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.
In this manner, do loan officers have a base salary?
Well, take note that most loan officers do not receive a base salary, only commission, so they are paid for performance.
Consequently, how hard is the mortgage loan officer test?
How difficult is the NMLS SAFE Act exam? Passing the exam is not easy… in fact, according to NMLS SAFE test passing rate, the first time pass rate is 54%, and only 46.7% for subsequent attempts.
How long does it take to be a loan officer?
Some banks and mortgage companies require loan officers to hold a bachelor’s degree, so it can about four years to qualify for these jobs. It can take several weeks or months to meet the prelicensing education requirements and pass the examination to become a licensed mortgage loan originator.
How much do loan officers 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.
Is becoming a mortgage loan officer worth it?
Overall, being a loan officer is a very rewarding career and has the potential to pay very well.
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 education is needed to become a mortgage loan officer?
Although some financial institutions hire loan officers with only a high school diploma, most mortgage loan officers have a bachelor’s degree in finance, economics, business, or a related field. Previous work experience in the finance industry, customer service, or sales is also typical for mortgage loan officers.