Mortgage Loan Specialist Salary
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.
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.Read More...
Those in this position may have minimum sales goals, and commission is usually offered based on their success. Mortgage loan specialists must be entirely familiar with all company policies and regulations within their field and should have exceptional knowledge of the many types of mortgage loans and their requirements. They may carry out automated analyses based on information provided by a customer, such as credit score and salary, in order to generate pre-approval statuses. When customers are not qualified for loans, these specialists should provide suggestions regarding what they must change in order to secure them.
After an individual applies for a loan, the specialist should follow up with him/her in order to gather the necessary documents. Mortgage loan specialists keep an eye on the entire process, including following up with the underwriting department regarding progress and any problems that may arise and notifying clients when necessary. Those in this position generally work during traditional business hours in a banking or financial institution, though communication with clients may occur after-hours. A college degree in a finance-related field may be required by some employers.
Mortgage Loan Specialist Tasks
- Ensure that loans are funded.
- Oversee processing of closing documents for loans.
Common Career Paths for Mortgage Loan Specialist
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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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Key Stats for Mortgage Loan Specialist
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