Mortgage bankers provide potential homeowners and businesses with loan financing or re-financing opportunities. They work for banks, mortgage companies, and credit unions. Mortgage bankers are also known as mortgage loan officers. Approximately 316,200 loan officers (including those who specialize in mortgages) are employed in the United States.
Minimum Education Level
Loan officers (including those who specialize in mortgages) earned median annual salaries of $63,040 in May 2018, according to the U.S. Department of Labor (DOL). The lowest paid 10 percent of loan officers made $31,870 or less, while the highest paid 10 percent earned $132,080 or more.
The DOL reports that the “form of compensation [for mortgage bankers] varies widely by employer. Some…...
Mortgage bankers often work long hours—especially when the economy is strong and many people and businesses are applying for loans. At its employment Web site, Quicken Loans says that mortgage banking applicants must have the “ability to work various schedules and overtime…up to 55 hours per week.” Mortgage bankers travel to attend industry conferences, open houses, and community events, as wel...
Employment for loan officers and counselors is expected to grow about faster than the average for all occupations through 2028, according to the U.S. Department of Labor (DOL). The growth of online and mobile banking and increased use of technology in the loan processing system may temper employment growth to some degree, as more brick-and-mortar bank branches closes. During times of economic g...