A big portion of take-home pay for Mortgage Loan Officers — close to one-half, in fact — arrives through commissions. This profession's median overall income is approximately $49K. Final cash compensation to Mortgage Loan Officers varies from around $31K to approximately $97K; choice pay grades include potential for bonuses and profit sharing as high as $25K and $14K, respectively. The most influential factor affecting pay for this group is residence, though the company and years of experience have a (lesser) impact as well. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 57 percent. The majority of workers are highly satisfied with their job. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The data in this summary comes from the PayScale salary survey.
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$29,558 - $87,900
(Median)
$30K
$47K
$88K
MEDIAN: $46,637
10%
50%
90%

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$12.09 - $23.68
(Median)
$12
$18
$24
MEDIAN: $17.00
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
$29,558 - $87,900  
   
Bonus
$481.77 - $24,511  
Profit Sharing
$0.00 - $13,809  
Commission
$3,000 - $114,000  
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).
)
$30,697 - $97,290  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 366
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
$12.09 - $23.68  
   
Overtime
$19.53 - $44.70  
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
$481.77 - $24,511  
   
Commission
$3,000 - $114,000  
Profit Sharing
$0.00 - $13,809  
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).
)
$30,697 - $97,290  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 102
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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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Mortgage Loan Officers who go on to become Assistant VPs of Mortgage Lending may see their salaries climb quite a bit. Median pay for Assistant VPs of Mortgage Lending is $73K annually. Given that the median pay is $41K, it may be surprising to find that a Loan Officer is the most common role for Mortgage Loan Officers to subsequently assume on their way up the ladder. Transitioning into a Banking Branch Manager role — which pays $52K — is also typical for Mortgage Loan Officers, though less common by comparison.

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 generally report applying a varied skill set to their work. Most notably, skills in Customer Service, Sales, Financial Analysis, and Loan Underwriting are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Consumer Loans and Loan Processing. For most people, competency in Mortgage Loans indicates knowledge of Financial Analysis.

Pay by Experience Level for Mortgage Loan Officer

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Salaries of relatively inexperienced workers fall in the neighborhood of $42K, but folks who have racked up five to 10 years see a notably higher median of $51K. People with 10 to 20 years of experience make an average of about $55K in this role. Survey participants with more than twenty years of experience only make around $54K on average, though; this group reports a lower median than the one claimed by mid-career individuals.

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
$49,000


Skills That Affect Mortgage Loan Officer Salaries

Customer Service
up arrow 7%

Sales
up arrow 2%

Financial Analysis
0%

Loan Underwriting
0%

National Average
$49,000

Mortgage Loans
up arrow 2%

Residential Loans
up arrow 3%


Consumer Loans
up arrow 19%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 60 votes.

Gender

Female
57 %
Male
43 %

Years of Experience

Less than 1 year
7%
1-4 years
35%
5-9 years
16%
10-19 years
27%
20 years or more
16%

Common Health Benefits

medical benefits
Medical: 87%
dental benefits
Dental: 75%
medical benefits
Vision: 57%
dental benefits
None: 11%
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