Mortgage Loan Officer Salary

Commissions comprise a big part of overall income for Mortgage Loan Officers. The median take-home amount in this area is around $48K, and on average, slightly less than two-thirds of that final number comes from commissions. Cash earnings for Mortgage Loan Officers — including $21K in bonuses and $15K in profit sharing proceeds near the top of the pay scale — generally stretch from $30K to $101K depending on individual performance. The most influential factor affecting pay for this group is geographic location, though the specific employer and tenure have a (lesser) impact as well. Most report receiving medical coverage from their employers and more than half collect dental insurance. Female Mortgage Loan Officers are more common than men among those who completed the survey; more than half (63 percent) are women. Work is enjoyable for Mortgage Loan Officers, who typically claim high levels of job satisfaction. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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$24,768 - $83,657
(Median)
$25K
$42K
$84K
MEDIAN: $42,144
10%
50%
90%

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$10.51 - $22.08
(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
$24,768 - $83,657  
   
Bonus
$0.00 - $21,141  
Profit Sharing
$3.00 - $14,740  
Commission
$1,237 - $104,784  
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).
)
$29,704 - $101,471  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 709
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
$10.51 - $22.08  
   
Overtime
$16.66 - $37.16  
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 - $21,141  
   
Commission
$1,237 - $104,784  
Profit Sharing
$3.00 - $14,740  
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).
)
$29,704 - $101,471  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 122
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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. Many Mortgage Loan Officers go on to become Loan Officers or Mortgage Loan Processors despite the fact that median compensation in those roles is reportedly $7K lower and $13K lower, respectively.

Loan Officer Job Listings

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Popular Employer Salaries for Mortgage Loan Officer


Heading up the field in terms of compensation, Wells Fargo & Co. offers the most; Mortgage Loan Officers earn $88K on average there.

Popular Skills for Mortgage Loan Officer


Survey results imply that Mortgage Loan Officers put a diverse skill set to use. 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, 7 percent, and 3 percent, respectively. Skills that are correlated to lower pay, on the other hand, 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.


Mortgage Loan Officers with a lot of experience do not necessarily enjoy more money. The average beginner in this position makes around $42K, but folks who have been around for five to 10 years see a markedly higher median salary of $49K. On average, Mortgage Loan Officers make $53K following one to two decades on the job. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $54K.

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 22%


Mortgage Loans
up arrow 3%

Financial Analysis
up arrow 3%

Loan Underwriting
up arrow 1%

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 135 votes.

Gender

Female
63 %
Male
37 %

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: 83% dental benefits Dental: 66%
vision benefits Vision: 47% employee benefits None: 14%
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