How much does a Mortgage Loan Officer I make in Denver, CO? The average Mortgage Loan Officer I salary in Denver, CO is $45,229 as of September 27, 2021, but the range typically falls between $36,974 and $55,027.
In this manner, do you need a degree to be a loan officer?
Loan officers typically need at least a bachelor’s degree, preferably in a business-related field such as finance, economics or accounting.
Similarly one may ask, how much do loan officer make per loan?
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 do mortgage loan officers make in Colorado?
Mortgage Loan Officer Salary in Colorado
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Loan Officer Assistant Salary in Colorado
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On average, mortgage brokers charge a commission of 2.25% for each loan, but per federal regulations, they cannot charge more than 3% of the loan amount.
Mortgage loan originators enjoy great flexibility as far as working hours are concerned. Not only that, most MLO jobs come with a bountiful of benefits and perks. Which means that you can enjoy terrific benefits like, health insurance, retirement plans and even fun perks like, catered meals or holiday pay and more!
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.
Whereas loan officers/loan processor tend to make the most money in the finance industry with an average salary of $62,747. The education levels that mortgage consultants earn is a bit different than that of loan officers/loan processor.