Vice President (VP), Mortgage Lending Salary

Commissions constitute a big slice (a little under three-quarters on average) of overall compensation for VPs of Mortgage Lending, and the median take-home for this group lies near $98K. In the world of VPs of Mortgage Lending, overall income ranges from $59K near the bottom to $166K at the top; this can include more than $41K from bonuses and more than $10K from profit sharing in exceptional cases. Medical benefits are awarded to almost all, and a large number earn dental coverage. The majority of VPs of Mortgage Lending (61 percent) who took the survey are female. The majority of VPs of Mortgage Lending claim high levels of job satisfaction. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.

$54,248 - $142,134
$54K
$88K
$140K
MEDIAN: $88,049
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
$54,248 - $142,134  
   
Bonus
$2,013 - $40,851  
Profit Sharing
$394.53 - $10,137  
Commission
$70,000  
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).
)
$58,843 - $166,491  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 113

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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.


VPs of Mortgage Lending with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Salaries of relatively inexperienced workers fall in the neighborhood of $70K, but folks who have racked up five to 10 years see a notably higher median of $94K. VPs of Mortgage Lending bring in $99K after working for 10 to 20 years. 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 $100K.

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Key Stats for Vice President (VP), Mortgage Lending

Gender

Female
61 %
Male
39 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 20 votes.
1-4 years
4%
5-9 years
5%
10-19 years
35%
20 years or more
56%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Vice President (VP), Mortgage Lending Salaries

Late-Career
▲2%

Experienced
▲1%

National Average
$98,000

Mid-Career
▼4%

Entry-Level
▼29%

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

National Average
$98,000

Operations Management
▼3%

Loan Underwriting
▼12%

Mortgage Loans
▼16%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 20 votes.

Gender

Female
61 %
Male
39 %

Years of Experience

1-4 years
4%
5-9 years
5%
10-19 years
35%
20 years or more
56%

Common Health Benefits

medical benefits
Medical: 95%
dental benefits
Dental: 84%
vision benefits
Vision: 73%
dental benefits
None: 4%
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