Mortgage Loan Specialist Salary

Median pay for Mortgage Loan Specialists in the United States lies in the neighborhood of $16.32 per hour. Experience level is the main element affecting pay for this group — geography and the individual firm are driving factors as well. Female Mortgage Loan Specialists make up most of the survey respondents at 74 percent. A strong majority report receiving medical coverage from their employers and a fair number collect dental insurance. Job satisfaction is considered about average by most people in this profession. Respondents to the PayScale salary survey provided the data for this report.

$29,628 - $52,711
(Median)
$30K
$38K
$53K
MEDIAN: $37,564
10%
50%
90%

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$12.69 - $20.40
(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
$29,628 - $52,711  
   
Bonus
$0.00 - $7,681  
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).
)
$28,277 - $51,899  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 143
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
$12.69 - $20.40  
   
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 - $7,681  
   
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).
)
$28,277 - $51,899  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 157

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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


Mortgage Loan Specialists in search of the best pay head to Bank of America Corp. (BOFA), where the median salary rolls in at $36K. Although pay is top-notch overall, it does seem to be curbed at $49K, which isn't dramatically higher than the lower-end figure of $28K.

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.


Survey takers who work as Mortgage Loan Specialists usually report a few specific skills. Loan Processing and Mortgage Loans are considered valuable skills and can increase employee pay by 16 percent and 3 percent, respectively.

Pay by Experience Level for Mortgage Loan Specialist

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


For Mortgage Loan Specialists, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Folks with fewer than five years of experience take home $35K on average, and those who have worked for five to 10 years see a bigger median salary of $38K. Mortgage Loan Specialists who work for 10 to 20 years in their occupation tend to earn about $39K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $51K, demonstrating that compensation is roughly commensurate with experience in the end.

Related Job Salaries

United States (change)

Experience Affects Mortgage Loan Specialist Salaries

Late-Career
up arrow 38%

Experienced
up arrow 5%

Mid-Career
up arrow 2%

National Average
$37,000

Entry-Level
up arrow 4%

Skills That Affect Mortgage Loan Specialist Salaries

Loan Processing
up arrow 16%

Mortgage Loans
up arrow 3%

National Average
$37,000

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 61 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
16%
20 years or more
7%

Common Health Benefits

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