The average salary for a Mortgage Loan Officer is C$44,043 per year.

C$33,362 - C$50,963
C$33K
C$44K
C$51K
MEDIAN: C$44,378
10%
50%
90%
C$16.28 - C$27.51
C$24
MEDIAN: C$24.44
50%
C$0C$53K
Salary C$33,362 - C$50,963
Bonus C$0.00 - C$5,575
Profit Sharing C$1,250
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).
)
C$33,783 - C$53,491
  • Country: Canada
  • Currency: CAD
  • Updated: 9 Jan 2018
  • Individuals Reporting: 53
Hourly Data C$0C$37
Hourly Rate C$24.44
Overtime C$37.50
Annual Data C$0C$53K
Bonus C$0.00 - C$5,575
Profit Sharing C$1,250
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).
)
C$33,783 - C$53,491
  • Country: United States
  • Currency: CAD
  • Updated: 9 Jan 2018
  • Individuals Reporting: 8

Job Description for Mortgage Loan Officer

The main objective of the mortgage loan officer is to increase the bank's customer base by finding and securing new customers seeking a mortgage. The mortgage loan officer is responsible for developing business relationships, soliciting mortgage customers, and handling customer screenings and loan pre-approvals. They also must work to increase their organization's mortgage customer base, and the officer may oversee a small staff. Most of the time, mortgage loan officers work in the banking industry and handle mortgage loan processes for these organizations; occasionally, a mortgage loan officer may work directly for a real estate firm. The mortgage loan officer is responsible for integrating mortgage loan information and statistics into the bank's strategic planning reviews, identifying improvements that can be made to the mortgage loan system and meeting organizational customer service expectations.

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Mortgage Loan Officer Tasks

  • Obtain and compile financial information to evaluate loan applications and their risk.
  • Generate new clients and referrals through strong relationship building.
  • Track and maintain credit and loan data.
  • Work directly with clients to review agreements, explain programs, and negotiate loans and terms.

Mortgage Loan Officer Job Listings

Pay by Experience Level for Mortgage Loan Officer

Pay by Experience for a Mortgage Loan Officer has a positive trend. An entry-level Mortgage Loan Officer with less than 5 years of experience can expect to earn an average total compensation of C$44,000 based on 16 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Mortgage Loan Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of C$43,000 based on 7 salaries. An experienced Mortgage Loan Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of C$48,000 based on 8 salaries. A Mortgage Loan Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of C$53,000 based on 9 salaries.

Mortgage Loan Officer Reviews

Q: What is it like working as a Mortgage Loan Officer?

Mortgage Loan Officer in Toronto:
"Redundant."
Pros: The people I work with and the money I am paid.
Cons: The brokers I deal with as well as tbe clients.

Mortgage Loan Officer in Toronto:
Pros: Helping people with their home ownership.
Cons: Dealing with deadlines and staff shortages.

Key Stats for Mortgage Loan Officer

Gender

Female
84 %
Male
16 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 6 votes.
1-4 years
52%
5-9 years
25%
10-19 years
18%
20 years or more
5%

Experience Affects Mortgage Loan Officer Salaries

Late-Career
▲16%

Experienced
▲5%

National Average
C$45,000

Entry-Level
▼2%

Mid-Career
▼6%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 6 votes.

Gender

Female
84 %
Male
16 %

Years of Experience

1-4 years
52%
5-9 years
25%
10-19 years
18%
20 years or more
5%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 81%
vision benefits
Vision: 61%
no benefits
None: 16%