By offering government loans, top mortgage officials can earn millions a year, according to Jim Cameron, senior partner at Stratmor Group, an advisory firm for the mortgage industry. Brian Decker works at Loan Depot in Riverside County, California. Larger banks tend to pay their mortgage loan originators a salary plus a small percentage of the final mortgage amount. On the other hand, new mortgage loan originators may be granted only preliminary approval powers, and are expected to submit their work to a senior official for a final decision.
Mortgage loan originators, also known as loan officers, are responsible for making decisions about issuing mortgages to consumers. If you're not sure what the right salary is for a mortgage loan originator, visit the Indeed Salary Calculator for a free, personalized pay range based on your location, industry, and experience. A mortgage loan originator works in the real estate industry and, depending on some factors, such as the company the originator works for, may earn a commission. Most take out a mortgage loan that will allow them to pay the cost of their home for an extended period of time.
There are professions similar to those of loan officers, including loan processors, mortgage loan originators, and insurers. Loan processors, such as loan officers, work for banks, mortgage lenders, and other loan-related services. In the US, a loan officer will assume responsibility for evaluating the application, investigating the information included, and performing calculations to determine if issuing the mortgage is appropriate for the lender. Loan products that may involve a loan officer may include personal loans, home loans, and lines of credit.
According to the BLS, loan officers often work from offices, whether in bank branches or other professional facilities. Business loan officers specialize in business loans, while mortgage loan officers can handle residential and commercial mortgage loans, depending on their specialization. They are generally experienced in banking and commercial finance and, depending on their employer, can take full responsibility for approving a home loan from initial application to final approval and disbursement. It should be noted that the process of approving or not approving a home loan will vary depending on the lender.
Some loan officers will need special designations or certifications, such as a mortgage loan officer, who must obtain a mortgage loan originator license.