The average salary for a Mortgage Loan Officer is $45,942.
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$29k - $77k
$800 - $29k
$1k - $12k
$5k - $104k
$31k - $95k
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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 indus…Read more
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.
Pay Difference by Location
Learn more about cost of living by city.
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.
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