Compensation and the job outlook in the mortgage industry are healthy, inDFW and across the country.
According to the Bureau of Labor Statistics Occupational Outlook Handbook, job growth is projected at 8% for Loan Officers (and many positions within the field) from 2014-2024. This represents average growth for any U.S. industry.
Payscale provides average salaries in the mortgage banking industry for these positions:
Mortgage Loan Processor – $41,351
Senior Underwriter – $$73,999
Assistant Loan Officer – $36,172
Mortgage Loan Closer – $45,840
Loan Officer – $44,000
Loan Processor – $41,731
There are a wide range of positions in this field with varying salaries. To compare local to national compensation, we will use loan underwriter as an example. In Dallas, according to Salarygenius the average salary is $60,952. New entries in the field are starting near $50,196, and professionals with experience can potentially earn about $71,709. The average yearly salary range is $48,762 – $73,143 with top earners earning up to $86,051.
The average salary for mortgage loan underwriters in Fort Worth according to Salarygenius is $51,163. New entries in the field are starting near $42,134, and professionals with experience can potentially earn about $60,192. The average yearly salary range is $40,931 – $61,396 with top earners earning up to $72,230.