Commercial loan officers assess business loan applications at financial institutions. They interview commercial loan applicants, evaluate applicants’ financial status, and create customized loan packages and payment plans. They may work at commercial banks, credit unions, or mortgage companies.
Similarly one may ask, 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. Brian Decker works at LoanDepot in Riverside County, Calif., where he sold more than $200 million worth of home loans last year.
Thereof, 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.
Is a loan officer a banker?
Although you could interact with a loan officer or a mortgage banker when you first try to get a loan, not all loan officers are mortgage bankers. This is because loan officers usually work for a single financial institution and can only offer products and rates set by that institution.
Mortgage loan originators enjoy great flexibility as far as working hours are concerned. Not only that, most MLO jobs come with a bountiful of benefits and perks. Which means that you can enjoy terrific benefits like, health insurance, retirement plans and even fun perks like, catered meals or holiday pay and more!
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.