By offering government loans, top mortgage officials can earn millions a year, according to Jim Cameron, a principal partner at Stratmor Group, a mortgage industry advisory firm. Brian Decker works at LoanDepot in Riverside County, California. Ultimately, loan officers have the ability to earn several hundred thousand dollars a year (or more) if they work hard and make the right connections. Most loan officers work for a bank or private company, so benefits vary depending on your employer.
You'll have mental breakdowns as loans slip out of your hands and brokers and realtors shout at you as deadlines approach. I came to the conclusion that the best experience is to work for the broker as a loan processor for some time and you will learn all the pros and 26 cons. However, you may have to work hard to get potential customers, so you might not learn anything unless you're actually applying for loans. If the LO works for a small store and has very little support, it could make one or two mortgage points per loan.
Loan officers contact numerous individuals to facilitate the lending process for bank customers. Some mortgage loan officers are paid with fees only, which is common with smaller, state-licensed mortgage brokers. If you've ever purchased a home, you've probably lost the contact information for your preferred lender when it comes time to fill out a loan application. A loan officer represents a bank, credit union, or other financial institution and seeks out and helps borrowers purchase loans.
A better indicator could be the quarterly reports of a company called LBA Ware, which has a lot of data on loan officer compensation. In reality, you can always feel that way when it comes to getting approved for a home loan: a typical home loan originator's day will never be easy. Your earning potential as a mortgage broker may increase as you gain experience and develop your career with additional education. The broker or bank, or whoever employs the loan officer, may provide sales opportunities to the loan officer, or they may be completely alone when it comes to buying a business, inventing their own sales and marketing to introduce potential borrowers.
A loan officer can obtain these clues and make pre-approvals without obligation for those customers to earn them. Loan products that may involve a loan officer may include personal loans, home loans, and lines of credit. If a mortgage broker can get just one of those deals through, it often amounts to a huge payday, sometimes up to a few months' salary working at a minimum wage or other lower-paying jobs.
