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Mortgage Loan Specialist Salary

For Mortgage Loan Specialists, hourly average wages total $16.36 per hour. This group's pay is mainly influenced by career duration, followed by the particular city and the individual firm. Most people in this profession are content with their work, and moderate levels of job satisfaction are reported. Most Mortgage Loan Specialists survey respondents are women (74 percent). A fair number enjoy medical while a strong majority get dental coverage. Vision coverage is also available to more than half. The numbers in this rundown were provided by PayScale's salary survey participants.

$29,664 - $52,767
(Median)
$30K
$38K
$53K
MEDIAN: $38,398
10%
50%
90%

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$12.64 - $20.48
(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
$29,664 - $52,767  
   
Bonus
$0.00 - $7,703  
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).
)
$28,144 - $51,892  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 142
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
$12.64 - $20.48  
   
Overtime
$17.72 - $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 - $7,703  
   
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).
)
$28,144 - $51,892  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 159

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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.

Mortgage Loan Specialist Job Listings

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Popular Employer Salaries for Mortgage Loan Specialist


Although Bank of America Corp. (BOFA) offers the highest salaries (median pay is $36K), survey participants reported a rather limited pay range of $28K to $49K.

Though certain workers may see earnings of up to $48K, SunTrust Mortgage, Inc. still falls short in the compensation department — the median pay is only $34K, the lowest in the field.


Mortgage Loan Specialists report a narrow range of specific skills. Loan Processing and Mortgage Loans are considered valuable skills and can increase employee pay.

Pay by Experience Level for Mortgage Loan Specialist

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


Experience and pay tend to be weakly linked for Mortgage Loan Specialists — those with more experience do not necessarily bring in higher earnings. Relatively untried employees who have fewer than five years of experience earn around $35K on average. People who have worked for five to 10 years can expect a higher median salary of $38K. For Mortgage Loan Specialists, 10 to 20 years of experience on the job amounts to an average salary of $40K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $50K, demonstrating that compensation is roughly commensurate with experience in the end.

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United States (change)

Experience Affects Mortgage Loan Specialist Salaries

Late-Career
up arrow 34%

Experienced
up arrow 6%

Mid-Career
up arrow 2%

National Average
$37,000

Entry-Level
up arrow 5%

Skills That Affect Mortgage Loan Specialist Salaries

Loan Processing
up arrow 15%

Mortgage Loans
up arrow 3%

National Average
$37,000

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 58 votes.

Gender

Female
74 %
Male
26 %

Years of Experience

Less than 1 year
3%
1-4 years
46%
5-9 years
28%
10-19 years
17%
20 years or more
7%

Common Health Benefits

medical benefits Medical: 80% dental benefits Dental: 75%
vision benefits Vision: 62% employee benefits None: 17%
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