Junior Loan Officer Job Overview
A junior loan officer works alongside a senior mortgage loan officer to find potential home loan mortgage applicants, help them navigate the loan process, and assist with preparing and closing the mortgage loan transaction.
In this way, how do most loan officers get paid?
Mortgage loan officers typically get paid 1% of the total loan amount. … 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.
Junior Loan Officers in America make an average salary of $48,091 per year or $23 per hour. The top 10 percent makes over $64,000 per year, while the bottom 10 percent under $36,000 per year.
Regarding this, 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 being a loan officer worth it?
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.
Is loan processor a good job?
Is Loan Processor a Good Job? … The BLS projects an 11% increase in loan officer positions between 2016 and 2026. This rate is higher than the national average for all careers combined, making loan processor careers an excellent option for those interested in the finance field.
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 three important qualities that loan officers need?
What Makes a Good Loan Officer?
- Transparency – They are transparent with customers. …
- Passionate – They are passionate about what they do. …
- Measured & Data Driven – They measure all of their data and information- great loan officers understand that nothing can be improved if it is not first measured.
What is the salary for a loan officer assistant?
Loan Officer Assistant Salaries
|Fairway Independent Mortgage Loan Officer Assistant salaries – 51 salaries reported||$40,393/yr|
|Guild Mortgage Loan Officer Assistant salaries – 37 salaries reported||$41,532/yr|
|PNC Financial Services Group Loan Officer Assistant salaries – 33 salaries reported||$42,678/yr|
What skills are needed to be a loan officer?
Loan Officer Qualifications / Skills:
- Financial skills.
- Time management skills.
- Knowledge of financial software.
- Customer service.
- Analyzing information.
- Decision making.