It's no secret that independent mortgage bankers don't pull in the same salaries as those who work for the major Wall Street banks.
Still, there needs to be some basis for comparison so smaller lenders know whether their salaries are in line with what other independent firms are offering.
Richey May & Co., a provider of accounting and business advisory services to the mortgage industry, has released its 2013 salary survey of independent mortgage bankers.
Sent out to more than 100 independent mortgage bankers, the survey exclusively comprises data derived from small private lenders.
"With rising interest rates and contracting production volumes, mortgage bankers need to operate as efficiently as possible, especially with big expenditures like labor costs, which comprise a significant portion of a company's overhead," said Kenneth Richey, managing partner of Richey May. "Benchmarking salaries against peers is a good place to start, as long as companies are comparing apples to apples.’
The salary survey is used to set base and incentive compensation for executives, loan officers, closers, senior management, underwriters, post-closing staff, management, processors and shipping staff. Data is categorized based on a company's loan volume, regional location, operating model and number of employees.Â
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