average salary of a mortgage loan officer
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Loan Officer: Representatives of banks, credit unions and other financial institutions that find and assist borrowers in acquiring loans. Some specialized loan officers, called loan underwriters.
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Interested in becoming a Mortgage Loan Officer? We provide all the information you need to start your career and earn your Loan Officer License
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Sometimes referred to as commercial loan officers, these banking professionals work. As with any job, location affects salaries. A bank commercial lender working in Los Angeles, for example, earns.
· Education: You must generally have a bachelor’s degree in finance, economics, or a related field to work as a loan officer. Licensure: There are currently no specific licensing requirements for loan officers working in banks or credit unions, but licensing requirements for loan officers who work in mortgage banks or brokerages can vary by state.They must generally have a Mortgage Loan.
The median salary for a loan officer in 2016 was $63,650, according to the BLS. Top earners made a lucrative $132,290, while those in the bottom 10th percentile earned $32,820. According to Donnelly, many loan officers receive their pay from commissions, so their earnings could fluctuate from year to year.
The base salary for loan officer ranges from $57,377 to $74,393 with the average base salary of $65,602. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $59,730 to $81,769 with the average total cash compensation of $70,091.
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Loan Officers, also referred to as "Mortgage Loan Originators," are people who work for banks and other financial institutions with the main objective to recommend individual and business loan applications for approval and participate in the front end of the mortgage origination process.
Median pay for Loan Officers in the United States lies in the neighborhood of $45K annually. Overall incomes of Loan Officers – including $14K bonuses, $10K profit sharing proceeds, and $80K commissions on the more lucrative end – generally ranges between $29K and $78K.
The national average salary for a Mortgage Loan Officer is $36,395 in United States. Filter by location to see Mortgage Loan Officer salaries in your area. Salary estimates are based on 1,058 salaries submitted anonymously to Glassdoor by Mortgage Loan Officer employees.