Loan and mortgage loan officer assistants play an integral part in the loan process. They’re not only involved in a lot of the behind-the-scenes work like double checking applications and preparing estimates for the lender. They also directly help customers by answering any questions and making sure they understand the loan terms they’re agreeing to.
If you’re considering a career as a mortgage loan officer assistant or similar, you might wonder about the differences between your role and that of a loan officer. You’re probably also curious how much those differences affect your salary.
It definitely helps to understand the role of each title in the loan process. Once you understand the responsibilities of the job, understanding what to expect as a salary for a loan officer assistant both now and a few years into your career will become a little clearer.
Loan Officer vs. Loan Officer Assistant
When thinking about salary, it’s important to know what the expected job duties of the position are. For a loan officer assistant, most of their daily tasks involve making sure the loan officer, customer, and lender all have what they need for the loan to proceed. A loan officer assistant is a pretty important part of the whole process.
So, what does a loan officer do? Basically, they help clients find and secure various kinds of loans.
Loan officers have extensive knowledge of all the different loans available from various financial institutions. They also know the qualifications that are necessary for each type of loan and what conditions have to be met. They usually specialize in either mortgage, consumer, or commercial loans and work in places like credit unions, banks, or mortgage companies, depending on their area of expertise.
When a customer wants to secure a loan, they work directly with a loan officer to find an arrangement and set terms that work for both the borrower and the lender. In this respect, the loan officer acts as an intermediate between the customer and the lender to make sure all parties are as satisfied as they can be.
It’s a loan officer’s job to know what loans are available. That could mean informing clients of promotional offers for good credit or a knowing of a way to help someone with extenuating circumstances to work through. Clients usually come to the bank or credit union to meet with the loan officer but it’s not unusual for the loan officer to travel to the client.
Now, what is the role of a loan officer assistant? While you might think it’s mostly supportive tasks like filling out forms, proofreading or making copies, they actually play a pretty big part in the process. They’re responsible for most of the behind-the-scenes work that gets done when it comes to loan applications and any administrative tasks.
Loan officer assistants make sure all the requirements are met before a loan application gets submitted, prepare cost estimates for the lender, answer client questions, and makes sure all parties involved have all the information they need. Assistant loan officers are there from the beginning to the end of the loan process. They prepare letters of credit, facilitate closings, help with marketing, and make sure clients understand the complex loan terms they’re agreeing to.
Loan Officer Assistant Qualifications
There aren’t standard qualifications to becoming a loan officer assistant. Most companies have their own criteria. A quick look at the job postings for loan officer assistants shows that some companies require an associate degree or even a bachelor’s while others only ask for a high school diploma and some prior experience.
With such a range of qualifications, it stands to reason that salaries vary quite a bit as well. It would be reasonable to expect that a loan officer assistant with a degree would receive more in compensation than someone who only had a high school diploma. That said, there’s no real way to quantify that information because so much depends on the employer.
According to Payscale, the median salary for a loan officer assistant is $36,832 with reported salaries ranging between $28,429 and $48,959. The Payscale data is interesting because it seems that, after an initial pay increase after about 5 years of experience, salaries stay relatively flat. That is, there isn’t much change in salaries between assistant loan officers who’ve worked for 10 years versus those who’ve worked for 20.
It’s possible to break this down even further. For example, Payscale reports that the average commercial loan officer assistant makes between $30,237 and $60,896 a year with an hourly rate of $13.80–$27.64.
Another thing the Payscale data suggests is the potential for bonuses, profit sharing, and commissions. While this is true, it very much depends on the employer. Not every company offers these benefits. For those that do, overall total pay is anywhere from $26,138–$53,945, or an average of $40,041.
Salary information from Neuvoo is a little more promising with an average of $44,143, ranging from $31,000 to $62,000. LinkedIn reports an average salary of $36,200 with a range of $25,000 to $48,000.
It’s difficult to get completely accurate information because sites like these typically use self-reported information. That is to say that employees who happen to visit the site and agree to anonymously report their salaries are factored in to get these figures. Generally, it’s safe to assume that the salaries at the low end of the range are the amount given for entry-level positions.
Some loan officer assistants can receive insurance coverage through their employer. Though this is completely determined at the discretion of the employer, it seems to be somewhat common. Payscale reports that 71% of loan officer assistants get medical insurance, 64% dental, and 55% vision. Only 25% reported no benefits at all.
What to Expect
Averaging the information we collected here, loan officer assistants earn an average salary of about $39,000. While actual salaries, bonuses, and benefits depend on each employer, it’s a safe bet to assume that a mid-level loan officer assistant in a typical company would make roughly this amount.