Mortgage Loan Specialist Salary

Average Mortgage Loan Specialists in the United States make around $16.36 per hour. Compensation for this group is mainly affected by career length, but geography and the individual firm are influential factors as well. Men are in the minority of survey respondents, with female Mortgage Loan Specialists making up 72 percent. A strong majority report receiving medical coverage from their employers and a fair number collect dental insurance. Work is reasonably fulfilling for most Mortgage Loan Specialists — the majority report average levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.

$29,679 - $53,411
(Median)
$30K
$38K
$53K
MEDIAN: $38,172
10%
50%
90%

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$12.72 - $20.43
(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
$29,679 - $53,411  
   
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).
)
$28,375 - $52,097  
Country: United States | Currency: USD | Updated: 20 Jun 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
$12.72 - $20.43  
   
Overtime
$17.80 - $34.37  
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).
)
$28,375 - $52,097  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 161
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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


Although the highest salaries can be found at Bank of America Corp. (BOFA) where median pay is $37K, there is little variation in compensation; paychecks are spread only between $29K and $49K.

While select SunTrust Mortgage, Inc. employees may bring in up to $48K, a median salary of only $34K — the lowest in the field — suggests a serious lag in the earnings department.


Survey results show that Mortgage Loan Specialists typically report just a few professional skills. Those who have experience with Loan Processing, Mortgage Loans, and Loan Documents 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.


Experience does not seem to be a strong driver of pay increase in this role. 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. On average, Mortgage Loan Specialists make $40K following one to two decades on the job. As Mortgage Loan Specialists reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $52K.

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Experience Affects Mortgage Loan Specialist Salaries

Late-Career
up arrow 40%

Experienced
up arrow 7%

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

Mortgage Loans
up arrow 2%

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
17%
20 years or more
7%

Common Health Benefits

medical benefits Medical: 79% dental benefits Dental: 74%
vision benefits Vision: 62% employee benefits None: 17%
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