Salary of Mortgage Bankers
Mortgage bankers help consumers finance homes, condos and other types of property. They also assist business owners who need financing. Mortgage bankers manage the application process for loans, checking people's credit and collateral to determine whether they qualify for loans. Sometimes mortgage bankers may need to find alternative lending sources for customers with lower credit scores and earn small commissions from the deals. Mortgage bankers usually get paid annual salaries and some may also earn bonuses and commissions.
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Salary by Career
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Mortgage bankers work in various positions, earning various salaries. For example, mortgage bankers who work in loan underwriting, or determining which clients are creditworthy for mortgages, earn the highest annual salaries at $53,051, according to 2011 PayScale.com data. Regular underwriters for other types of loans earn the second highest annual salaries at $49,584 per year. Mortgage banking employees who work as business analysts earn annual salaries of $48,450, while mortgage originators makef $43,061, loan officers earn $39,393 and mortgage loan processors receive $36,468 per year. Comparably, 2009 data from the Bureau of Labor Statistics (BLS) indicate that the median salary for loan officers is $54,700 per year.
Years of Experience
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Mortgage bankers as a whole earn higher salaries with experience. For example, mortgage banking employees with less than one year of experience earn annual salaries of $35,778, per PayScale.com. With one to four years of experience, mortgage bankers can expect to earn average salaries of $40,298 per year. Those with five to nine years of industry experience earn annual salaries of $50,515. Bankers with 10 to 19 year of experience earn average salaries of $59,738, and those with 20 or more years of experience are paid $62,604 per year.
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Employer Type
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Mortgage bankers' salaries can also vary according to the type of employer for which they work. Mortgage bankers working for the federal government earn the highest annual salaries at $61,333, according to PayScale.com. Self-employed mortgage bankers earn the second highest salaries at $58,958 per year. Bankers working for non-profit companies earn annual salaries of $54,000, those working for franchises make $37,000 per year, on average, and mortgage bankers working for foundations or trusts earn $35,843 per year.
Salary by State
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Mortgage bankers' salaries can also vary significantly by state. Mortgage bankers earn the highest annual salaries in Virginia at $63,459, according to PayScale.com. Mortgage bankers in California earn the second highest salaries at $60,155 per year. They receive $51,430 in Florida, $50,615 in Illinois, $48,827 in Texas, $46,176 in New York and $43,102 in Ohio.
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References
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