Mortgage loan assistant salary, Mortgage loan closer salary, PNC mortgage loan officer salary, Mortgage loan underwriter salary, Mortgage loan originator Salary, Mortgage loan originator jobs

A mortgage loan originator is also known as an MLO is an integral part of the residential mortgage lending industry. MLO are the doorway between mortgage loan lenders and borrowers and they help to match the right loan type with the consumer.

The loan process begins when an applicant submits for financial information for the loan here is a list of the responsibilities of MLO meeting with consumers in person or via phone and closing deals.

That result in exchange of property and funds providing information to applicants regarding loan options credit terms disclosures provisions etc collecting accurate information needed to determine if applicant can afford the loan insuring that the loan application and other documents are accurate and complete during the application process.

The applicant will have to provide credit income asset and employment information to the lender forms will have to be signed allowing the lender to pull the applicants credit report.

The information obtained will help the lender to determine if the applicant will be approved or not if the loan is approved certain conditions will have to be met before the loan is funded in the event that the application is suspended.

The applicant will have to either provide more paperwork or explanations to continue the process a declined application means that the applicant will have to apply elsewhere or apply for a different loan program to be a successful MLO.

You will need to understand complex mortgage products detailed consumer protection disclosure requirements multiple page forms and ensure that you’re complying with copious federal and state mortgage lending laws.

Mortgage loan originator Salary Estimates

How Much Can an Entry Level Mortgage Loan Originator Make?

Years of Experience:

  • 0-5 years: $40,000 
  • 5-10 years: $70,000 
  • 10-20 years: $81,000 
  • 20+ years: $51,000

The average salary for a Mortgage Loan Originator is $156874 per year in United States.

Salary.comGlassdoorZipRecruiter
$69k–95kper year$29k–57kper year$24k–140kper year
Mortgage Loan OriginatorMortgage Loan OriginatorMortgage Loan Originator
United StatesUnited StatesUnited States

Education Requirements Mortgage Loan Originator JOBS

Loan originators usually hold a bachelors degree and have a strong understanding of business accounting and finance.

Mortgage loan originator jobs

What’s a loan originator jobs? It’s me! Ok, so a loan originator, check this out: Uniquely defined with specific differences under the mortgage lending laws of each state.

A loan originator is generally an individual that arranges funding or negotiate mortgage loans for potential borrowers. The term may also be generally applied to an individual entity that initiates the process for obtaining a mortgage. A loan originator may work under the supervision of a mortgage broker, mortgage bank or lender, aka loan officer. I don’t know where the loan officer thing came from. It’s not like we have a badge. I just have a nametag.

But loan originator, that’s me, the person that’s helping you originate the home loan. We’re guiding you, right? We’re talking about all the loan options available to you. We’re talking about payments, cash and close, down payments, down payment assistance. We’re the person that walks you through the process from start to finish. Applying for the mortgage and signing your loan documents at close.

Getting the financing to acquire the property loan originators sometimes charge fees at Finance of America we don’t have any origination fees or fees for service we make money when you make mortgage payments. Give is a call. You should have no application fees, no origination fees and no fees for a credit report when you’re trying to originate a home loan or talking to a loan originator, or loan officer or mortgage planner. We all have all these different names.

Bank of America mortgage loan officer salary

Additional PayAverageLowHigh
Cash Bonus (23)$10,790$546$216K
Stock Bonus (2)$7,774$5K$10K
Profit-Sharing (1)$16,382$16K$16K
Commission Sharing (116)$53,760


$13
$991K

The average salary for a Loan Officer at companies like Bank Of America $33,999 The typical Bank of America Mortgage Loan Officer salary is $33,999. Mortgage Loan Officer salaries at Bank of America can range from $1 – $163,460.

The average hourly pay for a Mortgage Loan Officer at Bank of America Corp. (BOFA) is $15.47.

A Bank of America Mortgage Loan Officer annual salary is about $50000, based on salary and pay scale data from 238 real Bank of America employees.

I’m Aleyna Groves I’m the CFO of Groves Capital. So Groves Capital has created a unique opportunity for MLO’s that want to take the next step in their game. Not only are they gonna stop losing out to others, too bad rates, but they’re gonna have the best products in the industry to really double or triple their income while being able to run it like their own business. So we’re exceptionally creative when it comes to loan programs, where as with a broker or with a bank you are most likely being beat up by high interest rates by black and white guidelines that is where we are completely different we have a product available for every kind of scenario.

Whether it’s stated income, FHA, VA, bank statement, down payment assistance, jumbo, self-employed, there’s honestly not a product that we don’t have to make you successful in your business. Our compensation plans are also exceptionally generous especially when you compare with other brokers and other lenders.

We are very hands-on with our MLO’s so we are always helping you & coaching you throughout the process to make sure that you are benefiting your client to the maximum and also making the most which is what you deserve. One of the biggest things we like to focus on is you’re not an employee you’re really a partner with us our goal is to make sure you have the products and the process to provide the best products to your clients and make an income that you deserve work from home be able to take tax write-offs take those benefits of actually running a business and never say no to business.

We don’t ever want you to be in a position that you have to hand it off to another company because Groves Capital will have a lending program that’s gonna suit your client’s needs in any capacity. Here at Groves Capital we really want to be available for all your needs so please give us a call whenever you need help with a scenario; you just jump in with a client you; you need us to save the day we’re here to really partner to make sure you’re always successful your clients are always happy and you’re getting paid the most money industry. So be your own boss and call us today.

Mortgage loan underwriter salary

Mortgage Underwriter Salaries

Job TitleSalary
J.P. Morgan: Mortgage Underwriter salaries$65,000/yr
Chase: Mortgage Underwriter salaries$63,270/yr
U.S. Bank: Mortgage Underwriter salaries$60,145/yr
Altisource: Mortgage Underwriter$4,97,389/yr

Mortgage loan assistant salary

$45,657 The average Mortgage Loan Assistant salary in the United States is $45,657 as of January 29, 2021, but the salary range typically falls between $39,516 and $53,565.

Salaries by Company · U.S. Bank $41,637/yr Range: $29K – $56K

Arvest Bank $17/hr Range: $12 – $24 ·

NVR About $42K – $52K.

Movement Mortgage $38,994 Range: $16K – $110K

Fairway Independent Mortgage $37,777 Range: $17K – $82K 

PNC mortgage loan officer salary

GlassdoorPayScale
$23k–140kper year$33kper year (median)
Mortgage Loan OfficerMortgage Loan Officer

Sample mortgage loan officer compensation plan

compensation “Plan” is a general description of how you compensate loan originators.

Sample Loan Manager Compensation Plan Template

To properly calculate and pay for this commission plan

Note: This document is intended purely as a sample plan. It is not intended to provide accounting or legal advice of any form. Please consult your accountant and lawyer prior to creating your own version of the compensation plan.

Loan Manager Compensation Agreement

Revision Date: ____________

This document describes the agreement between between _____________________________ (“Company”) and _________________________________ (“Payee”) regarding terms related to compensation. 

Company and Payee enter into this agreement whereby Payee provides services to the Company and customers of company, in return for compensation specified in this agreement.

Duration:

This agreement covers the period starting from ___________ and ends on _______________.

Commissions will be calculated and paid once every week, for the preceding week. Commissions will be calculated and paid out as part of the next payroll cycle, following the month for which commissions are calculated.

Services:

This payee has a group of Loan Officers reporting into them. The Loan Officers can be a team or a branch office location. The primary service rendered by this payee is managing Loan Agents and helping them be successful in originating loans for customers and closing/funding them. In addition this Payee can also originate his/her own loans.

Variable Compensation:

Targeted variable compensation for the full year is ______________.

Other Compensation:

Payee is not due any other compensation as part of this agreement.

Loan Income Commission

This incentive pays commissions on Loans originated by the Payee. This commission is paid every week.

Credits:

Any Loan Originations that are due to the Payee’s primary efforts are eligible for this commission. Commissionable transactions are funded originations to customer. Payee gets credit for the Loan Income when the origination is funded.

Calculation:

Calculation is based on the following data available from Loan Originations.

Origination Fees – This is the fee paid by the lender for a standard loan. Origination fees may vary by lender and by type of loan.

Processing Fee – This is the processing fee expected to be paid by the customer. Payee may waive the processing fee for specific customers. In those cases, processing fee will be deducted from the Loan Income.

Commission rate for the Payee is decided based on loan income production by the Payee. Loan Income is cumulated throughout the fiscal year and at different tiers of total loan income for the year, different commission rates will apply. The appropriate commission rate is then applied against the Loan Income for a loan.

Year to Date Loan Income Commission %

0 – 50,000 60%

50,001 – 100,000 70%

100,001 and Above 80%

Example:

Loan: #1

Origination Fees: $4,000

Processing Fee: $400

Loan Income: ($4,000 – $400) = $3600

YTD Loan Income: $60,000

Commission Rate: 70%

Commission Amt: $3,600 x 70% = $2,520

Group Loan Income Override

This incentive pays commissions on Loans originated by the Loan Officers reporting into the Payee. This commission is paid every week.

Credits:

Any Loan Originations that are due to the Payee’s subordinates’ primary efforts are eligible for this commission. Commissionable transactions are funded originations to customer. Payee gets credit for the Loan Income when the origination is funded.

Calculation:

Calculation is based on the following data available from Loan Originations.

Origination Fees – This is the fee paid by the lender for a standard loan. Origination fees may vary by lender and by type of loan.

Processing Fee – This is the processing fee expected to be paid by the customer. Payee may waive the processing fee for specific customers. In those cases, processing fee will be deducted from the Loan Income.

Commission rate for the Payee is decided based on amount of Loan Income per Loan. The appropriate commission rate is then applied against the Loan Income for a loan.

Loan Income Commission %

0 – 5,000 5%

5,000 – 15,000 7%

15,000 and Above 10%

Example:

Loan: #1

Origination Fees: $7,000

Processing Fee: $400

Loan Income: ($7,000 – $400) = $6600

Commission Rate: 7%

Commission Amt: $6,600 x 7% = $462

Loan Volume Bonus

This incentive pays a bonus based on Loans originated by the Payee and the entire group reporting into the payee. This bonus is paid once a quarter

Credits:

Any Loan Originations that are due to the Group’s primary efforts are eligible for this commission. Commissionable transactions are funded originations to customer. Payee gets credit for the Loan Volume when the origination is funded.

Calculation:

Calculation is based on the Loan Volume. The total loan volume is added up for the quarter. 

If the total Loan Volume for a quarter is more than $20,000,000, then the Payee gets paid 10 Basis Points.

Example:

Loan Volume for the quarter: $24,000,000

Bonus Rate: 5 Basis Points

Bonus: $24,000,000 x 10 Basis Points = $24,000

Draw

Payee has no draw.

Splits

Payee has no additional splits.

Termination of Employment

On voluntary or involuntary termination of Payee’s engagement with the Company, commissions will be paid on transactions dated prior to the termination date only. Any amounts owed to the Payee will be according to federal and local regulations after withholding taxes and other dues.

Other Terms

  1. Payee agrees to follow all Federal and Local laws while engaged in providing services to the Company during the period of this agreement.
  2. Payee shall not engage in any other employment during the term of this agreement. Company reserves the right to require Payee to terminate any such other employment at Company’s sole discretion. 
  3. Any loan transaction entered into by the Payee during the period specified in this agreement is considered to be made on behalf of the Company and is the property of the Company.
  4. All transactions involving other brokerage firms or unapproved providers should be first approved by the Company.
  5. Payee shall be liable for all fees, including, but not limited to, Standard Fees, appraisals and credit reports ordered on applications or loans he/she originates, if such fees are not paid by the customer.  Any unpaid fees will be deducted from any unpaid compensation otherwise due to the Payee under this agreement.
  6. The Company establishes Standard Fees for various services, and Payee will require prior approval before changing any of the Standard Fees.
  7. Payee agrees to protect all confidential material including prospect data, loan transactions, and client information belonging to the Company and shall take all reasonable care in making sure that such confidential material is not disbursed to anyone outside the company.
  8. Payee shall read, understand and follow all compliance rules in operation from a Federal, state, local and Company level.
  9. Payee shall be responsible for acquiring all necessary education, licenses and certificates to legally practice the Loan Brokerage profession.
  10. Payee shall indemnify Company and hold harmless against any Loss or Damage incurred by the Company due to Payee’s gross negligence or misrepresentation during the duration of this agreement.
  11. Payee shall use the most ethical practices while engaging in any sales activity.
  12. Payee agrees to protect all confidential material including prospect data, sales data, and client information belonging to the Company and shall take all reasonable care in making sure that such confidential material is not disbursed to anyone outside the company.
  13. This entire agreement shall be governed by the laws of the State of ___________.
CompanyPayee
ByBy
NameName
TitleTitle
DateDate

Mortgage loan closer salary

Job TitleSalary
Chase Mortgage Loan Closer salaries – 2 salaries reported$25/hr
Santander Mortgage Loan Closer salaries – 2 salaries reported$42,270/yr
Huntington National Bank Mortgage Loan Closer salaries – 2 salaries reported$19/hr

Mortgage loan officer assistant salary

$45,657 The average Mortgage Loan Assistant salary in the United States is $45,657 as of January 29, 2021, but the salary range typically falls between $39,516 and $53,565. The average hourly pay for an Assistant Loan Officer is $16.31.

Movement Mortgage $38,994 Range: $16K – $110K ·

Fairway Independent Mortgage $37,777 Range: $17K – $82K

How to Become a Mortgage Loan Originator – as a new career!

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