Average Mortgage Loan Officer Salary

$45,942
Avg. SalaryShow Hourly Rate
$4,846
Bonus
$28,990
Commission
$2,056
Profit Sharing
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The average salary for a Mortgage Loan Officer is $45,942.
10%
$29k
10%
$46k
50%
$77k
90%
90%
MEDIAN $45,942
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United States (change)
Salary
$29k - $77k
Bonus
$800 - $29k
Profit Sharing
$1k - $12k
Commission
$5k - $104k
Total Pay
$31k - $95k

Your Market Worth Over Time

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Job Description for Mortgage Loan Officer

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.

Popular Employer Salaries for Mortgage Loan Officer

The top respondents for the job title Mortgage Loan Officer are from the companies BB&T Corp., Navy Federal Credit Union and Bank of America Corp. (BOFA). Reported salaries are highest at Bank of America Corp. (BOFA) where the average pay is $55,000. Other companies that offer high salaries for this role include Navy Federal Credit Union, earning around $49,000. BB&T Corp. pays the lowest at around $30,639. Wells Fargo Home Mortgage also pays on the lower end of the scale, paying $36,000.

Mortgage Loan Officer Job Listings

Popular Skills for Mortgage Loan Officer

Skills in Loan Processing and Loan Underwriting are correlated to pay that is above average. Skills that pay less than market rate include Sales, Residential Loans and Mortgage Loans.

Pay by Experience Level for Mortgage Loan Officer

An entry-level Mortgage Loan Officer with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $38,068 based on 150 salaries. An early career Mortgage Loan Officer with 1-4 years of experience earns an average total compensation of $40,489 based on 280 salaries. A mid-career Mortgage Loan Officer with 5-9 years of experience earns an average total compensation of $48,405 based on 165 salaries. An experienced Mortgage Loan Officer with 10-19 years of experience earns an average total compensation of $51,528 based on 204 salaries. In their late career (20 years and higher), employees earn an average total compensation of $55,166.
Employees with .NET Software Developer / Programmer in these locations earn less than the national average. The lowest salaries can be found in Tampa, Florida (17.9% less), Seattle, Washington (17.3% less) and Los Angeles, California (12.9% less).

Years of Experience

This data is based on 913 survey responses.
Entry Level
16.4%
Early Career
30.7%
Mid Career
18.1%
Experienced
22.3%
Late Career
12.5%