Mortgage Originator Salary

A big portion of take-home pay for Mortgage Originators — more than two-fifths, in fact — arrives through commissions. This profession's median overall income is approximately $47K. In the world of Mortgage Originators, overall cash allowance can occasionally include more than $20K from bonuses and, in some exceptional cases, $55K from profit sharing, causing incomes to vary widely between $30K and $82K. Women make up a slight majority of Mortgage Originators (59 percent) survey respondents. Medical benefits are awarded to a large number, and a majority earn dental coverage. Job satisfaction is high and work is enjoyable for most Mortgage Originators. This snapshot results from replies to PayScale's salary survey.
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$28,188 - $70,363
(Median)
$28K
$43K
$70K
MEDIAN: $42,598
10%
50%
90%

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$10.00 - $24.12
(Median)
$10
$15
$24
MEDIAN: $15.00
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$28K$56K$84K
Salary
$28,188 - $70,363  
   
Bonus
$0.00 - $20,250  
Profit Sharing
$0.00 - $54,631  
Commission
$1,957 - $61,277  
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).
)
$29,923 - $81,827  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 217
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$14$28$42
Hourly Rate
$10.00 - $24.12  
   
Overtime
$14.90 - $29.05  
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$28K$56K$84K
Bonus
$0.00 - $20,250  
   
Commission
$1,957 - $61,277  
Profit Sharing
$0.00 - $54,631  
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).
)
$29,923 - $81,827  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 49
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Job Description for Mortgage Originator

Being a mortgage originator means that you will spend the majority of your time looking for new clients who want to buy a home or commercial real estate. You may work for a bank, credit union, or mortgage company. There is a lot of flexibility in this line of work. Depending on what a person does best, they may stay in the office and look for clients by phone or online, or they may go out and market with other people in the business. As time goes on, most will find their niche and learn what works best for them.

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Mortgage Originator Tasks

  • Develop referral base of other banks, agents, attorneys, CPAS, appraisers, realtors, and builders.
  • Ensure a continual volume of loan clients, applications, and closings for purchase or refinance.
  • Assist potential borrowers in loan application process and complete documentation for loan products.
  • Identify financial needs, make proposals, and close business of borrowers.
  • Assign approved applications to a processor for the closing process.

Common Career Paths for Mortgage Originator


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It is somewhat unusual to come across Mortgage Originators who move on to become Mortgage Loan Underwriters, but it does happen from time to time, and the median salary for that position sits slightly higher at $55K. A common career progression for a Mortgage Originator is to become a Banking Branch Manager or a Mortgage Loan Officer. Compared to Mortgage Originators, the first group earns $5K more on average, and the second group earns $2K more.

Mortgage Originator Job Listings

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Professional skills reported by Mortgage Originators are few in number. Those who have experience with Mortgage Loans, Sales, and Customer Service can expect to be compensated well for these skills. Those listing Customer Service as a skill should be prepared for drastically lower pay. Sales and Mortgage Loans also typically command lower compensation. It is not unusual for someone who knows Mortgage Loans to be familiar with Sales as well.

Pay by Experience Level for Mortgage Originator

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


Mortgage Originators with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Although individuals who have less than five years' experience earn $42K on average, people with five to 10 years benefit from a notably larger average of $50K. Mortgage Originators with one to two decades of relevant experience report an average salary of approximately $57K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $59K.

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Experience Affects Mortgage Originator Salaries

Late-Career
up arrow 28%

Experienced
up arrow 23%

Mid-Career
up arrow 8%

National Average
$47,000


Skills That Affect Mortgage Originator Salaries

National Average
$47,000


up arrow 19%

Customer Service
up arrow 23%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 41 votes.

Gender

Female
59 %
Male
41 %

Years of Experience

Less than 1 year
6%
1-4 years
42%
5-9 years
19%
10-19 years
21%
20 years or more
12%

Common Health Benefits

medical benefits
Medical: 80%
dental benefits
Dental: 70%
medical benefits
Vision: 54%
dental benefits
None: 16%
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