Vice President (VP), Mortgage Lending Salary
On average, commissions constitute a fair portion (three in five) of final income for VPs of Mortgage Lending. That final number averages out to $93K across the industry. In the world of VPs of Mortgage Lending, total cash compensation can vary between $55K and $168K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $45K and $15K, respectively. Women make up the majority of VPs of Mortgage Lending (61 percent) who completed the questionnaire. Work is enjoyable for VPs of Mortgage Lending, who typically claim high levels of job satisfaction. Almost all report receiving medical coverage from their employers and a fair number collect dental insurance. This snapshot results from replies to PayScale's salary survey.
|Salary||$50,871 - $144,688|
|Bonus||$3,907 - $45,456|
|Profit Sharing||$387.83 - $15,456|
|Total Pay (||$54,486 - $178,212|
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. (Copyright 2017 PayScale.com)
Vice President (VP), Mortgage Lending Tasks
- 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.
- 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.
Vice President (VP), Mortgage Lending Job Listings
Pay by Experience Level for Vice President (VP), Mortgage Lending
Pay by Experience for a Vice President (VP), Mortgage Lending has a positive trend. An entry-level Vice President (VP), Mortgage Lending with less than 5 years of experience can expect to earn an average total compensation of $70,000 based on 9 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Vice President (VP), Mortgage Lending with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $111,000 based on 15 salaries. An experienced Vice President (VP), Mortgage Lending which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $96,000 based on 51 salaries. A Vice President (VP), Mortgage Lending with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $97,000 based on 59 salaries.
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Key Stats for Vice President (VP), Mortgage Lending
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