Vice President (VP), Mortgage Lending Salary

A substantial slice of final earnings for VPs of Mortgage Lending (slightly less than a third) arrives through commissions. Median overall income in this area is approximately $91K. With some bonuses approaching $30K and certain profit sharing proceeds approaching $15K, overall incomes of VPs of Mortgage Lending spread between $52K and $144K depending on individual performance. The majority of workers are highly satisfied with their job. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. Men working as VPs of Mortgage Lending who took the survey just slightly outnumber women at 56 percent. The numbers in this rundown were provided by PayScale's salary survey participants.

$48,475 - $127,344
(Median)
$48K
$83K
$130K
MEDIAN: $83,370
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$50K$100K$150K
Salary
$48,475 - $127,344  
   
Bonus
$1,485 - $30,151  
Profit Sharing
$1,021 - $14,681  
Commission
$28,000  
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).
)
$51,660 - $144,305  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 159
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Job Description for Vice President (VP), Mortgage Lending

A vice president (VP) of mortgage lending overseas their financial institution's mortgage lending department, which can be in one location or an entire region. The vice president structures credit policies for the company; for example, this includes the requirements that must be met before a customer secures a loan and requirements to obtain pre-approval. Additionally, guidelines for the underwriting department and other departments involved in the loan evaluation and granting process are created and modified by the vice president when necessary.

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Vice President (VP), Mortgage Lending Tasks

  • Oversee loan department processes to ensure all procedures and regulations are followed.
  • Manage the operations of the loan department, including sales, reviewing applications, and closing loans.
  • Work with senior management to develop strategic plans to develop and improve lending operations.
  • Examine department service, processes, and products to make sure they meet customer needs.

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Survey takers who work as VPs of Mortgage Lending usually report a few specific skills. Operations Management and Loan Underwriting are considered valuable skills and can increase employee pay by 6 percent and 4 percent, respectively. Skills that pay less than market rate include Mortgage Loans. Experience with Loan Underwriting is often linked with knowledge of Operations Management.

Pay by Experience Level for Vice President (VP), Mortgage Lending

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


VPs of Mortgage Lending do not generally earn higher incomes from more experience in the field. Although individuals who have less than five years' experience earn $70K on average, people with five to 10 years benefit from a notably larger average of $84K. VPs of Mortgage Lending see a median salary of $91K after reaching one to two decades on the job. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $97K.

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Experience Affects Vice President (VP), Mortgage Lending Salaries

Late-Career
up arrow 6%

Experienced
0%

National Average
$91,000

Mid-Career
up arrow 8%

Entry-Level
up arrow 24%

Skills That Affect Vice President (VP), Mortgage Lending Salaries

Operations Management
up arrow 6%

Loan Underwriting
up arrow 4%

National Average
$91,000

Mortgage Loans
up arrow 10%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 34 votes.

Gender

Female
44 %
Male
56 %

Years of Experience

1-4 years
4%
5-9 years
5%
10-19 years
37%
20 years or more
54%

Common Health Benefits

medical benefits
Medical: 91%
dental benefits
Dental: 83%
medical benefits
Vision: 67%
dental benefits
None: 7%
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