- Some loan officers are compensated hourly
- When they just work at big banks that are retail
- But numerous are compensated commission-only
- Which you yourself can break up into hourly wages at year-end
As noted, MLOs are generally maybe maybe not compensated hourly, and they are rather compensated payment when it comes to loans they generate and fund.
What this means is total payment can range notably on the basis of the product product product sales performance for the loan officer under consideration. In addition it depends upon simply how much that loan officer makes per loan.
In the event that LO works for a shop that is small has hardly any help, they could make a home loan point or two per loan. By that, after all 1-2% of this loan quantity, that may or is almost certainly not split along with their broker or home loan business.
For a $500,000 loan, we’re chatting $5,000 – $10,000, less any expenses and splits. If you’re even mildly successful in this industry, especially if you operate in an expensive region of the country as you can see, the money can be really good.