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.
Herein, 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.
Secondly, do loan officers work from home?
Loan Officers work from home more in today’s work environment than ever before. However, it is vital that you find a company that not only allows remote work but encourages a work-from-home lifestyle. … This will set you up for a fulfilling career as a remote loan officer.
Do mortgage loan officers make a base salary?
The jobs requiring this license have increase by 9.99% since 2018. Loan Officers with this license earn +28.08% more than the average base salary, which is
|Year||Number of job openings on Indeed requiring this license||Change from previous year|
|2019||18436||increase by 9.99%|
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.
Loan Officer Salaries
|Westpac Group Loan Officer salaries – 1 salaries reported||$62,000/yr|
|Westpac Group Loan Officer salaries – 1 salaries reported||$50,000/yr|
|ANZ Bank Loan Officer salaries – 1 salaries reported||$200,000/yr|
|Hays Loan Officer salaries – 1 salaries reported||$41/hr|
While ZipRecruiter is seeing annual salaries as high as $181,000 and as low as $16,000, the majority of Mortgage Loan Officer salaries currently range between $35,000 (25th percentile) to $100,000 (75th percentile) with top earners (90th percentile) making $120,000 annually across the United States.
An entry-level Mortgage Banker with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $25,000 based on 6 salaries. An early career Mortgage Banker with 1-4 years of experience earns an average total compensation of $25,042 based on 13 salaries.
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.
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.
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.
Loan Officer Salaries
|Hana Financial Group Loan Officer salaries – 1 salaries reported||$35,213/yr|
|Sharons Credit Union Loan Officer salaries – 1 salaries reported||$43,603/yr|
|AAR Financial Loan Officer salaries – 1 salaries reported||$13/hr|
|KEB Hana Bank Loan Officer salaries – 1 salaries reported||$34,300/yr|
Best-Paying States for Loan Officers
The states and districts that pay Loan Officers the highest mean salary are New York ($103,040), Massachusetts ($91,460), Hawaii ($87,750), Maryland ($87,120), and District of Columbia ($86,880).
Mortgage officers or loan offers are typically paid by the lender but sometimes by the borrower as well but never both. Lenders pay compensation from 1.00% to 2.75% of the loan amount. Borrowers can also pay the broker or loan officer themselves, which is called borrower paid compensation.