How Much Do Mortgage Loan Officers Make

Loan products that may involve a loan officer can include personal loans mortgage loans.

How much do mortgage loan officers make. Loan officers themselves often make between 1 and 2 of your loan amount. If you get your mortgage from a. Or simply put if a loan officer helps you with your mortgage and your loan amount is 200 000 and the loan officer is paid 30 bps the loan officer would make 30 basis points on 200 000 or 600.

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 example someone who works for a small company with little support may get 1 to 2 percent of the loan amount. 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.

If you have a 250 000 loan the loan officer may make between 2 500 and 5 000 on your loan. The best paid 25 percent made 92 240 that year while the lowest paid 25 percent made 44 500. Loan officers communicate with numerous individuals to facilitate the lending process for banking clients.

Loan officers made a median salary of 63 040 in 2018. Bls statistics show that as of may 2017 the median average salary for mortgage loan originators was 64 660. Filter by location to see mortgage loan officer salaries in your area.

The national average salary for a mortgage loan officer is 40 569 in united states. 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. Click to see the latest mortgage rates.

How much does a loan officer make. The loan officer shares overages and underages with the firm usually 50 50. For example if the target income is 1 625 and the loan officer collects 2 there is an overage of 0 375.