Get a Salary Report for



- Compare Your Salary
- Evaluate a Job Offer


- Price a New Hire
- Give a Raise



- Benchmark Jobs
- Create a Comp Plan

Mortgage Loan Officer Salary (United States)

The median total income of Mortgage Loan Officers is around $48K, and for the average worker in this area, a good chunk of that (roughly three-fourths, in fact) comes from commissions. Mortgage Loan Officers will also find cushy salaries in Tulsa (+24 percent) and Denver (+21 percent). The information for this snapshot was generated by responses to the PayScale salary survey.
Mortgage Loan Officer Salary (?
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.
)
$24,431 - $87,293
(Median)
24K
33K
42K
59K
87K
MEDIAN: $42,099
10%
25%
50%
75%
90%
Add this chart to your site: 640px    300px
Mortgage Loan Officer Salary (?
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.
)
$10.28 - $21.86
(Median)
10
13
17
19
22
MEDIAN: $16.00
10%
25%
50%
75%
90%
Add this chart to your site: 640px    300px

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
$24,431 - $87,293  
   
Bonus
$0.00 - $20,349  
Profit Sharing
$491.76 - $14,950  
Commission
$1,745 - $104,293  
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).
)
$29,044 - $103,489  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 706
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
$10.28 - $21.86  
   
Overtime
$14.90 - $35.51  
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 - $20,349  
   
Commission
$1,745 - $104,293  
Profit Sharing
$491.76 - $14,950  
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).
)
$29,044 - $103,489  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 117
Is Mortgage Loan Officer your job title? Get a personalized salary report!
Location:
Years in Field/Career:
Location:
Years in Field/Career:
United States (change)

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.
Read More...
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

Add this chart to your site:   640px 640px    300px 300px   Copy and paste this HTML:
Though it's uncommon, some Mortgage Loan Officers move into roles as Mortgage Loan Underwriters, where median income is $54K per year. 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 typical 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

Search for more jobs:
job title / company
location

Popular Employer Salaries for Mortgage Loan Officer

Wells Fargo & Co. offers the highest compensation with a median salary of $88K. Bank of America Corp. (BOFA) offers the smallest salaries in town — $73K on average — but the considerable range in workers' salaries (stretching from $30K to $168K) creates a rather varied pay scale. Employees at Wells Fargo & Co. can also expect below-average earnings.

Popular Skills for Mortgage Loan Officer

Mortgage Loan Officers report using a wide range of professional skills. Most notably, facility with Residential Loans, Sales, and Loan Processing are correlated to pay that is significantly above average, leading to increases of 28 percent, 26 percent, and 6 percent, respectively. 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, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Salaries for the relatively untried average out to around $42K, but survey participants with five to 10 years of experience earn a significantly higher median of $49K. Mortgage Loan Officers with one to two decades of relevant experience report an average salary of approximately $52K. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; a Mortgage Loan Officer with more than 20 years of experience can earn $58K on average. Age distribution in this workforce is concentrated between one and nine years of experience; a little over a half of respondents fall in this range. Experienced employees who have 10-20 years of experience make up just under a third of the workforce; inexperienced individuals who have been working for less than one year comprise less than 10 percent, and senior people with more than 20 years under their belt fill out the remaining about an eighth.

Pay Difference By Location

Charlotte
up arrow 76%
Tulsa
up arrow 24%
Denver
up arrow 21%
National Average
$48,000
San Antonio
up arrow 20%
Larger circles over a city indicate a job is popular in that location.

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

Find Out Exactly What You Should Be Paid
Job Title:
Years in Field/Career:
Location:
United States (change)
- OR -

Experience Affects Mortgage Loan Officer Salaries

National Average
$48,000

Skills That Affect Mortgage Loan Officer Salaries

up arrow 26%
Loan Underwriting
up arrow 2%
National Average
$48,000

Job Satisfaction

Highly satisfied Image
Highly satisfied
Rated 4 out of 5 based on 148 votes.

Gender

Female
64%
female alumni
 
Male
36%
male alumni

Years of Experience

Less than 1 year
6%
1-4 years
29%
5-9 years
24%
10-19 years
29%
20 years or more
12%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 64%
vision benefits Vision: 45% employee benefits None: 17%