Mortgage Loan Specialist Salary

An average Mortgage Loan Specialist in the United States can expect to take home roughly $17.31 per hour. The most influential factor affecting pay for this group is experience level, though the company and geographic location have a (lesser) impact as well. The majority of workers are highly satisfied with their job. Most Mortgage Loan Specialists survey respondents are women (73 percent). A fair number report receiving medical coverage from their employers and a strong majority collect dental insurance. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$31,715 - $64,966
$32K
$41K
$65K
MEDIAN: $41,024
10%
50%
90%

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$13.67 - $22.55
$14
$17
$23
MEDIAN: $17.31
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
$31,715 - $64,966  
   
Bonus
$0.00 - $9,933  
Profit Sharing
$500  
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).
)
$30,884 - $56,270  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 75
© PayScale, Inc. @ www.payscale.com
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
$13.67 - $22.55  
   
Overtime
$19.15 - $34.93  
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 - $9,933  
   
Profit Sharing
$500  
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).
)
$30,884 - $56,270  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 107
© PayScale, Inc. @ www.payscale.com

Find Out Exactly What You Should Be Paid

United States (change)

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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

  • Ensure that loans are funded.
  • Oversee processing of closing documents for loans.

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.

Mortgage Loan Specialist Job Listings

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Popular Employer Salaries for Mortgage Loan Specialist


Mortgage Loan Specialists flock to Bank of America Corp. (BOFA) for generous paychecks, where average earnings of $41K lead the pack in compensation; however, Bank of America Corp. (BOFA) also provides employees with a wide spectrum of compensation ranging from $36K at one end to $98K at the other end.

Pay by Experience Level for Mortgage Loan Specialist

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


Survey participants with less than five years' experience pocket $35K on average, but those with five to 10 years of experience enjoy a much bigger median of $41K. For Mortgage Loan Specialists, 10 to 20 years of experience on the job amounts to an average salary of $45K. Folks who claim more than 20 years of relevant experience actually report a comparatively lower median income of $42K.

Pay Difference by Location

National Average: $39,179

Larger city markers indicate a job is popular in that location.

For those looking to make money, Mortgage Loan Specialists in Tampa enjoy an exceptional pay rate, 8 percent above the national average. Mortgage Loan Specialists will also find cushy salaries in Plano (+2 percent). Richmond is the lowest-paying area, 15 percent south of the national average. Not at the bottom but still paying below the median are employers in Jacksonville and Charlotte (10 percent lower and 5 percent lower, respectively).

Related Job Salaries

Key Stats for Mortgage Loan Specialist

Gender

Female
73 %
Male
27 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 23 votes.
Less than 1 year
4%
1-4 years
37%
5-9 years
26%
10-19 years
25%
20 years or more
7%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Loan Specialist Salaries

Experienced
▲14%

Late-Career
▲7%

▲3%

National Average
$39,000

▼12%

Skills That Affect Mortgage Loan Specialist Salaries


National Average
$39,000

Loan Documents
▼4%

Loan Processing
▼15%

Job Satisfaction

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

Gender

Female
73 %
Male
27 %

Years of Experience

Less than 1 year
4%
1-4 years
37%
5-9 years
26%
10-19 years
25%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 79%
dental benefits
Dental: 71%
vision benefits
Vision: 63%
dental benefits
None: 19%
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