Mortgage Loan Specialist Salary

Pay for Mortgage Loan Specialists in the United States sits in the ballpark of $16.39 per hour. Earnings for this group are mostly affected by career length, followed by geography and the specific company. Most Mortgage Loan Specialists are fairly content with their jobs, and work satisfaction falls in line with the national average. Most Mortgage Loan Specialists survey respondents are women (71 percent). A strong majority report receiving medical coverage from their employers and a fair number collect dental insurance. This snapshot results from replies to PayScale's salary survey.

$29,716 - $53,211
(Median)
$30K
$39K
$53K
MEDIAN: $38,508
10%
50%
90%

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$12.75 - $20.49
(Median)
$13
$16
$20
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
$29,716 - $53,211  
   
Bonus
$0.00 - $7,950  
Profit Sharing
$0.00 - $1,526  
Commission
$0.00 - $20,000  
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).
)
$28,392 - $52,047  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 145
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
$12.75 - $20.49  
   
Overtime
$17.84 - $34.32  
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 - $7,950  
   
Commission
$0.00 - $20,000  
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).
)
$28,392 - $52,047  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 165
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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

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

Common Career Paths for Mortgage Loan Specialist


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Mortgage Loan Specialists who transition into an upper level Mortgage Loan Processor position will not necessarily make much more than they do in their current role. The average Mortgage Loan Processor makes $35K a year.

Mortgage Loan Specialist Job Listings

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Popular Employer Salaries for Mortgage Loan Specialist


Mortgage Loan Specialists in search of the best pay head to Bank of America Corp. (BOFA), where the median salary rolls in at $38K. Although pay is top-notch overall, it does seem to be curbed at $49K, which isn't dramatically higher than the lower-end figure of $29K.

SunTrust Mortgage, Inc. offers the lowest pay in the field with a median salary of just $34K, but on the other end, some employees may earn up to $48K.


Mortgage Loan Specialists report a focused set of job skills. Those who have experience with Loan Processing, Loan Documents, and Mortgage Loans can expect to be compensated well for these skills. Skills that are correlated to lower pay, on the other hand, include Mortgage Loans and Loan Documents.

Pay by Experience Level for Mortgage Loan Specialist

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


Mortgage Loan Specialists with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Average salaries for inexperienced employees average out to around $35K, but folks who have five to 10 years of experience earn a higher median of $38K. For Mortgage Loan Specialists, 10 to 20 years of experience on the job amounts to an average salary of $40K. After two decades in the workforce, the average Mortgage Loan Specialist generally earns more than ever; median pay for this group is estimated at $52K.

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Experience Affects Mortgage Loan Specialist Salaries

Late-Career
up arrow 40%

Experienced
up arrow 8%

Mid-Career
up arrow 1%

National Average
$37,000

Entry-Level
up arrow 5%

Skills That Affect Mortgage Loan Specialist Salaries

Loan Processing
up arrow 2%

National Average
$37,000

Loan Documents
up arrow 3%

Mortgage Loans
up arrow 8%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 53 votes.

Gender

Female
71 %
Male
29 %

Years of Experience

Less than 1 year
2%
1-4 years
46%
5-9 years
27%
10-19 years
18%
20 years or more
7%

Common Health Benefits

medical benefits Medical: 79% dental benefits Dental: 74%
vision benefits Vision: 61% employee benefits None: 17%
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