Well, take note that most loan officers do not receive a base salary, only commission, so they are paid for performance.
Similarly one may ask, can loan officers make millions?
Pitching government loans, top mortgage officers can make millions a year, according to Jim Cameron, senior partner at Stratmor Group, a mortgage industry advisory firm. Brian Decker works at LoanDepot in Riverside County, Calif., where he sold more than $200 million worth of home loans last year.
People also ask, do loan officers work from home?
Loan Officers work from home more in today’s work environment than ever before. Working from home can lead to financial incentives and a great work-life balance. However, it is vital that you find a company that not only allows remote work but encourages a work-from-home lifestyle.
How hard is the MLO exam?
How difficult is the NMLS SAFE Act exam? Passing the exam is not easy… in fact, according to NMLS SAFE test passing rate, the first time pass rate is 54%, and only 46.7% for subsequent attempts. … If an individual fails the test, they have to wait 30 days before being eligible to retake the exam.
If over the course of a year the MLO closed one loan per month over 12 months, that loan officer will have made $48,000 that year. Keep in mind that this scenario assumes only one loan originated a month. Most loan officers can close anywhere from 18 to 25 loans in a year, with some doing as many as 35 to 40.
The loan amounts you close and your basis points are going to depend on where you work and where you’re located because it’s going to be tied to the average home sale price in your area. Overall, being a loan officer is a very rewarding career and has the potential to pay very well.
You deal with stress well. Like any job working with the public, the position of a loan officer can sometimes be stressful. If you can deal with that stress in a calm manner, your career as a loan officer is likely to be lucrative.
Mortgage Loan Officer Salaries
|RBC Mortgage Loan Officer salaries – 2 salaries reported||$45,621/yr|
|Manpower Mortgage Loan Officer salaries – 2 salaries reported||$16/hr|
|TD Mortgage Loan Officer salaries – 1 salaries reported||$35,446/yr|
|Scotiabank Mortgage Loan Officer salaries – 1 salaries reported||$51,143/yr|
Loan Officer Qualifications / Skills:
- Financial skills.
- Time management skills.
- Knowledge of financial software.
- Customer service.
- Analyzing information.
- Decision making.