While ZipRecruiter is seeing salaries as high as $177,261 and as low as $13,568, the majority of Mortgage Loan Originator salaries currently range between $26,260 (25th percentile) to $87,536 (75th percentile) with top earners (90th percentile) making $123,426 annually in Alabama.
Similarly, are loan officers happy?
Loan officers are one of the least happy careers in the United States. … As it turns out, loan officers rate their career happiness 2.5 out of 5 stars which puts them in the bottom 5% of careers.
Moreover, do loan officers get a base salary?
Well, take note that 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 was $63,650 in 2016, according to the Bureau of Labor Statistics (BLS).
Do loan officers make good money?
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?
Importantly, the Department of Financial Services also will allow professionals, including licensed mortgage loan originators, to work from home or other temporary locations without having first licensed those locations.
How much do mortgage loan officers make at Wells Fargo?
How much does a Loan Officer make at Wells Fargo in the United States? Average Wells Fargo Loan Officer yearly pay in the United States is approximately $49,407, which is 71% below the national average.
How much does a loan officer make per closing?
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.
How much does a loan processor make in Alabama?
Mortgage Loan Processor I Salary in Alabama
| Percentile | Salary | Location |
|---|---|---|
| 25th Percentile Mortgage Loan Processor I Salary | $34,510 | AL |
| 50th Percentile Mortgage Loan Processor I Salary | $38,134 | AL |
| 75th Percentile Mortgage Loan Processor I Salary | $42,996 | AL |
| 90th Percentile Mortgage Loan Processor I Salary | $47,422 | AL |
Is being a mortgage loan officer a good career?
Overall, being a loan officer is a very rewarding career and has the potential to pay very well.
Is being a mortgage loan officer hard?
Becoming a loan officer in California is not as hard as it sounds when you follow the right steps and remain focused on your goals. You will soon embark on a rewarding journey that marks the start of an exciting career. Depending on your dedication, you can meet the prelicensing requirements within a few months.
Is loan officer a stressful job?
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.
What are qualities of a good loan officer?
The Qualities of a Good Loan Officer
- Bring Expertise to Your Loan Process. Among a loan officer’s skills is expertise in the industry. …
- Tailor Loans to Your Personal and Financial Situation. …
- Possess Superior Customer Service Skills. …
- Provide Suggestions for Improving Qualifications. …
- Communicates Well With Involved Parties.
What are the duties of a mortgage loan officer?
Approves mortgage loans by examining application and supporting documentation; estimating credit-worthiness; calculating repayment risk. Competes mortgage loans by monitoring collection, verification, and preparation of mortgage loan documentation; scheduling and completing mortgage loan closing.