How much do mortgage loan officers make?
If you are thinking about becoming a mortgage loan officer, you will want to know how much money you could make in this position. As mortgage loan officers receive money on a sales basis, and therefore, income can differ considerably depending on a number of different factors.
With that in mind, below, we will take a look at this job in further detail, providing you with everything you need to know about this job role and how much money you may make.
How much do mortgage loan officers make?
How much do mortgage mortgage loan officers make? is not a straightforward question to answer. This is because the take-home pay a loan officer makes can differ drastically. It all depends on how the person sells or closes within a given year.
If you are a top home officer, you could end up making in excess of $1 million per year. Of course, this is for those who are at the top of their game and have a good referral network throughout the year. Nevertheless, it certainly gives you something exciting to work toward.
The median income for a typical home loan officer within the United States was $63,270 in 2019. The lowest-paid 25 percent made $44,840 while the best-paid 25 percent received an average of $92,960.
It is important that you do not pin your hopes on any of the figures you see, though, as the majority of home loan officers do not actually receive a base salary, which is why it is very difficult to determine an average salary amount. The majority are paid based on sales performance instead.
Bank Loan Officer vs Mortgage Broker
A mortgage originator can be either a loan officer is Federally registered, a mortgage broker is state registered. What does this mean? State licensed businesses generally require a licence to operate in that state. A federally registered originator just “must meet all requirements of the federal registration process.” Both should be registered on NMLS Consumer Access
According to the NMLS, ‘When you select a state from the regulator listing and click the Apply Filter button, all results for companies or individuals who do not currently hold a license in the selected state will be removed from the list of search results. Selecting “Federal” will filter results to only show those companies or individuals which are federally regulated.’
Understanding what a home loan officer doe
A mortgage loan officer is a professional who represents a credit union, bank, or other financial institution that helps borrowers in the application process. Loan officers are typically called mortgage loan officers because this is generally the most costly and complex type of loan that a customer could encounter.
A loan officer is going to be the direct contact for the majority of borrowers making an application for a loan from a financial institution. The complete procedure can typically be handled online, yet the majority of people prefer to speak with a knowledgeable person face-to-face, as this is a complicated and costly transaction.
The home loan officer has the job of accepting the application from the borrower and ensuring it gets passed onto the underwriting department. They may also advise clients on the best loans for their situation, as well as communicating with the underwriter, ordering the appraisal, and gathering documentation throughout the process.
Mortgage loan officer tasks
Here is an overview of the typical tasks of a mortgage loan officer:
- Work directly with clients to negotiate loans and terms, explain programs, and review agreements
- Maintain and track loan and credit data
- Generate referrals and new clients by building strong relationships
- Compile and obtain monetary information to assess the loan applications and their risk
Opportunities for progression as a mortgage loan officer
In any career, a lot of people are going to be looking for growth opportunities. How can they progress in the future and earn a higher wage? You will be pleased to know that there are a number of different opportunities for progression as a mortgage loan officer. For example, you could progress as a Compliance Officer or a Mortgage Loan Processor. Some people also branch into becoming a Senior Loan Officer or even a Banking Branch Manager.
Final words: How much do mortgage loan officers make?
So there you go: hopefully, you now have a better understanding of what a mortgage loan officer does and how much money they make. It is important to realize that this is a position that is very much based on your sales performance. Therefore, you are in control of how much money you make to a certain degree.
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