How Much Do Mortgage Loan Originators Make?
Contents
How much do mortgage loan originators make? It depends on a number of factors, including the type of loan, the size of the loan, and the market conditions.
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Introduction
Mortgage loan originators typically work for banks, credit unions, and other financial institutions. They help potential home buyers obtain financing for their purchases. In most cases, mortgage loan originators are paid a commission by the lender for each loan they originate. The commission is typically a percentage of the loan amount.
Mortgage loan originators must be licensed by the State in which they work. In order to obtain a license, mortgage loan originators must complete 20 hours of pre-licensing education, pass a state-specific exam, and submit to a background check. Some states also require that mortgage loan originators complete continuing education on an annual basis in order to maintain their licenses.
The median annual salary for mortgage loan originators was $64,660 in 2017. Salary ranges can vary widely depending on experience, location, and other factors.
What Does a Mortgage Loan Originator Do?
A mortgage loan originator is a person who takes a loan application and helps the borrower through the underwriting process. A loan originator can be either an employee of a lending institution, such as a bank, or a broker. The job of a loan originator is to help the borrower get the best possible loan for their needs.
A loan originator’s job is to work with the borrower to get all of the necessary documentation together for the underwriting process. This includes things like tax returns, pay stubs, and bank statements. The loan originator will also help the borrower understand the different types of loans available and which one would be best for their particular situation.
Once the underwriting process is complete, the loan originator will work with the borrower to get the loan funded. This includes working with the closing agent to make sure that all of the paperwork is in order and that everything goes smoothly.
The salary of a mortgage loan originator depends on many factors, such as experience, education, and employer. Mortgage loan originators who are employed by banks tend to make more than those who are self-employed or work for mortgage brokers. The average salary for a mortgage loan originator is $64,000 per year.
How Much Does a Mortgage Loan Originator Make?
Mortgage loan originators, also known as mortgage loan officers, are responsible for helping borrowers secure financing for their home purchase. They work with banks and other lending institutions to determine whether a borrower is eligible for a loan and, if so, how much the borrower can afford to borrow. Mortgage loan originators typically work on commission, so their income depends on the number and size of the loans they originate.
The median annual income for mortgage loan originators was $64,660 in 2017, according to the U.S. Bureau of Labor Statistics (BLS). The top 10 percent of earners made more than $142,530, while the bottom 10 percent made less than $31,680.
Commission is usually a percentage of the loan amount, so originators earn more when they originate larger loans. They may also receive bonuses based on the number of loans they originate or the profitability of the loans they close. Some employers offer salary and Commission splits that guarantee originators a minimum income.
Mortgage Loan Originator Salary by State
The average salary for a Mortgage Loan Originator is $33,399 per year in the United States.
However, this number can vary greatly depending on the state in which you work. For example, Mortgage Loan Originators in California make an average of $38,816 per year, while those in Florida make an average of $30,754 per year.
The table below shows the average salary for Mortgage Loan Originators in each state, from highest to lowest.
State|Average Salary
— – | ————-
California|$38,816
Washington|$38,297
New York|$37,964
Oregon|$37,271
Nevada|$36,964
Mortgage Loan Originator Salary by City
How much do Mortgage Loan Originators make in different cities?
-Select city-
-Atlanta, GA
-Austin, TX
-Baltimore, MD
-Boston, MA
-Charlotte, NC
-Chicago, IL
-Cincinnati, OH
-Cleveland, OH
-Columbus, OH
-Dallas, TX
-Denver, CO
Detroit, MI – $39k – $127k
Houston, TX – $42k – $92k
Indianapolis, IN – $29k – $78k
Conclusion
In conclusion, mortgage loan originators make a good salary, with the average salary being $64,660 per year. However, salaries can vary greatly depending on experience, location, and other factors. So, if you’re thinking about becoming a mortgage loan originator, be sure to research salaries in your area to get an idea of what you could potentially earn.
