Loan Officer Salaries
|ABM College Loan Officer salaries – 1 salaries reported||$19/hr|
|Park West Professional Services Loan Officer salaries – 1 salaries reported||$17/hr|
|TD Ameritrade Loan Officer salaries – 1 salaries reported||$52,306/yr|
Keeping this in consideration, are loan officers in demand?
Employment of loan officers is projected to show little or no change from 2020 to 2030. Despite limited employment growth, about 25,000 openings for loan officers are projected each year, on average, over the decade.
Beside this, do loan officers get paid a salary?
How Much Does a Loan Officer Make? Loan Officers made a median salary of $63,270 in 2019. The best-paid 25 percent made $92,960 that year, while the lowest-paid 25 percent made $44,840.
Do loan officers work from home?
Loan Officers work from home more in today’s work environment than ever before. … This will set you up for a fulfilling career as a remote loan officer. In today’s day and age, working from home is becoming more acceptable. In 2021, 55% of companies offer work from home options.
As noted, MLOs are typically not paid hourly, and are instead paid commission for the loans they bring in and fund. This means total compensation can range significantly based on the sales performance of the loan officer in question. It also depends on how much a loan officer makes per loan.
What Makes a Good Loan Officer?
- Transparency – They are transparent with customers. …
- Passionate – They are passionate about what they do. …
- Measured & Data Driven – They measure all of their data and information- great loan officers understand that nothing can be improved if it is not first measured.
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 average salary for a loan officer in California is around $60,420 per year.
Loan officers are the main point of contact for borrowers throughout the mortgage application process at almost every mortgage lender. That’s an important job, right? In return for this service, the typical loan officer is paid 1% of the loan amount in commission. On a $500,000 loan, that’s a commission of $5,000.
With a median salary of $63,650, loan officers report an average level of job-related stress and upward mobility, according the report, but they also have an above-average level of flexibility and work-life balance.
Detailed List Of Loan Officer Salaries By State