The average wage is the wage where half of the workers in an occupation earned more than that amount and the other half earned less. A mortgage loan officer is a professional who represents a credit union, bank, or other financial institution that assists borrowers in the application process. Loan officers are generally referred to as mortgage loan officers because this is generally the most expensive and complex type of loan a customer can find. At the Department of Labor's Bureau of Labor Statistics, a loan officer will be responsible for evaluating the application, researching the information included, and performing calculations to determine if the issuance of the mortgage is an appropriate thing for the lender to do.
The BLS warns that the number of bank branches, where many loan officers work, is expected to decline, which could slightly disrupt employment growth. To better understand loan officer payments by state, Zipia has aggregated data across a multitude of channels, including BLS, FLC and OPM. Loan originators typically have a bachelor's degree and a strong knowledge of accounting and business finance. If MLOs are earning money “behind the back”, also known as compensation paid by the lender, their commission comes from the bank that sells the loan to the borrower.
And while there's a lot to look at about how much you can expect to earn, there are really good data on average loan officer salaries by state in the United States, broken down by seniority level. Loan originators can expect to earn more as they gain work experience, however, most move on to other careers after a while. Talk to your financial advisor, mortgage loan originator, public accountant, or other trusted industry professional to discuss your personal situation. If you're thinking about becoming a mortgage loan agent, you'll want to know how much money you could earn in this position.
Some mortgage loan officers are paid with fees only, which is common with smaller, state-licensed mortgage brokers. Most of the time, a mortgage loan officer's salary is based on a commission, and compensation varies from office to office and state to state. It should be noted that the process for approving or not approving a home loan will vary depending on the lender. With unlimited income potential and the opportunity to gain experience and education on the go, becoming a mortgage broker can open up a lucrative and stable career path.