Mortgage Loan Specialist Salary

An average Mortgage Loan Specialist in the United States can expect to take home roughly $16.45 per hour. Compensation for this group is mainly affected by experience level, but the particular city and the individual firm are influential factors as well. Most Mortgage Loan Specialists survey respondents are women (72 percent). Among folks in this role, job satisfaction levels approximately match the national average. A fair number receive medical and dental insurance and a majority get vision insurance. The numbers in this rundown were provided by PayScale's salary survey participants.

$29,679 - $53,411

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$12.77 - $20.71

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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$18K$36K$54K
Salary
$29,679 - $53,411  
   
Bonus
$0.00 - $8,285  
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).
)
$28,357 - $52,182  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 142
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
$12.77 - $20.71  
   
Overtime
$17.75 - $34.56  
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 - $8,285  
   
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).
)
$28,357 - $52,182  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 167
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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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Many Mortgage Loan Specialists move into a Mortgage Loan Processor role, which does not lead to a big boost in pay. Mortgage Loan Processors on average bring in a similar salary to Mortgage Loan Specialists.

Mortgage Loan Specialist Job Listings

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Popular Employer Salaries for Mortgage Loan Specialist


Salary cannot be beat at Bank of America Corp. (BOFA), where median pay comes to $38K. The range seems somewhat confined, however; the lower end sits at $29K, and the higher end is not far away at $49K.

The consistently lowest paying firm on the list is SunTrust Mortgage, Inc., where the median salary is just $34K. However, employees at the top of the pay scale do tend to do well, earning around $48K.


Job skills reported by Mortgage Loan Specialists are limited. Those who have experience with Mortgage Loans, Loan Processing, and Loan Documents can expect to be compensated well for these skills. Skills that pay less than market rate include Loan Documents.

Pay by Experience Level for Mortgage Loan Specialist

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


Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. Those who have worked for fewer than five years take home a median salary of $35K, and workers with five to 10 years of experience earn a higher $38K on average. After working for 10 to 20 years, Mortgage Loan Specialists make a median salary of $40K. Big financial gains seem to result from working for more than two decades; veterans in this group report earning $53K on average.

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Experience Affects Mortgage Loan Specialist Salaries

Late-Career
up arrow 42%

Experienced
up arrow 7%

Mid-Career
up arrow 1%

National Average
$37,000

Entry-Level
up arrow 6%

Skills That Affect Mortgage Loan Specialist Salaries

Mortgage Loans
up arrow 2%

Loan Processing
up arrow 2%

National Average
$37,000

Loan Documents
up arrow 3%

Job Satisfaction

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

Gender

Female
72 %
Male
28 %

Years of Experience

Less than 1 year
2%
1-4 years
47%
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: 62% employee benefits None: 18%
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