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How Much Do Mortgage Loan Officers Make in Phoenix?

    Metropolitan Area Earnings

    • According to the Bureau of Labor Statistics (BLS), Phoenix area mortgage loan officers held just under 7,000 jobs in 2009. Loan officers earned mean annual wages of $65,450 as of May 2009. The Phoenix metropolitan area is the largest metro area in the state of Arizona, and includes cities such as Mesa, Tempe, Scottsdale, Glendale, Chandler and Peoria. Statewide earnings of loan officers are nearly identical at $64,750.

    National Earnings

    • Nationally, loan officers held nearly 300,000 jobs in 2009. The median annual wages of mortgage loan officers as of May 2009 were $54,880 nationally. Loan officers who earned the most made more than $105,330 while those who earned the least made less than $31,030. Some loan officers are paid a salary plus commission while others are paid a commission only. The compensation plan of a particular employer makes a big difference in the earnings of mortgage loan officers.

    Education and Training

    • Loan officers typically receive training on the job through company-sponsored training programs. There are no formal education requirements to become a mortgage loan officer, but employers prefer candidates with a bachelor's degree in finance, economics or related fields. Federal regulation requires all mortgage loan officers to be licensed. For licensure, mortgage loan officers must complete 20 hours of coursework, pass an exam and pass a background check. To maintain the license, mortgage loan officers must meet continuing education requirements as well.

    Employment

    • Employment of mortgage loan officers is expected to be good for those who are college graduates with banking, lending or sales experience. Growth in the occupation will be average through 2018, according to the BLS. Because mortgage applications have become highly automated, the need for loan officers has decreased in recent years. Prospective borrowers have the option to complete the loan process online without the assistance of loan officers. However, loan officers are needed if borrowers have trouble finding or qualifying for loans.

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