How Much Do Mortgage Loan Officers Make

But this is only if they work for a small lender where they can afford to provide higher commissions.

How much do mortgage loan officers make. The broker would make the normal commission of 0 5 half the overage or 0 6875. For example if the target income is 1 625 and the loan officer collects 2 there is an overage of 0 375. Loan officers themselves often make between 1 and 2 of your loan amount.

Compensation for mortgage officers can be based on commission salary or a combination of the two. Loan officers communicate with numerous individuals to facilitate the lending process for banking clients. If you have a 250 000 loan the loan officer may make between 2 500 and 5 000 on your loan.

By the end of 2015 dealing with increased regulation personnel costs and loan buy backs foreclosures etc had dropped lenders per loan profit according to the mortgage bankers. This means that 50 percent of loan officers made more than this amount and the other half made less. Bls statistics show that as of may 2017 the median average salary for mortgage loan originators was 64 660.

The loan officer shares overages and underages with the firm usually 50 50. If you get your mortgage from a. How much does a loan officer make.

Loan products that may involve a loan officer can include personal loans mortgage loans. They will pay the loan officer a base salary and a small bonus amount based on the loan amount not the total fees on a file. How mortgage loan officers get paid.

Salary estimates are based on 1 307 salaries submitted anonymously to glassdoor by mortgage loan officer employees. How much does a mortgage loan officer make. Generally the more work you have to do to generate clients on your own the higher your commission.