What is the average bps for a loan officer?
In a previous LBA Ware report that covered all of 2019, the average commission was 102.089 basis points per loan.
What do top mortgage brokers make?
PayScale puts the average salary of mortgage brokers at $58,304, based on 72 reports, and notes commissions ranging from $12,000 to $178,000. Brokers with less than one year of experience earned average total compensation of $46,750, it says, while those with at least 20 years of experience averaged $68,784.
How much do mortgage loan officers make in Denver?
Salary Ranges for Mortgage Loan Officers in Denver, CO The salaries of Mortgage Loan Officers in Denver, CO range from $32,870 to $130,630 , with a median salary of $63,430 . The middle 60% of Mortgage Loan Officers makes $63,430, with the top 80% making $130,630.
Where do mortgage loan officers make the most money?
Here’s a quick snapshot of the top ten states for loan officer salaries:
- Michigan.
- Missouri.
- Kansas.
- Arkansas.
- North Carolina.
- Wisconsin.
- Virginia.
- Minnesota.
What is the difference between a loan originator and a loan officer?
The MLO will continue to work with you through the application process, into underwriting and help ensure you’re ready for closing. Remember, an MLO can be a person or institution. While the loan officer is the person who works with you, the lender is the institution that initially funds the loan.
How much does a mortgage loan officer make?
The national average salary for a Mortgage Loan Officer is $43,241 per year in United States. Filter by location to see a Mortgage Loan Officer salaries in your area.
What is the job outlook for a loan officer?
Job Outlook. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. Although the demand for loan officers will increase as the overall economy grows, the decline of bank branches may moderate employment growth.
How many hours does a loan officer work?
Most loan officers work full time, and some work more than 40 hours per week. Loan officers must pay attention to detail, as each piece of information on an application can have a major effect on the profitability of a loan. Loan officers typically need a bachelor’s degree and on-the-job training.
How many loan officers work in the US?
Loan officers held about 316,900 jobs in 2019. The largest employers of loan officers were as follows: The credit intermediation industry includes commercial banks, savings institutions, and mortgage companies. Loan officers who specialize in consumer loans usually work in offices.