Mortgage Loan Originator Salary in Texas – A Comprehensive Overview

If you’re considering a career as a mortgage loan originator in Texas, one of your biggest questions is likely – how much does an MLO make in the Lone Star State? Let’s take an in-depth look at mortgage loan originator salaries in Texas.

What is a Mortgage Loan Originator?

First. a quick overview of what mortgage loan originators (MLOs) do

• MLOs are professionals who assist borrowers in obtaining home loans

• Their primary role is to take loan applications, advise clients on programs and rates, collect documentation, submit completed applications to lenders, and guide borrowers through closing.

• MLOs often specialize in certain loan types like conventional, FHA, VA, USDA, etc.

• They work for lenders, banks, credit unions, mortgage brokerages, and other financial institutions.

• MLOs play a critical role as the face of the mortgage process for most homebuyers.

Now that we’ve covered the basics of the job, let’s explore mortgage loan originator pay in the Lone Star State.

Average Mortgage Loan Originator Salary in Texas

According to the Bureau of Labor Statistics (BLS), the average annual salary for mortgage loan originators in Texas is:

$76,080 per year

This equates to approximately $36.59 per hour based on a 40-hour work week.

However, salaries can vary significantly based on factors like experience, employer, specialization, and geographic location within Texas.

For example, mortgage loan originator salaries in major Texas cities include:

• Houston: $81,010 per year
• Dallas: $75,010 per year
• Austin: $75,790 per year
• San Antonio: $68,960 per year

So wages tend to be higher in large metro areas compared to rural parts of the state.

Factors That Impact Mortgage Loan Originator Pay in Texas

What determines how much mortgage loan originators make in Texas? Here are some of the key factors:

• Experience level: Veteran MLOs earn substantially more than beginners. Income potential increases with years in the business.

• Employment type: Salaries are typically higher at independent mortgage banks and brokerages than banks.

• Commission structure: Most MLOs earn a base salary plus commissions. Higher commissions mean increased earnings.

• Performance: Top producing MLOs get a larger share of loans and income. Strong sales skills pay off.

• Location: As noted earlier, salaries are higher in major metros compared to rural areas.

• Loan types: Specializing in niche products like VA, FHA and USDA loans can increase income.

• Job duties: MLOs who take on managerial duties often enjoy higher pay.

So mortgage loan originators have significant ability to influence their earning potential in Texas based on job choices, performance, specialization, and career growth.

Salary Ranges for Texas Mortgage Loan Originators

Looking at reported incomes, here are some salary ranges you can expect as a mortgage loan originator in Texas:

• Entry level: $40,000 – $65,000 per year
• 1-4 years experience: $55,000 – $85,000 per year
• 5-9 years experience: $75,000 – $120,000 per year
• 10+ years experience: $90,000 – $180,000+ per year

Again, upper ranges are more common among top producers in major metros, while rural salaries skew towards lower ends.

Bonuses and commissions also allow many veteran MLOs to far surpass these base salary ranges. Six-figure earning potential is attainable for high performers.

Job Outlook for Mortgage Loan Originators in Texas

So what is the job growth outlook for mortgage loan originators in Texas?

The BLS projects 9% growth for MLO positions in Texas between 2020-2030, faster than the overall labor market.

While rising interest rates have cooled the red-hot housing market, demand remains strong among first-time homebuyers and move-up buyers taking advantage of equity gains.

And Texas’ pro-business economy, job growth and affordability relative to coastal states will continue attracting new residents needing mortgages.

Overall, the job outlook remains positive for mortgage loan originators in the Lone Star State.

Key Takeaways

• Average base pay is around $76K, with six-figure potential for experienced high earners.

• Major metros like Dallas, Houston and Austin pay higher than rural areas.

• Many factors impact income, led by experience, performance and specialty.

• Entry level MLOs can expect $40K-$65K, rising to $90K-$180K+ for veterans.

• Strong job growth is forecast due to Texas’ economic expansion.

So if you’re looking to become a mortgage loan originator in the Lone Star State, the earning potential looks bright – especially for top performers who build expertise in specific lending products.

Mortgage loan originators play a critical role in homebuyers’ journey. They guide borrowers through a complex process to make homeownership possible.

In exchange for this service, mortgage loan originators in Texas can earn a good living, with six-figure salaries achievable for top producers.

While entry-level pay starts modest, income rises steadily with experience, performance, and specialization in niche products. And continued growth is expected in Texas due to economic expansion.

Overall, if you have the drive and perseverance to become an exceptional mortgage loan originator, Texas provides a robust job market with promising income potential now and into the future.