Some loan officers are paid a flat salary; others are paid on commission. Those on commission usually are paid a base salary plus a commission for the loans they originate. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans do. Some loan officers are paid a flat salary; others are paid on commission. Those on commission usually are paid a base salary plus a commission for the loans they originate. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans do.
Pay Now or Pay Later Loan officers get paid in a way that they call on the front and/or on the back.. If a loan officer makes money on the front, that means they are charging for things that you can see. Many times it is a better deal to pay the fees now to get a lower rate instead of paying a higher rate over 30 years. What the Loan Officer is Thinking Remember, loan officers are sales people; they get paid by selling you something. Some loan officers are paid a flat salary; others are paid on commission. Those on commission usually are paid a base salary plus a commission for the loans they originate. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans do. Most loan officers work full time. Tips & Advice / story / By Justin McHood on 28 Feb 2009. “Seek first to understand, then to be understood.”. — Stephen R. Covey. For a large number of consumers who get a mortgage, the decision of how much you will actually pay for the mortgage company to get you a loan resides almost completely with the loan officer. Maybe. One disadvantage to working with loan officers at these mortgage bankers/brokers is that no matter what, they must “originate at a profit” or make money from the origination process in order to stay in business. If Your Loan Officer Works For A “Large FDIC Bank”. Loan Officer Salary: Most loan officers do not receive a base salary, only commission, so they are paid for performance. The median income for a loan officer in the United States is around $40,000. The number isn’t high, but it’s skewed by the sheer number of loan officers who do very little, or are simply unsuccessful. · just now. Report Abuse. There are actually a few different ways that a loan officer (the lender) gets paid. If you pay points, then that may be the lender's income, or it may also be a combination of the Yield Spread Premium + the points. The loan officier gets paid at closing. His fees are in the closing fees. The amount is based on a standard fee + a percent of the loan amount. 2Cute2B4Got · 8 years ago. Or, simply put – if a loan officer helps you with your mortgage and the total fees and yield spread premium add up to be $4,000 and the loan officer is on a “80% split” the loan officer stands to make 80% of $4,000 or $3,200. Maybe. One disadvantage to working with loan officers at these mortgage bankers/brokers is that no matter what, they must “originate at a profit” or make money from the origination process in order to stay in business. If Your Loan Officer Works For A “Large FDIC Bank”. Best Paying Cities for Loan Officers. The highest paid in the loan officer profession work in the metropolitan areas of San Francisco, New York City, and Midland, Texas. The Ocala, Florida area also pays well, as does the city of Lawrence and Salem, Massachusetts. The median salary for a loan officer in 2013 was $61,420, according to the BLS. Top earners made a lucrative $122,770, while those in the bottom 10th percentile earned about $33,220. According to Donnelly, many loan officers receive their pay from commissions, so their earnings could fluctuate from year to year A Loan Officer can expect salaries in a range of 48000 to 72000 based on tenure level. Loan Officers earn an average compensation of Sixty Five Thousand Nine Hundred dollars yearly. Loan Officers make the highest salary in New York, where they earn normal pay levels of close to $77310. People in this career group have the best average compensation in Retail Trade, which has pay of $76530. With an average salary of $71,800 per year, loan officers are better paid than insurance sales agents ($63,610) and real estate agents ($53,140). However, there are other business jobs that are even more lucrative, including financial analysts ($91,620), financial advisors ($99,920) and financial managers ($126,660). The median salary for a loan officer in 2013 was $61,420, according to the BLS. Top earners made a lucrative $122,770, while those in the bottom 10th percentile earned about $33,220. According to Donnelly, many loan officers receive their pay from commissions, so their earnings could fluctuate from year to year
http://www.investopedia.com/articles/pf/lending-loan-officers-perspective.asp http://www.bls.gov/ooh/Business-and-Financial/Loan-officers.htm http://www.zillow.com/blog/how-is-your-loan-officer-paid-500/ http://www.thetruthaboutmortgage.com/loan-officer-jobs/ https://answers.yahoo.com/question/index?qid=20070608132828AAaOxHv http://www.zillow.com/blog/how-is-your-loan-officer-paid-500/ http://money.usnews.com/careers/best-jobs/loan-officer/salary https://www.recruiter.com/salaries/loan-officers-salary/ http://money.usnews.com/careers/best-jobs/loan-officer/salary
how does loan officer get paid