How Much Can an Entry Level Mortgage Loan Originator Make?

Mortgage Banker

Commerce , California First Citizens Bank

… nched our FHA Subsidy Program which allows us to give up to $25,000 towards buyers’ recurring and non-recurring closing costs, buy down …

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8. Quicken Loans Employee Benefits and Perks 2021

Q. How much does an employee at Quicken Loans make? — How much does an employee at Quicken Loans make? 3.2 Q. Why is Quicken Loans a good (24)

Wondering how much a loan officer makes an hour? Or what the average mortgage loan officer salary is? Well, take note that most loan officers do not receive (25)

See how many years of experience Quicken Loans employees have under their belts from Q: Does Quicken Loans pay attention to its employees with career (26)

3. Highest paying jobs at Quicken Loans Ladders

The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. Highest paying job titles at Quicken Loans include (7)

How much do loan officer assistants make? — The typical Quicken Loans Mortgage Banker salary is $27,375. Mortgage Banker salaries at Quicken Loans (8)

Conclusion

As of October 29, 2021, the average Mortgage Banker salary in the United States is $48,500, while the income range frequently ranges between $34,775 and $72,425.

Years of Experience

Loan originators can expect to earn more as they gain job experience, however, most do move on to other careers after awhile. A survey by PayScale.com showed the following correlation between years on the job and compensation:

  • 0-5 years: $40,000 
  • 5-10 years: $70,000 
  • 10-20 years: $81,000 
  • 20+ years: $51,000

Mortgage Banker- Consumer Direct

Parsippany-Troy Hills , New Jersey Kwik Mortgage

… a strong desire to own it!What we offer Competitive salary ($50-60K base depending on qualification and experience) + Monthly Bonus High …

Loan Officer Job Description

Mortgage loan officers may work for commercial banks, mortgage companies or other related financial institutions. They often leave their office to meet with clients in their homes or places of business. Examples of specific job duties that pertain to a mortgage banker’s job description include:

  • Constantly seek out potential clients through networking with those who can provide referrals, such as real estate and development companies, existing clients, financial planners and more.
  • Meet clients to find out exactly what their real estate goals are, collect pertinent information and answer any questions they have.
  • Explain the different loan options to clients and guiding them through the application process.
  • Analyze clients’ finances to see if they qualify for a loan or pass this task onto a loan underwriter.
  • Close the loans if the applications are approved.

How much do mortgage lenders make per loan?

On average, mortgage brokers charge a commission of 2.25% for each loan, but per federal regulations, they cannot charge more than 3% of the loan amount

How can I find a mortgage broker?

To find a mortgage broker, it’s usually best to ask for recommendations, such as from a local real estate agent, lawyer, accountant, or neighbor who has recently used a broker. You can also find lists of brokers online.

What Does a Loan Officer Do on a Daily Basis?

  • Selling is the main focus of a loan officer
  • That means bringing in new customers to apply for home loans
  • Whether it’s a refinance loan or a purchase loan
  • So you can earn a commission when it eventually funds

The broker or bank, or whomever employs the loan officer, may provide sales leads to the loan officer, or they may be completely on their own when it comes to acquiring business, making up their own sales and marketing to pitch potential borrowers.

If you work at a large bank or call center, you may be fortunate enough to just take incoming phone calls.

That means you’ll sit in a cubicle all day and field phone calls. You could also be required to follow-up with customers who expressed interest.

The good part is that you won’t have to find prospects on your own. That can be the hardest part.

If you work for a broker or a small company, you may still be provided with leads, though the quality could be less than desirable. That means you will have to network, make contacts, and market yourself and your services.

This entails trying to get individuals to finance home purchases or refinance their existing mortgages. That’s it. When that happens, you generally get paid.

Often, loan officers will implicitly or explicitly partner with a real estate agent or office so they can provide financing to their home buying prospects.

If you’ve ever purchased a home, you’ve likely had the preferred lender’s contact info thrown your way when it comes time to fill out a loan application.

A loan officer may get these leads and run no-obligation pre-approvals for those clients to win them over. Often, a real estate agent’s recommendation will end up providing financing since borrowers don’t tend to shop around.

In any case, your role as a loan officer is to sell and that’s pretty much it. If I had to sum up a loan officer jobs description, I’d simply say selling.

Sure, you’ll have to put your clients at ease throughout the loan process, and communicate with your staff, but the main objective is sales.

You won’t be doing the loan underwriting, nor will you approve loans that come in the door. That’s not part of your job description.

Loan officers at smaller shops and independent companies need to self-manage their time, and strive to call out up to 100 contacts a day. When demand for loans is low, it can be really tough.

Once a call is successful and a loan officer is able to retrieve a prospective customer’s information, they need to secure financing for their client.

If you work for a broker, you will also need to work with third-party banks and lenders (and Account Executives) to secure financing.

If you work directly for a bank or mortgage lender, you will need to familiarize yourself with the company’s entire product suite so you know what it is you’re selling.

In both situations, your main objective will be to originate loans and assist in processing them, at the same time making sure your borrower is attended to during the entire loan process.

Do mortgage brokers make more than loan officers?

While their incomes can vary widely by experience, the available data indicate that mortgage brokers tend to earn more on average than mortgage loan officers. For example, Payscale reports an average base salary of $49,369 for mortgage loan officers vs. $58,304 for brokers. Similarly, Glassdoor reports an average base salary of $43,241 for mortgage loan officers vs. $63,469 for brokers.

In many cases, mortgage brokers may have begun their careers as loan officers but later broke off on their own for the opportunity to earn a higher income or enjoy greater independence.

Loan Officer Career Advancement

  • It’s generally a lateral move from one shop to another based on compensation structure
  • Other than going from say a junior loan officer to a senior loan officer
  • Most LOs just switch companies to get better commissions
  • Though it might be possible to open your own shop or become a sales manager as well

Loan officers generally stay in one place and don’t advance internally within a company.

They may change their status to Senior Loan Officer, but usually it means very little aside from the fact that they’ve been around a little longer than typical loan officers. There could be a bump in compensation levels though.

More likely, loan officers can advance externally if recruited by other companies paying higher commissions, or even a base salary. Or a mega bonus to jump ship.

Those who are able to create and manage a large book of business may wind up with a lot of suitors, and it’s not out of the realm of possibilities to be offered a six-figure bonus to change companies.

Many loan officers also apply for a broker’s license as a means for advancement. And eventually employ their own loan officers, and take a cut off everything they earn.

In that sense, there are a variety of advancement opportunities for successful individuals. It’s also possible to shift to the operations side of things (in a mortgage-related occupation) if you turn out to be not much of a salesperson.

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