Mortgage Loan Specialist Salary

Mortgage Loan Specialists in the United States pull down an average of $17.38 per hour. While the company and geography impact pay for this group, experience level is the most influential factor. Most Mortgage Loan Specialists survey respondents are women (75 percent). A fair number enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the larger part. Most Mortgage Loan Specialists report high levels of job satisfaction. The data for this synopsis comes from respondents who took the PayScale salary survey.

$31,384 - $64,812
$31K
$41K
$65K
MEDIAN: $41,052
10%
50%
90%

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$13.90 - $22.55
$14
$17
$23
MEDIAN: $17.38
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$22K$44K$66K
Salary
$31,384 - $64,812  
   
Bonus
$0.00 - $9,696  
Profit Sharing
$750  
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).
)
$30,851 - $56,364  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 76
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$12$24$36
Hourly Rate
$13.90 - $22.55  
   
Overtime
$19.33 - $34.76  
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$24K$48K$72K
Bonus
$0.00 - $9,696  
   
Profit Sharing
$750  
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).
)
$30,851 - $56,364  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 117

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Job Description for Mortgage Loan Specialist

Mortgage loan specialists help clients secure financing for homes and business-related buildings. Although some leads are presented to them directly, these specialists are generally required to find clients by working with realtors and businesses.

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Mortgage Loan Specialist Tasks

  • Ensure that loans are funded.
  • Oversee processing of closing documents for loans.

Common Career Paths for Mortgage Loan Specialist


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Mortgage Loan Specialists' salary tends to stay somewhat level for those who assume higher-end positions like Mortgage Loan Processor. Median pay for Mortgage Loan Processors is $36K.

Mortgage Loan Specialist Job Listings

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Popular Employer Salaries for Mortgage Loan Specialist


Although Bank of America Corp. (BOFA) leads the field in pay with a median salary of $41K, employees there receive a wide spread of salaries, from $36K on the low end all the way up to $98K at the top.

Pay by Experience Level for Mortgage Loan Specialist

Pay by Experience for a Mortgage Loan Specialist has a positive trend. An entry-level Mortgage Loan Specialist with less than 5 years of experience can expect to earn an average total compensation of $35,000 based on 95 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Mortgage Loan Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $41,000 based on 61 salaries. An experienced Mortgage Loan Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $45,000 based on 47 salaries. A Mortgage Loan Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $42,000 based on 13 salaries.

Pay Difference by Location

National Average: $39,093

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

For Mortgage Loan Specialists, Tampa provides a pay rate that is 8 percent greater than the national average. Mortgage Loan Specialists will also find cushy salaries in Plano (+3 percent). Those in the field find the lowest salaries in Richmond, 14 percent below the national average. Two other places where employers offer below-median salaries are Jacksonville (9 percent less) and Charlotte (5 percent less).

Related Job Salaries

Key Stats for Mortgage Loan Specialist

Gender

Female
75 %
Male
25 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 22 votes.
Less than 1 year
5%
1-4 years
37%
5-9 years
26%
10-19 years
24%
20 years or more
7%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Loan Specialist Salaries

Experienced
▲15%

Late-Career
▲7%

▲4%

National Average
$39,000

▼11%

Skills That Affect Mortgage Loan Specialist Salaries


National Average
$39,000

Loan Documents
▼4%

Loan Processing
▼15%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 22 votes.

Gender

Female
75 %
Male
25 %

Years of Experience

Less than 1 year
5%
1-4 years
37%
5-9 years
26%
10-19 years
24%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 79%
dental benefits
Dental: 71%
vision benefits
Vision: 63%
no benefits
None: 19%
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