Mortgage Loan Officer Salary
Average by State
Are you thinking about starting your career as a Mortgage Loan Officer (MLO)?
The first thing you should know is that this isn’t a job where you’ll just be crunching numbers or licking envelopes. You’ll also get to collaborate with tons of new people every day and make important financial decisions.
In this article, we walk you through the salary and commission structure for a junior, intermediate and senior-level MLO in each of the 50 states.
Bonus: We also share a few tips on how you can boost your salary as a loan officer and enjoy a very prolific career.
Let’s get started!
Chapters
chapter 1:
Loan Officer Responsibilities
A Mortgage Loan Originator could pertain to either an individual or an institution. In the case of the latter, this is usually a bank or some other type of financial lending institution.
The loan officer walks borrowers through the process of getting their loan application approved. An MLO, in particular, helps borrowers procure the financing they need to buy a house.
Given that this is a big life decision for the borrower, an MLO does so much more than simply represent the institution in selling loan products. They take on the job of being a confidante and adviser in whose guidance the borrower places their full trust.
What is a Mortgage Loan Officer’s Job Description?
A day in the life of an MLO looks something like this:
- Interviewing loan applicants and walking them through the terms and conditions of the loan
- Assessing borrowers’ needs while taking into consideration their income, assets and credit to assess their creditworthiness
- Collecting borrowers’ documentation like an appraisal report, credit report and reference check
- Guiding them through the paperwork and preparing loan documents in compliance with industry standards
- Facilitating the closing between the buyer, seller, real estate agent, escrow officer, etc.
- Resolving issues in a timely manner
Because this job has a high satisfaction rate, Best Business Jobs ranks this profession at #8 in 2021, based on a range of factors like salary, future growth, job stress and work-life balance, to name a few.
The professional life of an MLO is pretty rewarding. You’ll see a lot of interesting challenges come your way. As an MLO, you’ll enter the borrower’s life at one of their biggest moments, and expertly guide them through it.
chapter 2:
Loan Officer Salary Structure & Benefits
An MLO working for a larger institution, like a bank for example, is more likely to receive a salary, commission and benefits. They have access to a ready stream of client walk-ins and prospect phone calls.
On the flip side, a small state-licensed mortgage broker may have to solely rely on commissions for their income.
At times, your commission may even be dependent on a monthly quota, i.e. if you close “X” value in loans every month, you’ll get paid a big commission. If you fall short of that goal, you may just receive a fixed minimum dollar amount for each loan.
Let’s talk numbers!
We’ll break this down by salary, commission and also map out the most common benefits that MLOs receive.
MLO Base Salary (Nationwide Average)
We’ve collected a few base salary statistics from a couple of different sources. These vary a lot based on your city, experience, skill-set, education and certifications.
Salary.com estimates that as of April 2021, the average salary for a loan officer in the U.S. typically ranges between $33,237 and $53,931.
Indeed paints a different picture. Based on aggregate salaries from over 10,000 candidates, Indeed found that the annual base salary for an MLO is $234,277.
Mapping this out to experience, that would translate as such:
- 1 to 5 years – $199,395
- 6 to 9 years – $312,515
- Over 10 years – $343,253
ZipRecruiter chimes in with different numbers. The median annual salary as per their calculations is $74,838 or $36 per hour.
To get an idea of the delineation by seniority, Career Explorer reveals some interesting insights.
- Senior Loan Officers – $111,888 per year
- Intermediate Loan Officers – $57,580 per year
- Junior Loan Officers – $29,632 per year
MLO Commission (Nationwide Average)
The commission structure of an MLO varies quite a bit from one institution to the next based on the fee split, salary and other benefits and bonuses.
Indeed estimates that this tallies to about $27,600 per year based on information collected from past and present employees.
MLO Benefits (Nationwide Average)
Indeed has listed the most common benefits of an MLO as such:
- 401(k)
- 401(k) matching
- Vision insurance
- Dental insurance
- Health insurance
- Life insurance
- Work from home
As stated before, it doesn’t make sense to hang your hat on these numbers as they’re only meant to give you an initial idea of the compensation.
Your actual pay will be totally dependent on the state in which you operate, the company at which you work, and your specific experience and skill-set.
Stick around. Below, we’ll go over the salary structure by state.
chapter 3:
Average Loan Officer Salary By State
Now that you’ve set your mind on this fulfilling career, let’s talk about how much you can make.
Here, we’ll look at the salary in each state, territory and district, bifurcated by junior, intermediate and senior-level MLOs. These numbers were taken from Career Explorer.
As far as experience is concerned, senior Mortgage Loan Originators have over 10 years of experience, mid-level MLOs have anywhere from 6 to 9 years, and junior-level loan officers have generally worked for about 1 to 5 years.
Choose Your State Below:
Click your state on the interactive map to view your state’s average loan officer salary.
Top 10 states with the highest pay for loan officers
If you are looking for the highest paid state to enter your career as a loan officer these are the top 10 states according to Career Explorer.
- 1. Connecticut
Entry-level Annual Salary: $88,768 - 2. Illinois
Entry-level Annual Salary: $81,620 - 3. New York
Entry-level Annual Salary: $78,520 - 4. New Hampshire
Entry-level Annual Salary: $76,430 - 5. Nebraska
Entry-level Annual Salary: $75,800 - 6. Kansas
Entry-level Annual Salary: $75,462 - 7. Washington DC
Entry-level Annual Salary: $74,840 - 8. New Jersey
Entry-level Annual Salary: $73,180 - 9. Minnesota
Entry-level Annual Salary: $72,030 - 10. Massachusetts
Entry-level Annual Salary: $70,090
Alabama
Loan officer salaries in Alabama were found to be 8% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $92,867
Hourly: $44.65
Intermediate Mortgage Loan Officer salary
Annual: $53,488
Hourly: $25.72
Junior Mortgage Loan Officer salary
Annual: $30,807
Hourly: $14.81
Alaska
Loan officer salaries in Alaska were found to be 14% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $115,706
Hourly: $55.63
Intermediate Mortgage Loan Officer salary
Annual: $56,980
Hourly: $27.39
Junior Mortgage Loan Officer salary
Annual: $28,060
Hourly: $13.49
Arizona
Loan officer salaries in Arizona were found to be 3% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $122,349
Hourly: $58.82
Intermediate Mortgage Loan Officer salary
Annual: $52,696
Hourly: $25.33
Junior Mortgage Loan Officer salary
Annual: $22,696
Hourly: $10.91
Arkansas
Loan officer salaries in Arkansas were found to be 7% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $105,964
Hourly: $50.94
Intermediate Mortgage Loan Officer salary
Annual: $55,514
Hourly: $26.69
Junior Mortgage Loan Officer salary
Annual: $29,083
Hourly: $13.98
California
Loan officer salaries in California were found to be 0% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $137,657
Hourly: $66.18
Intermediate Mortgage Loan Officer salary
Annual: $60,420
Hourly: $29.05
Junior Mortgage Loan Officer salary
Annual: $26,519
Hourly: $12.75
Colorado
Loan officer salaries in Colorado were found to be 1% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $119,930
Hourly: $57.66
Intermediate Mortgage Loan Officer salary
Annual: $61,010
Hourly: $29.33
Junior Mortgage Loan Officer salary
Annual: $27,320
Hourly: $13.13
Connecticut
Loan officer salaries in Connecticut were found to be 39% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $196,494
Hourly: $94.47
Intermediate Mortgage Loan Officer salary
Annual: $88,768
Hourly: $42.68
Junior Mortgage Loan Officer salary
Annual: $40,102
Hourly: $19.28
Delaware
Loan officer salaries in Delaware were found to be 3% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $121,030
Hourly: $58.19
Intermediate Mortgage Loan Officer salary
Annual: $60,140
Hourly: $28.92
Junior Mortgage Loan Officer salary
Annual: $35,840
Hourly: $17.23
District of Columbia (Washington DC)
Loan officer salaries in the District of Columbia were found to be 10% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $178,220
Hourly: $85.68
Intermediate Mortgage Loan Officer salary
Annual: $74,840
Hourly: $35.98
Junior Mortgage Loan Officer salary
Annual: $45,980
Hourly: $22.11
Florida
Loan officer salaries in Florida were found to be 22% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $134,700
Hourly: $64.76
Intermediate Mortgage Loan Officer salary
Annual: $67,760
Hourly: $32.58
Junior Mortgage Loan Officer salary
Annual: $35,580
Hourly: $17.10
Georgia
Loan officer salaries in Georgia were found to be 14% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $131,410
Hourly: $63.18
Intermediate Mortgage Loan Officer salary
Annual: $54,690
Hourly: $26.29
Junior Mortgage Loan Officer salary
Annual: $28,970
Hourly: $13.93
Hawaii
Loan officer salaries in Hawaii were found to be 15% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $153,563
Hourly: $73.83
Intermediate Mortgage Loan Officer salary
Annual: $66,666
Hourly: $32.05
Junior Mortgage Loan Officer salary
Annual: $28,941
Hourly: $13.91
Idaho
Loan officer salaries in Idaho were found to be 9% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $122,022
Hourly: $58.66
Intermediate Mortgage Loan Officer salary
Annual: $59,677
Hourly: $28.69
Junior Mortgage Loan Officer salary
Annual: $29,186
Hourly: $14.03
Illinois
Loan officer salaries in Illinois were found to be 50% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $196,688
Hourly: $94.56
Intermediate Mortgage Loan Officer salary
Annual: $81,620
Hourly: $39.24
Junior Mortgage Loan Officer salary
Annual: $33,870
Hourly: $16.28
Indiana
Loan officer salaries in Indiana were found to be 4% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $116,587
Hourly: $56.05
Intermediate Mortgage Loan Officer salary
Annual: $57,023
Hourly: $27.41
Junior Mortgage Loan Officer salary
Annual: $27,890
Hourly: $13.41
Iowa
Loan officer salaries in Iowa were found to be 4% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $112,240
Hourly: $53.96
Intermediate Mortgage Loan Officer salary
Annual: $61,518
Hourly: $29.58
Junior Mortgage Loan Officer salary
Annual: $33,717
Hourly: $16.21
Kansas
Loan officer salaries in Kansas were found to be 43% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $167,578
Hourly: $80.57
Intermediate Mortgage Loan Officer salary
Annual: $75,462
Hourly: $36.28
Junior Mortgage Loan Officer salary
Annual: $33,981
Hourly: $16.34
Kentucky
Loan officer salaries in Kentucky were found to be 25% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $135,201
Hourly: $65.00
Intermediate Mortgage Loan Officer salary
Annual: $67,450
Hourly: $32.43
Junior Mortgage Loan Officer salary
Annual: $33,650
Hourly: $16.18
Louisiana
Loan officer salaries in Louisiana were found to be 8% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $95,370
Hourly: $45.85
Intermediate Mortgage Loan Officer salary
Annual: $48,230
Hourly: $23.19
Junior Mortgage Loan Officer salary
Annual: $28,030
Hourly: $13.48
Maine
Loan officer salaries in Maine were found to be 17% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $123,050
Hourly: $59.16
Intermediate Mortgage Loan Officer salary
Annual: $64,110
Hourly: $30.82
Junior Mortgage Loan Officer salary
Annual: $36,770
Hourly: $17.68
Maryland
Loan officer salaries in Maryland were found to be 13% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $150,990
Hourly: $72.59
Intermediate Mortgage Loan Officer salary
Annual: $68,060
Hourly: $32.72
Junior Mortgage Loan Officer salary
Annual: $29,220
Hourly: $14.05
Massachusetts
Loan officer salaries in Massachusetts were found to be 26% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $185,400
Hourly: $89.14
Intermediate Mortgage Loan Officer salary
Annual: $70,090
Hourly: $33.70
Junior Mortgage Loan Officer salary
Annual: $37,330
Hourly: $17.95
Michigan
Loan officer salaries in Michigan were found to be 13% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $159,622
Hourly: $76.74
Intermediate Mortgage Loan Officer salary
Annual: $63,657
Hourly: $30.60
Junior Mortgage Loan Officer salary
Annual: $14,110
Hourly: $6.78
Minnesota
Loan officer salaries in Minnesota were found to be 13% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $127,050
Hourly: $61.08
Intermediate Mortgage Loan Officer salary
Annual: $72,030
Hourly: $34.63
Junior Mortgage Loan Officer salary
Annual: $42,240
Hourly: $20.31
Mississippi
Loan officer salaries in Mississippi were found to be 10% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $110,860
Hourly: $53.30
Intermediate Mortgage Loan Officer salary
Annual: $57,500
Hourly: $27.64
Junior Mortgage Loan Officer salary
Annual: $32,160
Hourly: $15.46
Missouri
Loan officer salaries in Missouri were found to be 19% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $123,540
Hourly: $59.40
Intermediate Mortgage Loan Officer salary
Annual: $68,010
Hourly: $32.70
Junior Mortgage Loan Officer salary
Annual: $41,200
Hourly: $19.81
Montana
Loan officer salaries in Montana were found to be 2% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $100,700
Hourly: $48.41
Intermediate Mortgage Loan Officer salary
Annual: $57,840
Hourly: $27.81
Junior Mortgage Loan Officer salary
Annual: $33,910
Hourly: $16.30
Nebraska
Loan officer salaries in Nebraska were found to be 27% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $134,840
Hourly: $64.83
Intermediate Mortgage Loan Officer salary
Annual: $75,800
Hourly: $36.44
Junior Mortgage Loan Officer salary
Annual: $37,190
Hourly: $17.88
Nevada
Loan officer salaries in Nevada were found to be 18% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $156,010
Hourly: $75.00
Intermediate Mortgage Loan Officer salary
Annual: $60,630
Hourly: $29.15
Junior Mortgage Loan Officer salary
Annual: $19,180
Hourly: $9.22
New Hampshire
Loan officer salaries in New Hampshire were found to be 29% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $157,270
Hourly: $75.61
Intermediate Mortgage Loan Officer salary
Annual: $76,430
Hourly: $36.75
Junior Mortgage Loan Officer salary
Annual: $30,780
Hourly: $14.80
New Jersey
Loan officer salaries in New Jersey were found to be 11% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $150,120
Hourly: $72.18
Intermediate Mortgage Loan Officer salary
Annual: $73,180
Hourly: $35.18
Junior Mortgage Loan Officer salary
Annual: $37,880
Hourly: $18.21
New Mexico
Loan officer salaries in New Mexico were found to be 5% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $122,480
Hourly: $58.89
Intermediate Mortgage Loan Officer salary
Annual: $51,460
Hourly: $24.74
Junior Mortgage Loan Officer salary
Annual: $26,820
Hourly: $12.90
New York
Loan officer salaries in New York were found to be 36% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $202,910
Hourly: $97.55
Intermediate Mortgage Loan Officer salary
Annual: $78,520
Hourly: $37.75
Junior Mortgage Loan Officer salary
Annual: $36,360
Hourly: $17.48
North Carolina
Loan officer salaries in North Carolina were found to be 9% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $126,900
Hourly: $61.01
Intermediate Mortgage Loan Officer salary
Annual: $62,360
Hourly: $29.98
Junior Mortgage Loan Officer salary
Annual: $32,550
Hourly: $15.65
North Dakota
Loan officer salaries in North Dakota were found to be 12% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $114,690
Hourly: $55.14
Intermediate Mortgage Loan Officer salary
Annual: $67,610
Hourly: $32.51
Junior Mortgage Loan Officer salary
Annual: $36,900
Hourly: $17.74
Ohio
Loan officer salaries in Ohio were found to be 11% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $122,200
Hourly: $58.75
Intermediate Mortgage Loan Officer salary
Annual: $64,770
Hourly: $31.14
Junior Mortgage Loan Officer salary
Annual: $31,030
Hourly: $14.92
Oklahoma
Loan officer salaries in Oklahoma were found to be 10% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $118,520
Hourly: $56.98
Intermediate Mortgage Loan Officer salary
Annual: $61,230
Hourly: $29.44
Junior Mortgage Loan Officer salary
Annual: $28,700
Hourly: $13.80
Oregon
Loan officer salaries in Oregon were found to be 17% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $126,300
Hourly: $60.72
Intermediate Mortgage Loan Officer salary
Annual: $64,610
Hourly: $31.06
Junior Mortgage Loan Officer salary
Annual: $31,790
Hourly: $15.28
Pennsylvania
Loan officer salaries in Pennsylvania were found to be 14% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $132,143
Hourly: $63.53
Intermediate Mortgage Loan Officer salary
Annual: $66,807
Hourly: $32.12
Junior Mortgage Loan Officer salary
Annual: $33,775
Hourly: $16.24
Rhode Island
Loan officer salaries in Rhode Island were found to be 7% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $117,580
Hourly: $56.53
Intermediate Mortgage Loan Officer salary
Annual: $60,460
Hourly: $29.07
Junior Mortgage Loan Officer salary
Annual: $32,640
Hourly: $15.69
South Carolina
Loan officer salaries in South Carolina were found to be 12% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $121,810
Hourly: $58.56
Intermediate Mortgage Loan Officer salary
Annual: $60,250
Hourly: $28.96
Junior Mortgage Loan Officer salary
Annual: $32,120
Hourly: $15.44
South Dakota
Loan officer salaries in South Dakota were found to be 3% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $91,390
Hourly: $43.94
Intermediate Mortgage Loan Officer salary
Annual: $59,520
Hourly: $28.62
Junior Mortgage Loan Officer salary
Annual: $43,120
Hourly: $20.73
Tennessee
Loan officer salaries in Tennessee were found to be 2% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $114,660
Hourly: $55.13
Intermediate Mortgage Loan Officer salary
Annual: $54,490
Hourly: $26.20
Junior Mortgage Loan Officer salary
Annual: $29,480
Hourly: $14.17
Texas
Loan officer salaries in Texas were found to be 25% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $156,890
Hourly: $75.43
Intermediate Mortgage Loan Officer salary
Annual: $68,710
Hourly: $33.03
Junior Mortgage Loan Officer salary
Annual: $35,430
Hourly: $17.03
Utah
Loan officer salaries in Utah were found to be 7% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $97,870
Hourly: $47.05
Intermediate Mortgage Loan Officer salary
Annual: $45,470
Hourly: $21.86
Junior Mortgage Loan Officer salary
Annual: $27,520
Hourly: $13.23
Vermont
Loan officer salaries in Vermont were found to be 1% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $109,770
Hourly: $52.77
Intermediate Mortgage Loan Officer salary
Annual: $58,650
Hourly: $28.20
Junior Mortgage Loan Officer salary
Annual: $35,090
Hourly: $16.87
Virginia
Loan officer salaries in Virginia were found to be 12% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $142,760
Hourly: $68.63
Intermediate Mortgage Loan Officer salary
Annual: $63,860
Hourly: $30.70
Junior Mortgage Loan Officer salary
Annual: $34,670
Hourly: $16.67
Washington
Loan officer salaries in Washington were found to be 2% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $133,940
Hourly: $64.39
Intermediate Mortgage Loan Officer salary
Annual: $60,540
Hourly: $29.11
Junior Mortgage Loan Officer salary
Annual: $29,880
Hourly: $14.37
West Virginia
Loan officer salaries in West Virginia were found to be 6% lower than the national average.
Senior Mortgage Loan Officer salary
Annual: $93,350
Hourly: $44.88
Intermediate Mortgage Loan Officer salary
Annual: $48,820
Hourly: $23.47
Junior Mortgage Loan Officer salary
Annual: $28,870
Hourly: $13.88
Wisconsin
Loan officer salaries in Wisconsin were found to be 13% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $120,400
Hourly: $57.88
Intermediate Mortgage Loan Officer salary
Annual: $62,850
Hourly: $30.22
Junior Mortgage Loan Officer salary
Annual: $34,750
Hourly: $16.71
Wyoming
Loan officer salaries in Wyoming were found to be 5% higher than the national average.
Senior Mortgage Loan Officer salary
Annual: $110,380
Hourly: $53.07
Intermediate Mortgage Loan Officer salary
Annual: $61,860
Hourly: $29.74
Junior Mortgage Loan Officer salary
Annual: $33,460
Hourly: $16.09
chapter 4:
Best Paid Skills & Qualifications For a Loan Officer
As an MLO, you will be a crucial point of contact with borrowers.
This involves a healthy dose of business and interpersonal skills.
In this chapter we will go over the best paid skills and qualifications that help you make the highest possible income in your career.
Let’s get into it!
Best Paid Skills for a Mortgage Loan Officer
Business Skills
A sound knowledge of the following will take you far in your career as a Mortgage Loan Originator:
- Financial advising
- Sales experience
- FHA loans
- Refinancing agreements
- Real estate
- Residential lending
- Relationship management
- Recruitment practices
Soft Skills
There are a couple of integral soft skills that will help you excel as a loan officer. These are as follows:
- Analytical and critical thinking
Reviewing tons of paperwork requires a fair bit of pragmatism leaving no room for speculation when it comes to numbers. You must also have the ability to realistically anticipate different parts of the process, say for instance, the reaction to your underwriting request. - Time management
Seeing as you’ll be shuffling between different loan applications, scheduling and prioritizing projects is an absolute must. - Excellent verbal and written communication skills
It’s important to have your clients trust you without question, given that this is such a sensitive process that involves a lot of money. If you’re a good communicator, you will be able to instill confidence in your abilities. - Creative thinking
Creativity plays a huge role in problem-solving; something you will have to do a lot as you collaborate with clients and colleagues.
Best Paid Qualifications for a Mortgage Loan Officer
The minimum education required as per most job descriptions is a high school diploma or GED.
Some descriptions also require an advanced education such as a BA or BS in economics, finance, business, or other related field. Career Explorer found that 7% of loan officers have a degree in finance and 5% in economics.
This data from Indeed was drawn from 20 job openings that specifically highlighted this field of study.
Important: Before you can practice legally as an MLO in any state in the U.S., you must apply for a license through the Nationwide Mortgage Licensing System (NMLS). You will also need to complete 20 hours of NMLS-approved training including any additional state-specific coursework.
If you need a step-by-step guide on how to start, we highly recommend our article, How to Become a Loan Officer (7 Step Guide).
Want to skip ahead and look at the best NMLS-recognized schools near you? You’re in luck!
Here, we’ve compiled a list of the top 3 NMLS approved schools in your state. You’ll find course pricing, student reviews and state specific requirements all in one place.
chapter 5:
Loan Officer Career Outlook
You’re probably thinking about your career prospects as a loan officer in the industry.
Loan officers have a strong potential to grow in the field quickly, especially people who have solid experience in sales, banking and lending.
The Bureau of Labor estimates that 24,200 job openings are created every year. There is projected to be a 3% growth in employment in this field between 2019 to 2029.
Raise.me found that the projected career growth rate is 11% for loan officers which is higher than the 7% average for most other occupations.
Career Growth for a Loan Officer
It’s been seen that most loan officers don’t advance internally within a company all that much.
They may, for instance, get promoted to the role of a senior officer, however, that doesn’t typically mean much aside from a spike in the compensation. Work-wise, you’ll be looking at the same type of day-to-day responsibilities.
Most loan officers eventually make lateral transitions from one institution to another or open their own business.
The switch usually happens because of the draw of a higher commission, great bonuses or a bump in the base salary.
Experience is a huge hook for recruiters. If you are successful in creating and managing a valuable book of business, there is the possibility to switch to a six-figure job within 4 to 8 years of starting your career.
How to Boost Your Salary As a Mortgage Loan Originator
There’s no elusive formula to becoming a high-performing well paid loan officer. It just takes dedication and patience.
Focus on these two crucial things and you should be well on your way to boosting your salary as a Mortgage Loan Officer:
Network, network, network
We know that salesmanship is key as a loan officer. What’s equally important is making authentic connections with the people around you. Don’t shy away from picking up a phone, or visiting realtors to grow your network of peers and clients. Initially, you’ll hit a few brick walls but it will start paying off quicker than you realize!
Build a good book of business
It’s all about the hustle. Work as diligently as you can to close as many loans as possible. Take a genuine interest in understanding each borrower’s profile and needs, that way, you’ll be more prepared to handle all sorts of accounts with ease, and seldom find yourself out of your depth.
Your book will also be very valuable in procuring better job prospects in the future.
Ready to Kick Off a Very Lucrative Career?
There is a lot of opportunity to make a great living as a loan officer and enjoy a long-lived and thriving career.
It’s important to stay the course as you’ll also encounter tons of challenges along the way.
Because you’ll be a part of big life decisions and private family moments, the pay off both monetarily and emotionally is well worth it.
Our final tip is to never lose your passion. Keep researching the industry, reevaluating your career goals and gaining a deeper understanding of the type of institution you want to work for and the compensation structure that you prefer.
You got this.
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