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Mortgage Loan Officer Salary

Commissions constitute a big slice (just under two-thirds on average) of overall compensation for Mortgage Loan Officers, and the median take-home for this group lies near $47K. Overall cash earnings for Mortgage Loan Officers stretch from $30K on the lower end to $102K near the top, and the heftiest packages can encompass around $21K from bonuses and $15K from profit sharing. This group's pay is mainly influenced by geographic location, followed by the specific employer and tenure. Women make up the majority of Mortgage Loan Officers (64 percent) who completed the questionnaire. Most enjoy medical while more than half get dental coverage. Vision coverage is also available to a little less than one-half. Job satisfaction is high and work is enjoyable for most Mortgage Loan Officers. This report is based on responses to the PayScale salary survey.
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$24,739 - $83,798
(Median)
$25K
$42K
$84K
MEDIAN: $41,699
10%
50%
90%

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$10.69 - $22.18
(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
$24,739 - $83,798  
   
Bonus
$0.00 - $20,648  
Profit Sharing
$3.07 - $14,681  
Commission
$1,590 - $111,789  
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).
)
$29,663 - $102,097  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 733
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
$10.69 - $22.18  
   
Overtime
$16.74 - $36.95  
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 - $20,648  
   
Commission
$1,590 - $111,789  
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).
)
$29,663 - $102,097  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 126

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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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At the upper end, Mortgage Loan Officers who move into a Mortgage Loan Underwriter role may earn a little more as the latter position has a median salary of $54K per year. Mortgage Loan Officers most often move into positions as Loan Officers or Mortgage Loan Processors. Loan Officers actually earn $6K less on average, however, and Mortgage Loan Processors earn $12K less per year than Mortgage Loan Officers do.

Loan Officer Job Listings

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Popular Employer Salaries for Mortgage Loan Officer


Wells Fargo & Co. leads the field in terms of pay, with a median salary of $88K.

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 22 percent, 9 percent, and 5 percent, respectively. Skills that pay less than market rate include Consumer Loans. Those familiar with Mortgage Loans also tend to know 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. The average worker who claims fewer than five years of experience earns around $42K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $49K. On average, Mortgage Loan Officers make $52K following one to two decades on the job. Mortgage Loan Officers who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $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 22%



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 143 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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