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Mortgage Loan Officer Salary

A large fraction of take-home pay for Mortgage Loan Officers comes from commissions — just under two-thirds on average, in fact. The median overall income in this field is approximately $47K. Total cash earnings of Mortgage Loan Officers range from $30K on the low end to $102K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $21K and $15K, respectively. Residence is the biggest factor affecting pay for this group, followed by the specific employer and experience level. Medical benefits are awarded to most, and the greater part earn dental coverage. Female Mortgage Loan Officers are more common than men among those who completed the survey; more than half (64 percent) are women. For the most part, Mortgage Loan Officers enjoy their work and report high levels of job satisfaction. The numbers in this rundown were provided by PayScale's salary survey participants.
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$24,681 - $84,582
(Median)
$25K
$42K
$85K
MEDIAN: $41,677
10%
50%
90%

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$10.43 - $21.83
(Median)
$10
$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
$24,681 - $84,582  
   
Bonus
$0.00 - $20,776  
Profit Sharing
$3.00 - $14,740  
Commission
$1,745 - $104,116  
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).
)
$29,566 - $102,297  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 753
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
$10.43 - $21.83  
   
Overtime
$15.46 - $36.85  
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 - $20,776  
   
Commission
$1,745 - $104,116  
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).
)
$29,566 - $102,297  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 130

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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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It is somewhat unusual to come across Mortgage Loan Officers who move on to become Mortgage Loan Underwriters, but it does happen from time to time, and the median salary for that position sits slightly higher at $54K. Becoming a Loan Officer is, more often than not, the most common role that Mortgage Loan Officers move into when they're ready for the next step in their career. A median salary for a Loan Officer is $41K. Another frequent advance is for Mortgage Loan Officers to assume a Banking Branch Manager role; in this role, workers often take home $51K.

Loan Officer Job Listings

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Popular Employer Salaries for Mortgage Loan Officer


The biggest paychecks can be found at Wells Fargo & Co. — the median salary there is $88K.

Popular Skills for Mortgage Loan Officer


Mortgage Loan Officers seem to require a number of specific skills. Most notably, facility with Sales, Residential Loans, and Mortgage Loans are correlated to pay that is significantly above average, leading to increases of 25 percent, 9 percent, and 5 percent, respectively. Skills that seem to negatively impact pay 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.


For Mortgage Loan Officers, experience does not seem to be a major factor in determining pay. Those in the early stages of their career can expect to make around $42K; however, individuals with five to 10 years of experience bring in $49K on average — a distinctly larger sum. After working for 10 to 20 years, Mortgage Loan Officers make a median salary of $52K. In the end, more experience does seem to mean larger paychecks; seasoned Mortgage Loan Officers with more than 20 years of experience earn a predictably higher median salary of $57K.

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 25%




Loan Underwriting
up arrow 2%

National Average
$47,000

Loan Processing
up arrow 3%

Consumer Loans
up arrow 6%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 151 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%