Mortgage Loan Specialists in the United States can expect wages of $17.28 per hour on average. In the world of Mortgage Loan Specialists, overall cash allowance can sometimes include more than $12K from bonuses, causing incomes to vary widely between $30K and $55K. The most important factor affecting compensation for this group is geography, followed by career duration and the particular employer. Medical benefits are awarded to most, and a strong majority earn dental coverage. Most Mortgage Loan Specialists like their work and job satisfaction is high. Men are in the minority of survey respondents, with female Mortgage Loan Specialists making up 71 percent. This snapshot results from replies to PayScale's salary survey.

$30,402 - $63,959
(Median)
$30K
$40K
$64K
MEDIAN: $40,337
10%
50%
90%

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$13.37 - $22.35
(Median)
$13
$17
$22
MEDIAN: $17.00
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$22K$44K$66K
Salary
$30,402 - $63,959  
   
Bonus
$0.00 - $11,892  
Profit Sharing
$0.00  
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).
)
$29,956 - $55,097  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 81
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
$13.37 - $22.35  
   
Overtime
$19.29 - $34.40  
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 - $11,892  
   
Profit Sharing
$0.00  
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).
)
$29,956 - $55,097  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 119
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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 $36K a year.

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Popular Employer Salaries for Mortgage Loan Specialist


Although the highest salaries can be found at Bank of America Corp. (BOFA) where median pay is $40K, there is little variation in compensation; paychecks are spread only between $34K and $49K.

Pay by Experience Level for Mortgage Loan Specialist

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


More years of relevant experience do not necessarily translate to higher paychecks. Salaries for the relatively untried average out to around $36K, but survey participants with five to 10 years of experience earn a significantly higher median of $40K. Mortgage Loan Specialists with one to two decades of relevant experience report an average salary of approximately $43K. Mortgage Loan Specialists who have stuck around for more than two decades see earnings that are no higher than those of folks who have worked for 10 to 20 years.

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Experience Affects Mortgage Loan Specialist Salaries

Late-Career
up arrow 11%

Experienced
up arrow 10%

Mid-Career
up arrow 3%

National Average
$39,000


Skills That Affect Mortgage Loan Specialist Salaries


National Average
$39,000

Loan Documents
up arrow 3%

Loan Processing
up arrow 14%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 23 votes.

Gender

Female
71 %
Male
29 %

Years of Experience

Less than 1 year
3%
1-4 years
40%
5-9 years
29%
10-19 years
23%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 81%
dental benefits
Dental: 73%
medical benefits
Vision: 65%
dental benefits
None: 17%
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