Mortgage originators are loan officers specializing in the origination of home loans. According to the Bureau of Labor Statistics (BLS), there were 283,330 loan officers employed in the U.S. in 2010. The average salary of mortgage originators depends upon various factors such as where they work and who they work for.
The average salary of mortgage originators and other loan officers was $65,900 in 2010, according to the BLS. The bureau indicates that the middle 50 percent of the professionals working in this field made somewhere between $40,430 and $80,140 per year, with a median annual salary of $56,490. The highest-paid loan originators (top 10 percent) made more than $112,370 per year, according to the BLS.
The BLS also breaks down loan officer salaries by the employers they work for. According to the bureau, the highest number of loan officers worked in deposit credit intermediation (banking) and earned an average of $63,770 per year in 2010. Loan originators who worked for the federal government made $71,130 per year, on average, as of 2010.
Location also provides a fairly reliable indicator of what mortgage originators can expect to make. According to the BLS, New York was the state with the highest average salary for loan officers in 2010, at $104,230 per year. The District of Columbia was the second-highest paying area, with an average annual salary of $79,190 per year. Washington, New Jersey and California were the remaining states comprising the top-five paying states listed by the BLS. Loan originators in these states made average salaries ranging from $74,190 to $75,990 per year.
The number of available jobs for loan officers is expected to grow by 10 percent from 2008 to 2018, according to the BLS. In 2008, there were a total of 327,800 individuals employed in this capacity. That means that this number should grow by about 33,000 new jobs by 2018. The bureau indicates that the growth in jobs in this field will be largely dependent upon market expansion in relation to the ever-growing population.