How Much Money Do Loan Officers Make In Texas?

Being a loan officer anywhere in the United States is a lucrative job that offers competitive pay and benefits. One of the reasons why the job is so appealing is that unlike other professions you do not need to have a four-year college degree We can get into the requirements and the process overview but what we all really want to know is how much money do loan office make in Texas?

Texas is a hot market when it comes to buying real estate and that means that it is also a hot market for mortgage loan officers. The salary range is largely making it unpredictable to set an exact amount. Let’s dive into a few factors that could help us real in the number for certain circumstances.

Loan Officer Salary and Considerations for Texas

According to Indeed.com the average salary for a loan officer in Texas is $290,565. This was reported through a total of 794 salaries as of April 2022. This number is shocking to most. The most interesting aspect of this fact is that it is significantly higher than the United States average salary for a loan officer which is estimated at $214,768 from 123,100 salaries as of April 2022.

For Texas, the average salary for a loan officer during their first and second year of experience was $247,302. Compared to the entire United States this was better as the U.S. average was $233,406 for less than a year of working.

A number that is sure to catch your attention is those who worked as a loan officer in Texas for more than 10 years averaging a salary of $425,723. With these numbers being so close to half a million, does it matter which city you work out of?

Let’s take a look at some different areas throughout Texas.

Dallas and Austin

Both Dallas and Austin, Texas ranked among the highest earners with their average salaries being over $300,000. Plano and Irving were two areas that were not far behind reporting low to mid $290,000’s.

Lower Salaried Areas

Texas in general doesn’t produce too many low-average salaries for loan officers here. However, looking at the cities that did report the lowest averages for Texas mortgage loan officers we can see Corpus Christian and El Paso report in the upper $250,000 and lower $260,000.

What Does a Loan Officer Do?

Those are some pretty financially secure salaries so it makes a lot of us wonder what does a loan officer do? In a short answer, a mortgage loan officer will look over a client’s financial stability through taxes, income, etc., to see if they are eligible to buy the property they are looking to get a loan for.

They will not only work with a client but also with the lender or bank as the middle man to find banks the right customer for them. With all of this, a loan officer will determine essentially what their credit limit should be for that particular loan.

What else?

A mortgage loan officer will also be responsible for a variety of other tasks. For instance, a mortgage loan officer helps clients find the best loan for them. They also will help them submit their application and help with any errors that may come along during the process That best descriptor is making sure things go smoothly for both the client and the bank.

What are the requirements to become a loan officer in Texas?

If you are seriously considering becoming a loan officer in Texas then we highly recommend you check out our full guide here! As far as an overview let’s dive into what the process looks like.

First, you need to meet the general requirements:

18 years old
Obtain a GED or high school diploma
Resident of Texas

Then you will need to apply for your Nationwide Mortgage Licensing System (NMLS) license. To do this you will register for your ID so you can enroll in the mandatory pre-license education classes. After completing the nation requirements you’ll need to also complete specific Texas requirements and/or specific license requirements.

Once you have done this you can take the test. If you pass you will also hang in fingerprints and go through a screening and background check. Depending on whether you already work for a mortgage broker company then you may get sponsored which allows them to pay for the fees of the test.

Frequently Asked Questions

Becoming a mortgage loan officer in Texas can have a whirlwind of benefits and incentives but often those pursuing the career have many questions thanks to its too good to be true nature. IT is hard work and a competitive industry based on your client portfolio. That’s why we have dedicated this section to the most frequently asked questions about this profession.

Why does Texas have higher average salaries?

This is a dynamic question that has a lot of answers to it. It’s difficult to point to one reason why Texas is doing particularly well but in general, we have seen a major change in the housing market because of the worldwide pandemic. Many were choosing to move out of the cities and into areas that had a lot of open lands where they could get good value for their money.

Politics also played a factor in this booming market where many people want to move to a state that is more closely aligned with their beliefs. With these factors, Texas saw statewide growth that would lead many to move there. This means that Texas loan officers became incredibly busy with the demand to buy new homes and approve new loans.

How long does it take for me to become a Texas loan officer?

Another great question and one that doesn’t have a simple answer. You will have to complete the 20-plus hours that comings with pre-licensing education. Because you can go at your own pace some finish much faster than others. Most would say the average to get your MLO license is around 45 days after completing the pre-license requirements and studying on your own for the exam.

Can I get a job as a mortgage loan officer with no experience?

Aside from getting your mortgage loan officer license as well as being at least 18-years-old with a GED or high school diploma, there are no requirements for those who don’t have experience. However, if you don’t have experience most employers say those with a bachelor’s degree in finance, economics, or business would be able to expedite some of the processes. Or at the very least look like a more appealing candidate.

What qualities or personality fit is good for a mortgage loan officer?

Those who want to become a mortgage loan officer should have some of the following qualities. While it’s not a given that these traits mean you are a perfect fit, it is a good indicator that you may be suited for it.

Personally driven as the job gives independent structure
Able to convince and converse as falls under commission
Likes variety as no two days are usually the same
Has the ability to problem solve

These are just a few of the most common personality traits interviewers look for according to DISC personality traits with this profession.

Reward If You Want It

When it comes to how much a Texas loan officer makes it is all about the personal drive you have to go get the salary you want. This job as mentioned revolves around evaluating a client’s ability to fulfill a loan they are seeking to purchase a house. It requires a lot of critical thinking and working with numbers. It also requires some knowledge of the law both nationwide and specific to the state of Texas. That’s why you are required to go through a minimum of 20 hours of education before being able to take the exam.

But the salaries are rewarding with Texas having an average of close to $300,000 making it one of the highest paying states in the country. This is due to a number of factors and the pandemic changing the housing market. Generally, speaking the average for all of the United States of gone up for this profession. This makes it an appealing job thanks to it’s growth indicators and competitive pay and benefits.

If you want to start pursuing the idea of becoming a mortgage loan officer in the state of Texas take a look at both our guide on how to become one as well as how you can best prepare for the exam!