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.

$55,000 - $145,100
(Median)
$55K
$89K
$150K
MEDIAN: $88,764
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$60K$120K$180K
Salary
$55,000 - $145,100  
   
Bonus
$1,541 - $30,639  
Profit Sharing
$391.49 - $10,213  
Commission
$45,000  
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).
)
$57,978 - $172,867  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 104
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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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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.

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Experience Affects Vice President (VP), Mortgage Lending Salaries

Late-Career
up arrow 3%

Experienced
up arrow 1%

National Average
$96,000

Mid-Career
up arrow 4%

Entry-Level
up arrow 28%

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

National Average
$96,000

Operations Management
up arrow 3%

Loan Underwriting
up arrow 10%

Mortgage Loans
up arrow 15%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 19 votes.

Gender

Female
58 %
Male
42 %

Years of Experience

1-4 years
4%
5-9 years
6%
10-19 years
36%
20 years or more
54%

Common Health Benefits

medical benefits
Medical: 94%
dental benefits
Dental: 85%
medical benefits
Vision: 72%
dental benefits
None: 5%
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