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Mortgage Loan Specialist Careers

Finding a good mortgage loan is easier said than done. Luckily, there are mortgage loan specialists that can help you find the best mortgage loan based on your needs, wants, and financial capabilities.

The workflow of a mortgage loan specialist starts with meeting the clients to determine their financial status and identify their housing needs. Then, they conduct research and use their network to find the best type of loan or financial assistance to offer to clients. Afterward, a mortgage loan specialist helps clients apply for loans or financial programs, often through assisting with documentation and overseeing the financing process.

The work of a mortgage loan specialist requires a good understanding of mortgages, financing, and government programs. With that in mind, an educational background in finance or business can be highly advantageous. Furthermore, a mortgage loan specialist must have adequate experience in the mortgage process and ideally should have a wide network of lenders.

On average, the salary of a mortgage loan specialist is around $31,000 per year. However, there are some mortgage loan specialists that earn as much as $41,000 annually.

There is more than meets the eye when it comes to being a mortgage loan specialist. For example, did you know that they make an average of $15.28 an hour? That's $31,785 a year!

Between 2018 and 2028, the career is expected to grow 5% and produce 72,100 job opportunities across the U.S.

What Does a Mortgage Loan Specialist Do

There are certain skills that many mortgage loan specialists have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed communication skills, math skills and organizational skills.

When it comes to the most important skills required to be a mortgage loan specialist, we found that a lot of resumes listed 15.6% of mortgage loan specialists included loan portfolio, while 13.3% of resumes included customer service, and 12.8% of resumes included ensure compliance. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the mortgage loan specialist job title. But what industry to start with? Most mortgage loan specialists actually find jobs in the finance and professional industries.

How To Become a Mortgage Loan Specialist

If you're interested in becoming a mortgage loan specialist, one of the first things to consider is how much education you need. We've determined that 46.4% of mortgage loan specialists have a bachelor's degree. In terms of higher education levels, we found that 3.4% of mortgage loan specialists have master's degrees. Even though most mortgage loan specialists have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a mortgage loan specialist. When we researched the most common majors for a mortgage loan specialist, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on mortgage loan specialist resumes include high school diploma degrees or master's degree degrees.

You may find that experience in other jobs will help you become a mortgage loan specialist. In fact, many mortgage loan specialist jobs require experience in a role such as customer service representative. Meanwhile, many mortgage loan specialists also have previous career experience in roles such as loan processor or loan officer.

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Average Salary
$31,785
Average Salary
Job Growth Rate
5%
Job Growth Rate
Job Openings
10,641
Job Openings

Mortgage Loan Specialist Career Paths

Top Careers Before Mortgage Loan Specialist

Top Careers After Mortgage Loan Specialist

Mortgage Loan Specialist Jobs You Might Like

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Mortgage Loan Specialist

Mortgage Loan Specialists in America make an average salary of $31,785 per year or $15 per hour. The top 10 percent makes over $41,000 per year, while the bottom 10 percent under $24,000 per year.
Average Salary
$31,785
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Best Paying Cities

City
ascdesc
Average Salarydesc
Bergenfield, NJ
Salary Range32k - 40k$36k$36,347
Minneapolis, MN
Salary Range29k - 33k$31k$31,305
Des Moines, IA
Salary Range26k - 33k$30k$29,952
Murfreesboro, TN
Salary Range26k - 33k$30k$29,952
Owensboro, KY
Salary Range25k - 31k$28k$28,497
$25k
$40k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Mortgage Loan Closing Specialist
Mortgage Loan Closing Specialist
Silk Title Co.
Silk Title Co.
06/13/2021
06/13/2021
$35,47906/13/2021
$35,479
Mortgage Loan Set Up Specialist
Mortgage Loan Set Up Specialist
Summit Funding
Summit Funding
05/31/2021
05/31/2021
$33,39205/31/2021
$33,392
Mortgage Loan Specialist-TX or Co
Mortgage Loan Specialist-TX or Co
Zions Bancorporation
Zions Bancorporation
05/19/2021
05/19/2021
$45,00005/19/2021
$45,000
Mortgage Loan Specialist-TX or Co
Mortgage Loan Specialist-TX or Co
Zions Bancorporation
Zions Bancorporation
05/19/2021
05/19/2021
$45,00005/19/2021
$45,000
Mortgage Loan Specialist-TX or Co
Mortgage Loan Specialist-TX or Co
Zions Bancorporation
Zions Bancorporation
05/19/2021
05/19/2021
$45,00005/19/2021
$45,000
See More Recent Salaries

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Mortgage Loan Specialist Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Mortgage Loan Specialist. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Mortgage Loan Specialist Resume

At Zippia, we went through countless Mortgage Loan Specialist resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

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Mortgage Loan Specialist Demographics

Gender

female

63.9 %

male

32.8 %

unknown

3.3 %

Ethnicity

White

65.4 %

Hispanic or Latino

12.5 %

Black or African American

11.8 %

Foreign Languages Spoken

Spanish

54.4 %

German

7.4 %

French

5.9 %
See More Demographics

Mortgage Loan Specialist Education

Majors

Business
38.6 %
Finance
8.3 %

Degrees

Bachelors

46.4 %

Certificate

19.2 %

Associate

16.7 %

Top Colleges for Mortgage Loan Specialists

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info

Online Courses For Mortgage Loan Specialist That You May Like

Become a Mortgage Loan Processor
udemy
4.4
(2,162)

Finibi Mortgage CEO, Joe Correa, teaches you how to become a mortgage loan processor...

Advanced Mortgage Loan Processor: Essential Skills Training
udemy
4.5
(385)

Finibi Mortgage CEO, Joe Correa, teaches you how to take your mortgage loan processor career to the next level...

How to Become a Mobile Notary and Loan Signing Agent
udemy
4.4
(1,186)

Learn how to make over six figures as a Real Estate Loan Signing Agent and Mobile Notary...

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Part Time
Internship
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Top Skills For a Mortgage Loan Specialist

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 15.6% of mortgage loan specialists listed loan portfolio on their resume, but soft skills such as communication skills and math skills are important as well.

Best States For a Mortgage Loan Specialist

Some places are better than others when it comes to starting a career as a mortgage loan specialist. The best states for people in this position are Connecticut, Colorado, New Jersey, and New York. Mortgage loan specialists make the most in Connecticut with an average salary of $37,310. Whereas in Colorado and New Jersey, they would average $36,760 and $36,347, respectively. While mortgage loan specialists would only make an average of $36,347 in New York, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. North Dakota

Total Mortgage Loan Specialist Jobs:
105
Highest 10% Earn:
$42,000
Location Quotient:
1.29
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Colorado

Total Mortgage Loan Specialist Jobs:
565
Highest 10% Earn:
$45,000
Location Quotient:
1.08
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Texas

Total Mortgage Loan Specialist Jobs:
1,910
Highest 10% Earn:
$42,000
Location Quotient:
1.07
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Mortgage Loan Specialist Employers

1. Wells Fargo
4.7
Avg. Salary: 
$76,294
Mortgage Loan Specialists Hired: 
392+
2. Bank of America
4.8
Avg. Salary: 
$76,294
Mortgage Loan Specialists Hired: 
318+
3. SunTrust Banks
4.9
Avg. Salary: 
$76,294
Mortgage Loan Specialists Hired: 
197+
4. U.S. Bank
4.8
Avg. Salary: 
$76,294
Mortgage Loan Specialists Hired: 
73+
5. MetLife
4.7
Avg. Salary: 
$31,785
Mortgage Loan Specialists Hired: 
69+
6. JPMorgan Chase & Co.
4.9
Avg. Salary: 
$76,294
Mortgage Loan Specialists Hired: 
47+

Mortgage Loan Specialist Videos

Updated October 2, 2020