Mortgage Loan Officer Salary

In many cases, loan officers play a part in helping us finance the important key events in our lives. Buying a new car, investing in a new home, or financing a college education are some of many dreams that loan officers can help us achieve. It’s a noble profession and one that has the potential of being highly rewarding and satisfying.

Estimated Loan Officer Salary

It’s difficult to pinpoint an exact loan officer salary because it’s largely dependent on education, experience, location and tenure. In the United States loan officers can expect to earn an average of $41,000 a year with total cash compensation bottoming out at approximately $27,000 and gets close to $76,000 on the high end. The highest paid positions come with bonuses of around $10,000 and about $9,000 from profit sharing. A significant number of people in this profession have reported that they also receive medical coverage from their employers as well as dental insurance, perks that go a lot way towards job satisfaction.

The highest paid salaries in the loan officer profession work in the metropolitan areas of Sale and Lawrence, Massachusetts, New York City, Midland, Texas, San Francisco, California and Ocala, Florida.

Loan Officer Employment Opportunities

The majority of loan officers are employed by credit unions, commercial banks, mortgage companies, and associated financial institutions. Most consumer and commercial loan officer’s work on a full time basis and typically long hours. With the exception of consumer loan officers, traveling to consult with clients is fairly common.You can always check our site for the most current loan officer jobs.

Loan Officer Education and Training

Loan officers are generally required to have a minimum of a bachelors degree, ideally in a business related field which include accounting, finance and/or economics. Mortgage loan officers must have a mortgage loan originator license that requires that they pass an NMLS exam, have a minimum 20 hours of NMLS course work and successfully get through a MLO credit check and MLO background checks. Further on the job training takes place as well. This is usually a combination of formal, sponsored training as well as informal training over the first few months of employment. Licenses need to be renewed every year, and NMLS continuing education requirements may come into play in different states.

Loan officers whose career path progresses to positions that include Branch Manager or Bank VP role will result in a significant pay raise. On average, a Branch Manager or Bank VP can earn approximately $71,000 annually. It’s fairly common for loan officers to move into positions as Commercial loan officers or Bank Branch managers, groups that report median salaries that typically come in at around $25,000 and $11,000 higher, respectively.

Loan Officer Skill Sets

Important loan officer skill sets include the ability to handle commercial loans, residential loans and financial analysis, all associated with pay that’s substantially above average, resulting in increases of 22%, 46% and 13%. Skills sets that pay less than the average market rate include customer service, loan processing and consumer loans. For many individuals, proficiency in consumer loans usually means knowledge of loan underwriting and customer service.

The best loan officers are devoted, determined salespeople because most are compensated exclusively on commission. It’s also important to be detail oriented, because today’s loans include numerous data factors. In addition, loan officers need great decision making skills because they need to be able to analyze an applicants financial information in order to decide whether to award a loan. Successful loan officers are also good at disciplined follow up and communication, with exceptional customer service being the key to their success. Stellar customer service skills will lead to more business in the future. Those that focus on doing a great job and treating people fairly will also get referrals – the key to success in any industry.

So if you are ready to start your career as a loan officer select you State from here and sign up for your classes to get started!


Matching School Ads
  • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
  • Ranked among the Best Online MBA Programs by U.S. News and World Report in 2015.
  • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
  • About 800 students are enrolled at the main campus, and about half of them commute.
  • Online courses make it possible for students to earn a bachelor’s degree in as little as 18 months and a master’s degree in 14-24 months.

Programs:

  • Master of Business Administration - Multidisciplinary
  • Master of Business Administration (MBA)
  • B.S. in Business Administration
  • And more...
  • Degrees offered include Bachelor of Science in Accounting, Bachelor of Science in Business Administration, and Master of Business Administration.
  • Students are instructed in relevant business skills like communication, mathematics, and management.
  • Coursework emphasizes the development of project management, communication, decision-making, and problem-solving skills.
  • Flexible, 100% online and campus based programs available.

Programs:

  • BS in Business Administration
  • AAS in Business Administration - Business
  • BS in Business Administration - Investment
  • And more...
  • Why Earn Your Degree from GCU?
  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
  • Quality: Grand Canyon University was founded in 1949 and is regionally accredited. Learn more today!

Programs:

  • M.B.A.
  • B.S. in Business Administration
  • Bridge (Doctor of Business Administration with an Emphasis in Data Analytics)
  • And more...
  • Impact your world with a degree from Walden. Start today!
  • Walden degree and certificate programs are designed for working professionals. Click for more information.
  • Receive personal attention from advisors in enrollment, financial aid, academics, and other support services to make the most of your online program.
  • Study worry-free knowing you have 24/7 access to Walden technical support.
  • Convenient start dates throughout the year

Programs:

  • M.B.A. (Master of Business Administration) - Self designed
  • D.B.A. - Self-Designed
  • D.B.A. in Social Impact Management
  • And more...
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.

Programs:

  • Business Administration (BS)
  • Business Administration (with Concentrations) (MBA)
  • Business Administration (MBA)
  • And more...

Loan Officer Salary
Tagged on:

Leave a Reply

Your email address will not be published. Required fields are marked *