The average salary for a Mortgage Loan Officer is $43,241 per year in United States, which is 0% lower than the average Mr. Cooper salary of $43,552 per year for this job.
In this way, 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, how do I become a loan officer in Texas?
In order to become a licensed Mortgage Loan Originator in the state of Texas you’ll need to complete the following steps:
- Apply for your NMLS account and ID number.
- Complete your NMLS Pre-License Education.
- Pass the NMLS Mortgage licensing exam.
- Apply for your TX MLO license.
- Complete background checks and pay all fees.
How hard is it to become a loan officer?
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.
The salaries of Mortgage Loan Processors in the US range from $22,224 to $62,000 , with a median salary of $37,710 . The middle 57% of Mortgage Loan Processors makes between $37,710 and $45,183, with the top 86% making $62,000.
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.
Mr. Cooper is a legitimate mortgage lender that provides new home loans, home refinancing and cash-out refinancing. It offers competitive interest rates and typically has satisfied customers.
Mr. Cooper offers most major home loan options, including: Fixed-rate and adjustable-rate mortgages. … Federal Housing Administration mortgages.
Since the majority of Mr. Cooper loans are owned by Fannie Mae or Freddie Mac, there’s a good chance your loan is owned by one of these investors: Click here to see if your loan is owned by Fannie Mae. Click here to see if your loan is owned by Freddie Mac.
Nationstar Mortgage, which rebranded as “Mr. Cooper,” agreed to a $91 million settlement this week for allegedly violating consumer protection laws after the Great Recession. The case could serve as a warning to companies that prey on borrowers during the pandemic.
Compare to Other Lenders
|BNC National Bank: NMLS#418467||Better: NMLS#330511|
|Min. Down Payment 3%||Min. Down Payment 3%|
|Loan Types and Products Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA||Loan Types and Products Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA|
|Formerly||WMIH Corp. (2015–2018)|
|Owner||Mr Cooper Group|
Why You Were Transferred
Your account was transferred because your previous servicer sold your loan to us, your new servicer. Mortgage loans being sold between servicers is very common. Hundreds of thousands of loans change hands in this way every year.