
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