A loan officer—or mortgage broker—can help you make sound financial decisions and obtain a mortgage loan. A loan officer can guide you while comparing loan products from different lenders to ensure you’re getting the best rates and fair fees.
Secondly, can loan officers make millions?
Pitching government loans, top mortgage officers can make millions a year, according to Jim Cameron, senior partner at Stratmor Group, a mortgage industry advisory firm.
Herein, how much do loan officers 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 real estate 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.
How much does a Quicken loan officer make?
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.
Is loan officer a stressful job?
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.