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Mortgage Loan Specialist Salary

Mortgage Loan Specialists in the United States take home approximately $16.07 per hour on average. Career duration is the biggest factor affecting pay for this group, followed by the particular city and the individual firm. Though the majority of Mortgage Loan Specialists do not report high levels of job satisfaction, most are moderately content with their role. Female Mortgage Loan Specialists make up most of the survey respondents at 72 percent. In this profession, a large number enjoy medical and dental coverage, and a majority have vision insurance, as well. The numbers in this rundown were provided by PayScale's salary survey participants.
$29,647 - $52,004
(Median)
$30K
$37K
$52K
MEDIAN: $37,455
10%
50%
90%

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$12.61 - $20.55
(Median)
$13
$16
$21
MEDIAN: $16.00
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$18K$36K$54K
Salary
$29,647 - $52,004  
   
Bonus
$0.00 - $6,500  
Profit Sharing
$0.00 - $1,526  
Commission
$0.00 - $7,500  
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).
)
$28,076 - $50,928  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 137
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$12$24$36
Hourly Rate
$12.61 - $20.55  
   
Overtime
$17.85 - $34.63  
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$24K$48K$72K
Bonus
$0.00 - $6,500  
   
Commission
$0.00 - $7,500  
Profit Sharing
$0.00 - $1,526  
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).
)
$28,076 - $50,928  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 147
United States (change)

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

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

Mortgage Loan Specialist Job Listings

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Popular Employer Salaries for Mortgage Loan Specialist


Although Bank of America Corp. (BOFA) boasts the highest average salary in town at $36K, employee compensation still varies greatly — workers can make as little as $28K or as much as $50K.

SunTrust Mortgage, Inc. offers the smallest salaries in town — $34K on average — but the considerable range in workers' salaries (stretching from $21K to $48K) creates a rather varied pay scale.


Survey takers who work as Mortgage Loan Specialists report a focused set of job skills. Loan Processing and Mortgage Loans are considered valuable skills and can increase employee pay. Skills that seem to negatively impact pay include Mortgage Loans.

Pay by Experience Level for Mortgage Loan Specialist

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


For Mortgage Loan Specialists, more experience in the field does not usually mean bigger paychecks. Salaries for inexperienced workers average out to $37K, and those with five to 10 years' experience earn a higher median of $35K. Mortgage Loan Specialists bring in $39K after working for 10 to 20 years. Mortgage Loan Specialists who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $49K.

Related Job Salaries

Experience Affects Mortgage Loan Specialist Salaries

Late-Career
up arrow 34%

Experienced
up arrow 7%

Mid-Career
up arrow 2%

National Average
$37,000

Entry-Level
up arrow 4%

Skills That Affect Mortgage Loan Specialist Salaries

Loan Processing
up arrow 18%

National Average
$37,000

Mortgage Loans
up arrow 6%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 62 votes.

Gender

Female
72 %
Male
28 %

Years of Experience

Less than 1 year
3%
1-4 years
48%
5-9 years
26%
10-19 years
17%
20 years or more
6%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 77%
vision benefits Vision: 61% employee benefits None: 16%