Vice President (VP), Mortgage Lending Salary
Commissions constitute a big slice (just under a half on average) of overall compensation for VPs of Mortgage Lending, and the median take-home for this group lies near $96K. Total incomes of VPs of Mortgage Lending incorporate potential for, in a few cases, more than $31K from bonuses and close to $10K from profit sharing; these performance components cause packages to range between $58K and $173K. Women VPs of Mortgage Lending who took the survey just slightly outnumber men. Medical benefits are awarded to nearly all, and most earn dental coverage. The majority of workers are highly satisfied with their job. This report is based on answers to PayScale's salary questionnaire.
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.Read More...
The vice president may have sales goals that need to be met, and they often work with a marketing department to create marketing materials on their company and its loan offerings. In some positions, the vice president of mortgage lending personally reviews loans to assess and grant exceptions to loans that do not fit the requirements, as well as makes sales pitches to customers. Vice presidents of mortgage lending need to stay up to date on their competitors' offerings and strategies, adjusting their own company's strategy as needed to stay competitive.
At least a bachelor's degree in finance or another relevant field is typically required for this job; as a senior position, relevant experience is needed as well. Vice presidents of mortgage lending also need strong communications skills to manage a diverse range of employees and reach out to investors, as well as the ability to multitask effectively and work well in a team setting.
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.
Vice President (VP), Mortgage Lending Job Listings
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Pay by Experience Level for Vice President (VP), Mortgage Lending
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For VPs of Mortgage Lending, experience does not seem to be a major factor in determining pay. The average worker who claims fewer than five years of experience earns around $70K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $92K. For VPs of Mortgage Lending, 10 to 20 years of experience on the job amounts to an average salary of $97K. More than 20 years of experience mean a somewhat bigger median paycheck of $99K, but it's not much more than what less experienced people make.