Loan Officer Salary Reddit

How much does a Loan Officer make at loanDepot in the United States. According to Indeed the average loan officer salary is 74150 with 38300 of this in the form of commissions.

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If it was your responsibility you would more than likely need to go ahead and pay that collection - this again would be something youd.

Loan officer salary reddit. I do have contacts in the real estate realtor side as well. Im 33 and have been doing this for 5 years the amount of gray hair I have now is exponentially more than when I started I blame the job. They are bringing someone new on board and I will train them.

Average loanDepot hourly pay ranges from approximately 1433 per hour for Loan Specialist to 3830 per hour for Mortgage Loan Originator. An early career Loan Officer with 1-4 years of experience earns an average total compensation of C40788 based on 39 salaries. If it was fraudulent get something in writing from the creditor stating you were not responsible for the debt and then contact your Loan Officer to have a re-score done to your credit.

Log In Sign Up. Salary information comes from 89 data points collected directly from employees users and past and present job advertisements on Indeed in the past 36 months. Employment of loan officers is projected to increase a little faster than average for all occupations from 2016 through 2026 at about 11.

Loan Officer SALARY Mortgage Officer Salary. 1 of loan amount to a processor for a mortgage loan would be an outrageous amount. A mid-career LoanRead more What Do Loan Officers Do.

Well take note that most loan officers do not receive a base salary only commission so they are paid for performance. Currently working as an analyst -70K salary 3 YOE. On the upside my position pays very well.

Learn about salaries benefits salary satisfaction and where you could earn the most. That works out to an hourly wage of 3060 per hour which isnt terrible by any stretch. From there determine if the bill was fraudulent or in fact something that was your responsibility.

The average salary for a Loan Officer is 182226 per year in United States. The best-paid 25 percent made 92960 that year while the lowest-paid 25 percent made 44840. The average loanDepot salary ranges from approximately 24000 per year for Call Center Representative to 128680 per year for Senior Loan Officer.

At my two year mark only got a 3 raise. These financial professionals must have a bachelors degree and. I had a friend who was a LO with the big stagecoach company for a few years.

Why being a Brand New Mortgage Loan Officer is your single greatest advantageIf your newly licensed at being an MLO I want to share with you in this episod. Meaning the industry could totally change and eliminate the need for loan officersbrokers and go more to a one-stop-shop lender. Log in or sign up to leave a comment Log In Sign Up.

She got a draw of 3000 a month. Most companies have loan officers on commission. For Mortgage loans the loan officer typically makes 1-15 of loan amount sometimes smaller working at a large bank sometimes higher at a broker or correspondent lender.

Career level one step higher. Search all of Reddit. Loan officers evaluate authorize or recommend approval of loan applications for people and businessesDutiesLoan officers typically do the following Cont.

The median income for a loan officer in the United States was 63650 in 2016 according to the Bureau of Labor Statistics BLS. Good relations with boss and team. I work 40 hours a week.

View discussions in 5 other communities. Loan officer salaries vary by career path but hard work is typically rewarded. Not entirely sure what hes doing differently.

I know this post seems abstract but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy doing the math was making 300-500k a year whereas the median salary for a mortgage loan officer is only 50-70k. My base is about 50k and I typically earn another 60-75k in commission. However a CNN Money report determines the average loan officer salary is 64660 with a large range between the high and low side.

Or what the average mortgage loan officer salary is. This field is heavily dependent on the current state of the economy however and growth can shift from field to field. If she didnt make at least that much she owed them money which would come out of next month Im not sure how many months you could go on.

Long term I read a report this weekend that states the likelihood of automation eliminating jobs and loan officer is 98 computerisable in the next 20 years. Loan Officer SALARY Mortgage Officer Salary. Posted by 4 minutes ago.

Average loanDepot Loan Officer yearly pay in the United States is approximately 105318 which is 38 below the national average. New offer 95K but one more hour in the day to work. Youll have to be willing to have months where you may not close a loan and make commission otherwise.

But there may be exceptions Im not aware of so definitely ask. Loan Officers made a median salary of 63270 in 2019. They have made some vague promises of abigger raise in the future.

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