How much do mortgage bankers make?

How much do mortgage bankers make?

How much do mortgage bankers make?



Mortgage bankers play a crucial role in the real estate industry, assisting individuals and businesses in securing loans to purchase properties. One important aspect that potential mortgage bankers consider is the earning potential in this profession. In this article, we will explore how much mortgage bankers make, taking into account various factors that can influence their income.

Factors Affecting Mortgage Bankers’ Earnings

Commission-based Structure: Mortgage bankers often work on a commission-based structure, meaning their income is directly tied to the loans they close. The commission is typically a percentage of the loan amount, and it can vary depending on the employer and the specific loan product. This structure provides an opportunity for mortgage bankers to earn a higher income if they are successful in closing a significant number of loans.

Experience and Expertise: Like many professions, experience and expertise play a significant role in determining a mortgage banker’s earning potential. As mortgage bankers gain more experience and develop a deep understanding of the industry, they can build a reputation and a network of clients, which can lead to higher earnings. Additionally, expertise in specialized loan products, such as jumbo loans or government-backed loans, can also contribute to higher income due to the complexity and higher commission rates associated with these products.

Geographic Location: The geographic location where a mortgage banker operates can impact their earnings. Real estate markets vary significantly across regions, and areas with a higher cost of living or a strong housing market may offer more opportunities for mortgage bankers to close loans and earn higher commissions. However, it is important to note that the cost of living in these areas may also be higher, potentially offsetting the higher earning potential.

Employer and Compensation Structure: The specific employer and compensation structure can also influence a mortgage banker’s earnings. Some mortgage bankers work for large financial institutions, while others may work for smaller mortgage companies or operate as independent brokers. The compensation structure, including commission rates, bonuses, and benefits, can vary between employers. Additionally, some employers may offer additional incentives or rewards for high-performing mortgage bankers, which can further increase their earnings.

Salary Range for Mortgage Bankers

While mortgage bankers’ earnings are primarily commission-based, it is still possible to estimate a salary range based on industry data. According to the U.S. Bureau of Labor Statistics, the median annual wage for loan officers, which includes mortgage bankers, was $63,270 as of May 2020. The lowest 10% earned less than $33,880, while the highest 10% earned more than $132,680.

It is important to note that these figures represent the overall median wage for loan officers and not specifically for mortgage bankers. Mortgage bankers who are successful in their careers and work in high-demand markets have the potential to earn significantly higher incomes, exceeding the median wage.


Mortgage bankers’ earnings are primarily commission-based and can vary depending on factors such as the commission structure, experience, geographic location, and employer. While the median annual wage for loan officers provides a general idea of the earning potential, successful mortgage bankers can exceed this median and earn a higher income. As with any profession, dedication, expertise, and a strong work ethic can contribute to higher earnings in the mortgage banking industry.


– U.S. Bureau of Labor Statistics: Loan Officers –