While ZipRecruiter is seeing salaries as high as $89,236 and as low as $18,032, the majority of Entry Level Mortgage Loan Officer salaries currently range between $27,741 (25th percentile) to $40,225 (75th percentile) with top earners (90th percentile) making $60,106 annually in Utah.
In this regard, can loan officers make millions?
Pitching government loans, top mortgage officers can make millions a year, according to Jim Cameron, senior partner at Stratmor Group, a mortgage industry advisory firm. Brian Decker works at LoanDepot in Riverside County, Calif., where he sold more than $200 million worth of home loans last year.
Also know, do loan officers get a base salary?
Well, take note that most loan officers do not receive a base salary, only commission, so they are paid for performance.
Do loan officers make 6 figures?
A new report released this week revealed that the majority of loan originators make $100,000 or more annually. This was one of the major takeaways from Mortgage Daily’s 2012 Loan Originator Survey, which included 175 originators (120 who completed ALL questions).
Do loan officers make good money?
How Much Does a Loan Officer Make? Loan Officers made a median salary of $63,270 in 2019. The best-paid 25 percent made $92,960 that year, while the lowest-paid 25 percent made $44,840.
Do loan officers run your credit?
A question many buyers have is whether a lender pulls your credit more than once during the purchase process. The answer is yes. Lenders pull borrowers’ credit at the beginning of the approval process, and then again just prior to closing.
Do loan officers work from home?
Loan Officers work from home more in today’s work environment than ever before. Working from home can lead to financial incentives and a great work-life balance. However, it is vital that you find a company that not only allows remote work but encourages a work-from-home lifestyle.
How do I become a loan officer in Utah?
Apply for your UT MLO license.
- Request your personal NMLS account. …
- Complete Your Utah NMLS Pre-License Education. …
- Pass the NMLS Mortgage Licensing Exam. …
- Apply for your NMLS license. …
- Background Checks, Credit Check, and Fees. …
- Get Hired.
How do most loan officers get paid?
Mortgage loan officers typically get paid 1% of the total loan amount. … In return for this service, the typical loan officer is paid 1% of the loan amount in commission. On a $500,000 loan, that’s a commission of $5,000.
How long does it take to become a loan officer in Utah?
In almost all cases, Mortgage Loan Originator (MLO) Candidates require 20 hours of training for licenses. An exception, is a license issued under the Utah Division of Real Estate. This requires an additional 15 hours of UT-DRE instruction.
Is becoming a loan officer worth it?
The loan amounts you close and your basis points are going to depend on where you work and where you’re located because it’s going to be tied to the average home sale price in your area. Overall, being a loan officer is a very rewarding career and has the potential to pay very well.
Is being a mortgage loan officer stressful?
You deal with stress well. Like any job working with the public, the position of a loan officer can sometimes be stressful. If you can deal with that stress in a calm manner, your career as a loan officer is likely to be lucrative.