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Salary Information for Loan Managers

Career News November 15, 2013

Loan managers are loan officers who have progressed to the point of managerial expertise. Managers supervise loan officers and other clerical positions within the office. They are responsible to higher-ups for the performance of the branch and thus carry a weighty responsibility.

Salary Quotes for Starting Loan Managers and Officers

For salary, the median amount per year is about $79,000, based on the HR departments’ polls throughout the industry. The job position matters and a specific title or industry may merit a higher paycheck. For example, virtual mortgage officers average $82,000, while a preoperative nurse only makes $34,000 a year.

Army personnel make $60,000 or more, while a Prosthodontist makes closer to $90,000. The specialization you seek, whether it’s in mortgages, army reserves, commercial business, or other sub-fields, helps determine your value to the company. Even the lowest earning ten percent of the field still made over $32,000, on average.

However, the potential to make more is there in commissions and of all the business industries; mortgage brokers are among the best rewarded. Location has to play a part, considering that large cities drive business and bring national and international business. Cities like New York and San Francisco are among the highest-paying cities, and not so coincidentally, these are the places where people are applying for and receiving the most loan money. When you follow the action, you get more of the action and earn more of a company’s total profit.

How to Improve Your Skills for a Better Job

Improving your skills is vital, as the sooner you show an employer your skill set, the better chance you will have of besting your competition. Understand that mortgage loan packages are complex and must be completed according to established procedures. The fundamentals of financial planning and mortgage theory are taught in college and UMD offers training in this field, just as many other colleges locally and throughout the country do.

Going back to school for your bachelor’s degree can teach you the essentials of this field and prepare you to perform a variety of tasks for this new position. You will learn how to lead others, how to exercise creative and critical thinking, and how to understand the mortgage loan packages.

As far as work experience goes, most companies are hiring seniors or mid-range workers with five or more years of experience in a general or even specific area. Therefore, becoming acquainted with this specialty training is smart preparation for the journey ahead.

What Stands in Front of You?

What stands in front of you, now that you have a career plan set before you? If you can go back to school, you will be on your way to creating a better quality of life for yourself. A loan manager is someone who helps people, presides over the department, and assists households into receiving the loan they need to recover or invest in something precious to them. You can be part of this exciting and fulfilling career!

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