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People also ask
How much do loan officers get paid per loan?
It also depends on how much a loan officer makes per loan. If the LO works for a small shop and has very little support, they might make a mortgage point or two per loan. By that, I mean 1-2% of the loan amount, which may or may not be split with their broker or mortgage company.
Is being a loan officer a good job?
Being a Loan Officer Can Be Really Lucrative 1 There are few jobs other than doctors, lawyers, and sports stars 2 That pay several hundred thousand dollars a year in salary 3 Top loan officers have the potential to make that kind of money too 4 And even average ones can make six-figures annually during good years
Do Loan officers make more money than doctors and lawyers?
So that鈥檚 something to keep in mind as well, though as mentioned, it might be possible to make moves to other related positions that open up as a result of technological advances. To sum it up, loan officers have the potential to make more money than the majority of the population, including doctors and lawyers.
Do Loan officers get paid commission?
Do loan officers make a commission? The income of a loan officer depends largely on whether their employer pays a flat salary or has a commission-based structure in place. As a sales-based role, the general rule is that you can make more commissions in situations in which you’re generating your own leads.