Mortgage Loan Specialist Salary

Mortgage Loan Specialists in the United States can expect wages of $16.47 per hour on average. The most influential factor affecting pay for this group is experience level, though the particular city and the particular employer have a (lesser) impact as well. Though the majority of Mortgage Loan Specialists do not report high levels of job satisfaction, most are moderately content with their role. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Female Mortgage Loan Specialists make up most of the survey respondents at 73 percent. The numbers in this rundown were provided by PayScale's salary survey participants.

$29,903 - $56,640
(Median)
$30K
$40K
$57K
MEDIAN: $39,605
10%
50%
90%

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$12.83 - $20.89
(Median)
$13
$16
$21
MEDIAN: $16.00
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$19K$38K$57K
Salary
$29,903 - $56,640  
   
Bonus
$0.00 - $9,759  
Profit Sharing
$1,000  
Commission
$4,000  
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).
)
$28,802 - $52,988  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 141
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
$12.83 - $20.89  
   
Overtime
$17.84 - $34.47  
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 - $9,759  
   
Commission
$4,000  
Profit Sharing
$1,000  
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).
)
$28,802 - $52,988  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 172
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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


Bank of America Corp. (BOFA) pays the most with a median salary of $38K, though with a large amount of variation, going from a low of $29K to a high of $51K.

The consistently lowest paying firm is SunTrust Mortgage, Inc., where the median salary is just $34K. There isn't much variation there, either; the pay scale ranges only from $21K to $48K.


Mortgage Loan Specialists report a narrow range of specific skills. Those who have experience with Mortgage Loans, Loan Documents, and Loan Processing can expect to be compensated well for these skills.

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 a rich background of experience are typically rewarded with larger paychecks. 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. Mortgage Loan Specialists see a median salary of $40K after reaching one to two decades on the job. Survey participants who have worked for more than two decades report bringing in $53K on average.

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Experience Affects Mortgage Loan Specialist Salaries

Late-Career
up arrow 42%

Experienced
up arrow 8%

Mid-Career
up arrow 2%

National Average
$37,000


Skills That Affect Mortgage Loan Specialist Salaries

Mortgage Loans
up arrow 2%

Loan Documents
up arrow 1%

National Average
$37,000

Loan Processing
up arrow 2%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 51 votes.

Gender

Female
73 %
Male
27 %

Years of Experience

Less than 1 year
2%
1-4 years
45%
5-9 years
26%
10-19 years
20%
20 years or more
6%

Common Health Benefits

medical benefits
Medical: 80%
dental benefits
Dental: 75%
medical benefits
Vision: 66%
dental benefits
None: 16%
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