Mortgage Loan Officer Salary

The median total income of Mortgage Loan Officers is around $50K, and for the average worker in this area, a good chunk of that (slightly more than half, in fact) comes from commissions. Cash earnings for Mortgage Loan Officers — which occasionally include more than $29K from bonuses and more than $15K from profit sharing — stretch from around $31K to approximately $100K. Location is the biggest factor affecting pay for this group, followed by the company and tenure. Women make up a slight majority of Mortgage Loan Officers (53 percent) survey respondents. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The majority of workers are highly satisfied with their job. The numbers in this rundown were provided by PayScale's salary survey participants.
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$29,393 - $90,185
$29K
$47K
$90K
MEDIAN: $47,366
10%
50%
90%

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$12.31 - $24.01
$12
$18
$24
MEDIAN: $17.66
10%
50%
90%

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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
$29,393 - $90,185  
   
Bonus
$498.33 - $29,087  
Profit Sharing
$0.00 - $15,456  
Commission
$5,067 - $147,949  
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).
)
$30,718 - $99,551  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 340
© PayScale, Inc. @ www.payscale.com
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
$12.31 - $24.01  
   
Overtime
$19.59 - $45.08  
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
$498.33 - $29,087  
   
Commission
$5,067 - $147,949  
Profit Sharing
$0.00 - $15,456  
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).
)
$30,718 - $99,551  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 104
© PayScale, Inc. @ www.payscale.com

Find Out Exactly What You Should Be Paid

United States (change)

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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

  • Obtain and compile financial information to evaluate loan applications and their risk.
  • Generate new clients and referrals through strong relationship building.
  • Track and maintain credit and loan data.
  • Work directly with clients to review agreements, explain programs, and negotiate loans and terms.

Common Career Paths for Mortgage Loan Officer


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As Mortgage Loan Officers transition into upper-level roles such as Assistant Vice President of Mortgage Lending, they may see a strong upturn in salary. Assistant VPs of Mortgage Lending earn $72K on average per year. The most common career progression for Mortgage Loan Officers leads to becoming a Loan Officer, where pay is typically $41K. However, many Mortgage Loan Officers also opt to become Banking Branch Managers, a position that pays $52K on average.

Loan Officer Job Listings

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Popular Employer Salaries for Mortgage Loan Officer


Mortgage Loan Officers seeking a sizable paycheck can earn the most at Wells Fargo & Co., where the average salary comes to $88K.

Popular Skills for Mortgage Loan Officer


Mortgage Loan Officers seem to require a number of specific skills. Most notably, skills in Customer Service, Sales, Financial Analysis, and Loan Underwriting are correlated to pay that is above average, with boosts between 3 percent and 5 percent. At the other end of the pay range are skills like Consumer Loans. Most people experienced in 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.


Survey participants with less than five years' experience pocket $43K on average, but those with five to 10 years of experience enjoy a much bigger median of $52K. For Mortgage Loan Officers, 10 to 20 years of experience on the job amounts to an average salary of $57K. Survey respondents who have worked for more than 20 years actually report somewhat lower incomes of $55K.

Pay Difference by Location

National Average: $49,786

Larger city markers indicate a job is popular in that location.

For Mortgage Loan Officers, working in the bustling city of Charlotte has its advantages, including an above-average pay rate. Mortgage Loan Officers will also find cushy salaries in Jacksonville (+61 percent), Dallas (+49 percent), Portland (+36 percent), and Honolulu (+21 percent). One of the biggest compensable factors for Mortgage Loan Officers is geography, with workers in San Antonio earning a whopping 23 percent below the national average. Employers in San Diego and Omaha also lean toward paying below-median salaries (15 percent less).

Mortgage Loan Officer Reviews

Q: 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

Key Stats for Mortgage Loan Officer

Gender

Female
53 %
Male
47 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 55 votes.
Less than 1 year
8%
1-4 years
35%
5-9 years
16%
10-19 years
25%
20 years or more
16%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Loan Officer Salaries

▲14%

▲11%

▲4%

National Average
$50,000

▼14%

Skills That Affect Mortgage Loan Officer Salaries

Customer Service
▲5%

▲4%



National Average
$50,000




Consumer Loans
▼17%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 55 votes.

Gender

Female
53 %
Male
47 %

Years of Experience

Less than 1 year
8%
1-4 years
35%
5-9 years
16%
10-19 years
25%
20 years or more
16%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 75%
vision benefits
Vision: 57%
dental benefits
None: 12%
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