Mortgage Loan Specialist Salary

Pay for Mortgage Loan Specialists in the United States sits in the ballpark of $17.75 per hour. Earnings for this group are mostly affected by career duration, followed by the company and location. Most workers in this position report high levels of job satisfaction. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. Most Mortgage Loan Specialists survey respondents are women (72 percent). This snapshot results from replies to PayScale's salary survey.

$31,926 - $66,114
$32K
$42K
$66K
MEDIAN: $42,398
10%
50%
90%

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$13.97 - $23.13
$14
$18
$23
MEDIAN: $17.66
10%
50%
90%

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$0$66K
Salary $31,926 - $66,114
Bonus $0.00 - $10,022
Profit Sharing $850
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).
)
$31,322 - $59,058
  • Country: United States
  • Currency: USD
  • Updated: 13 Oct 2017
  • Individuals Reporting: 86
Hourly Data $0$35
Hourly Rate $13.97 - $23.13
Overtime $18.81 - $35.68
Annual Data $0$59K
Bonus $0.00 - $10,022
Profit Sharing $850
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).
)
$31,322 - $59,058
  • Country: United States
  • Currency: USD
  • Updated: 13 Oct 2017
  • Individuals Reporting: 106

Job Description for Mortgage Loan Specialist

Mortgage loan specialists help clients secure financing for homes and business-related buildings. Although some leads are presented to them directly, these specialists are generally required to find clients by working with realtors and businesses.

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Mortgage Loan Specialist Tasks

  • Oversee processing of closing documents for loans.
  • Ensure that loans are funded.

Common Career Paths for Mortgage Loan Specialist


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Many Mortgage Loan Specialists transition into upper-level roles like Mortgage Loan Processor. However, Mortgage Loan Processors do report a slightly lower median income of $36K per year.

Mortgage Loan Specialist Job Listings

Popular Employer Salaries for Mortgage Loan Specialist


Bank of America Corp. (BOFA) pays the most with a median salary of $41K, though with a large amount of variation, going from a low of $36K to a high of $98K.

Pay by Experience Level for Mortgage Loan Specialist

Pay by Experience for a Mortgage Loan Specialist has a positive trend. An entry-level Mortgage Loan Specialist with less than 5 years of experience can expect to earn an average total compensation of $35,000 based on 95 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Mortgage Loan Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $41,000 based on 61 salaries. An experienced Mortgage Loan Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $45,000 based on 47 salaries. A Mortgage Loan Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $42,000 based on 13 salaries.

Pay Difference by Location

National Average: $40,459

Larger city markers indicate a job is popular in that location.

For Mortgage Loan Specialists, busy Tampa offers a higher-than-average pay rate, 6 percent above the national average. Richmond is home to the smallest salaries in the field, lagging the national average by 16 percent. A couple other locations with smaller-than-average paychecks include Jacksonville (12 percent lower) and Charlotte (7 percent lower).

Mortgage Loan Specialist Reviews

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

Mortgage Loan Specialist in Plano:
"Casual and team work environment."
Pros: Location.
Cons: Very numbers oriented, stressful.

Related Job Salaries

Key Stats for Mortgage Loan Specialist

Gender

Female
68 %
Male
32 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 23 votes.
Less than 1 year
5%
1-4 years
35%
5-9 years
26%
10-19 years
27%
20 years or more
8%

Experience Affects Mortgage Loan Specialist Salaries

Experienced
▲11%

Late-Career
▲3%

▼0%

National Average
$40,000

▼14%

Skills That Affect Mortgage Loan Specialist Salaries


National Average
$40,000

Loan Documents
▼7%

Loan Processing
▼18%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 23 votes.

Gender

Female
68 %
Male
32 %

Years of Experience

Less than 1 year
5%
1-4 years
35%
5-9 years
26%
10-19 years
27%
20 years or more
8%

Common Health Benefits

medical benefits
Medical: 79%
dental benefits
Dental: 73%
vision benefits
Vision: 67%
no benefits
None: 19%