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.
|Salary||$54,248 - $142,134|
|Bonus||$2,013 - $40,851|
|Profit Sharing||$394.53 - $10,137|
|Total Pay (||$58,843 - $166,491|
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.
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
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