Average Mortgage Servicing Clerk Salary in Jamaica for 2024

In this article, we will look at the average Mortgage Servicing Clerk salary for 2024 in Jamaica and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Jamaican dollar. To keep things simple, we are using the JMD currency code instead of the currency symbol $.

How Much Does a Mortgage Servicing Clerk Make in Jamaica?

A Mortgage Servicing Clerk working in Jamaica will typically earn around 478,000 JMD per year, and this can range from the lowest average salary of about 238,900 JMD to the highest average salary of 743,300 JMD.

Average Annual Salary
478,000 JMD
Average Monthly Salary
39,833 JMD

Lowest Annual Salary
238,900 JMD
Lowest Monthly Salary
19,908 JMD

Highest Annual Salary
743,300 JMD
Highest Monthly Salary
61,941 JMD

These are average salaries for a Mortgage Servicing Clerk in Jamaica and include benefits such as housing and transport. It's also possible for a Mortgage Servicing Clerk to earn more or less than the average salaries shown above.

Mortgage Servicing Clerk salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Mortgage Servicing Clerk Salaries in Jamaica

So we've looked at the average salaries a Mortgage Servicing Clerk will earn in Jamaica. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Mortgage Servicing Clerk can earn between 238,900 JMD and 743,300 JMD on average in Jamaica. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Mortgage Servicing Clerk in Jamaica is 478,000 JMD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 478,000 JMD, and 50% of the population earn more than 478,000 JMD.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Mortgage Servicing Clerk salary in Jamaica, 25% of the population are earning less than 322,600 JMD while 75% of the population earn more than 322,600 JMD.

75% of the population earn less than 608,500 JMD, and 25% of the population earn more than 608,500 JMD.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Mortgage Servicing Clerk Salary by Experience Level in Jamaica

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average mortgage servicing clerk salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Mortgage Servicing Clerk in Jamaica that has less than two years of experience can expect to earn somewhere in the region of 288,100 JMD.
  • 2 - 5 Years Experience. With two to five years of experience the average Mortgage Servicing Clerk salary would increase to 378,800 JMD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Mortgage Servicing Clerk, the average salary would be 507,300 JMD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 605,700 JMD.
  • 15 - 20 Years Experience. A Mortgage Servicing Clerk with 15 to 20 years of experience can earn an average of 653,200 JMD.
  • 20+ Years Experience. For a Mortgage Servicing Clerk with more than 20 years, the expected average salary increases to 701,400 JMD.

Average Salary by Experience Chart

0-2 Years
288,100 JMD
2-5 Years +32%
378,800 JMD
5-10 Years +34%
507,300 JMD
10-15 Years +19%
605,700 JMD
15-20 Years +8%
653,200 JMD
20+ Years +7%
701,400 JMD

Mortgage Servicing Clerk Salary by Education Level in Jamaica

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Mortgage Servicing Clerk in Jamaica based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. A Mortgage Servicing Clerk in Jamaica with a certificate or diploma education can earn an average salary of 424,900 JMD.

  • Bachelor's Degree. A Mortgage Servicing Clerk in Jamaica with a bachelor's degree education can earn an average salary of 660,500 JMD.

Average Salary by Education Chart

Certificate or Diploma
424,900 JMD
Bachelor's Degree +56%
660,500 JMD

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Jamaica is around 482,000 to 1,450,000 JMD and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Mortgage Servicing Clerk Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Jamaica, a male mortgage servicing clerk will earn an average of 489,500 JMD, while a female mortgage servicing clerk will earn around 466,900 JMD.

This means that a male mortgage servicing clerk earns approximately 5% more than a female mortgage servicing clerk for performing the same job.

Average Salary by Gender Chart in Jamaica

Male
489,500 JMD
Female -5%
466,900 JMD

Mortgage Servicing Clerk Average Pay Raise in Jamaica

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Mortgage Servicing Clerk in Jamaica is around 8% every 26 months.

The national average pay raise across all professions and industries in Jamaica is around 5% every 28 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 8 ÷ 26 ) × 12  = 4%

What this means is that a Mortgage Servicing Clerk in Jamaica can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Jamaica for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Jamaica.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Mortgage Servicing Clerk Bonus and Incentive Rates in Jamaica

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Mortgage Servicing Clerk is a low bonus based job, with 11% of employees reporting at least one bonus in the last 12 months.

89% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 0% to 3%.

Received Bonus
11%
No Bonus
89%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Jamaica earn approximately 10% more than private sector employees in the same role.

Public Sector
1,235,600 JMD
Private Sector -10%
1,122,900 JMD

Salaries for Jobs Similar to a Mortgage Servicing Clerk

In the table below, we have salary information for jobs that are similar to a Mortgage Servicing Clerk in Jamaica.

Job Title Category Salary
AML Analyst Banking 1,846,200 JMD
Assistant Bank Branch Manager Banking 1,645,600 JMD
Assistant Bank Manager Banking 2,086,500 JMD
ATM Manager Banking 1,777,700 JMD
ATM Service Technician Banking 493,000 JMD
Bank Accounts Analyst Banking 713,900 JMD
Bank Accounts Collector Banking 430,500 JMD
Bank Accounts Controller Banking 887,100 JMD
Bank Accounts Executive Banking 1,320,500 JMD
Bank Accounts Manager Banking 1,537,500 JMD
Bank Auditing Manager Banking 1,594,500 JMD
Bank Branch Manager Banking 2,230,100 JMD
Bank Branch Operations Coordinator Banking 945,400 JMD
Bank Clerk Banking 403,100 JMD
Bank Client Service Associate Banking 597,800 JMD
Bank Collector Banking 433,800 JMD
Bank Compliance Specialist Banking 1,110,500 JMD
Bank Manager Banking 2,423,000 JMD
Bank Operational Risk Manager Banking 2,543,000 JMD
Bank Operations Head Banking 2,447,200 JMD
Bank Operations Officer Banking 1,025,100 JMD
Bank Operations Specialist Banking 1,524,300 JMD
Bank Process Manager Banking 1,391,600 JMD
Bank Product Manager Banking 1,570,900 JMD
Bank Programme Manager Banking 1,788,300 JMD
Bank Project Manager Banking 2,038,500 JMD
Bank Propositions Manager Banking 1,777,700 JMD
Bank Quantitative Analyst Banking 1,306,100 JMD
Bank Regional Manager Banking 2,617,900 JMD
Bank Regional Risk Officer Banking 1,306,100 JMD
Bank Relationship Manager Banking 1,930,500 JMD
Bank Relationship Officer Banking 823,900 JMD
Bank Teller Banking 431,300 JMD
Banker Banking 934,900 JMD
Banking Business Analyst Banking 1,345,400 JMD
Banking Business Development Officer Banking 790,600 JMD
Banking Business Planning Executive Banking 1,908,800 JMD
Banking Product Manager Banking 1,668,900 JMD
Banking Reference Data Manager Banking 1,450,700 JMD
Banking Risk Analyst Banking 1,296,900 JMD
Banking Technical Analyst Banking 704,300 JMD
Bankruptcy Coordinator Banking 915,100 JMD
Bill and Account Collector Banking 483,400 JMD
Budget Analyst Banking 1,369,700 JMD
Capital Risk Manager Banking 2,508,300 JMD
Cards Marketing Manager Banking 1,678,300 JMD
Cash Management Manager Banking 2,221,600 JMD
Check Processing Manager Banking 1,655,500 JMD
Commercial Vault Associate Banking 1,259,300 JMD
Corporate Banker Banking 919,700 JMD
Corporate Dealer Banking 1,405,700 JMD
Credit Analyst Banking 1,011,500 JMD
Credit and Collections Manager Banking 1,765,300 JMD
Credit Card Fraud Investigator Banking 1,369,700 JMD
Credit Portfolio Manager Banking 2,543,000 JMD
Credit Risk Analyst Banking 1,537,500 JMD
Credit Risk Associate Banking 1,391,600 JMD
Direct Bank Sales Representative Banking 939,000 JMD
Exchange Control Consultant Banking 1,369,700 JMD
Executive Account Analyst Banking 1,357,900 JMD
Financial Bank Planning Consultant Banking 1,668,900 JMD
Financial Banking Analysis Manager Banking 1,980,600 JMD
Financial Banking Assistant Banking 643,800 JMD
Financial Banking Systems Manager Banking 1,846,200 JMD
Foreign Exchange Manager Banking 1,990,300 JMD
Fraud Analyst Banking 1,464,200 JMD
Fraud Detection Associate Banking 991,100 JMD
Fraud Detection Manager Banking 2,015,600 JMD
Fraud Detection Supervisor Banking 1,198,300 JMD
Internal Bank Audit Manager Banking 2,304,300 JMD
Internal Bank Auditor Banking 1,235,600 JMD
Internal Private Banker Banking 927,000 JMD
International Banking Manager Banking 2,617,900 JMD
Investment Banking Analyst Banking 1,921,500 JMD
Loan Analyst Banking 1,306,100 JMD
Loan Area Manager Banking 1,583,700 JMD
Loan Audit Team Leader Banking 1,487,200 JMD
Loan Branch Manager Banking 1,487,200 JMD
Loan Business Development Officer Banking 805,900 JMD
Loan Clerk Banking 472,000 JMD
Loan Collection and Recovery Manager Banking 1,621,400 JMD
Loan Collection Manager Banking 1,606,100 JMD
Loan Collector Banking 445,100 JMD
Loan Examiner Banking 596,100 JMD
Loan Officer Banking 492,700 JMD
Loan Processing Manager Banking 1,476,700 JMD
Loan Processor Banking 619,800 JMD
Loan Quality Assurance Auditor Banking 1,273,300 JMD
Loan Quality Assurance Manager Banking 1,428,800 JMD
Loan Quality Assurance Representative Banking 954,900 JMD
Loan Review Manager Banking 1,450,700 JMD
Loan Team Leader Banking 1,306,100 JMD
Loans Manager Banking 1,800,200 JMD
Mortgage Advisor Banking 902,100 JMD
Mortgage Collection Manager Banking 1,524,300 JMD
Mortgage Collector Banking 431,100 JMD
Mortgage Credit Analyst Banking 702,800 JMD
Mortgage Credit Manager Banking 1,487,200 JMD
Mortgage Development Manager Banking 1,716,600 JMD
Mortgage Document Reviewer Banking 588,500 JMD
Mortgage Funding Manager Banking 1,751,700 JMD
Mortgage Operations Manager Banking 2,184,900 JMD
Mortgage Payment Processing Clerk Banking 483,800 JMD
Mortgage Processing Manager Banking 1,560,800 JMD
Mortgage Processor Banking 615,700 JMD
Mortgage Quality Assurance Auditor Banking 1,259,300 JMD
Mortgage Quality Assurance Manager Banking 1,450,700 JMD
Mortgage Servicing Manager Banking 1,524,300 JMD
Mortgage Underwriter Banking 545,300 JMD
Online Banking Manager Banking 2,242,500 JMD
Payment Processing Clerk Banking 459,300 JMD
Personal Banker Banking 995,000 JMD
Personal Banking Advisor Banking 975,700 JMD
Phone Banker Banking 606,400 JMD
Private Banker Banking 943,800 JMD
Reconciliation and Investigation Specialist Banking 1,057,100 JMD
Tax Officer Banking 807,900 JMD
Teller Banking 453,200 JMD
Trade Officer Banking 519,300 JMD
Trade Product Manager Banking 1,500,800 JMD
Trader Banking 629,800 JMD
Treasury Operations Officer Banking 1,117,800 JMD

Salary Comparison by City

If you want to compare salaries with different cities in Jamaica, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Kingston 518,300 JMD

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