How Much Does a Loan Originator Make?
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How much does a loan originator make? We take a look at the average salary for this position and what factors can affect earnings.
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What is a loan originator?
A loan originator is a professional who helps potential borrowers secure financing for their home purchase. Loan originators work with a variety of lenders to find the best mortgage products for their clients. They typically earn a commission on the loans they originate, and may also receive bonuses based on the volume of business they generate.
While loan originators must be licensed in most states, the specific requirements vary by state. In some states, loan originators must be employed by a lender, while in others they may be self-employed. Loan originators typically have experience in the mortgage industry and must complete continuing education courses to maintain their license.
The average salary for a loan originator is $50,000 per year. Loan originators who work for large banks or mortgage companies may earn more, while those who work for smaller firms or are self-employed may earn less.
How much does a loan originator make?
A loan originator is a type of financial professional who helps potential borrowers secure funding for big-ticket purchases like homes and automobiles. The median annual salary for loan originators was $64,660 in 2017, according to the U.S. Bureau of Labor Statistics. However, the top 10 percent of earners in this field made more than $119,490 annually, while the bottom 10 percent earned less than $31,700 yearly.
What are the job duties of a loan originator?
A loan originator’s job is to find potential borrowers and interview them to determine if they meet a lending institution’s qualifications for a loan. They must also explain the loan process and terms to borrowers, as well as answer any questions they have. Loan originators may work for banks, credit unions, mortgage companies, or other lending institutions. Some may also work independently.
What are the education requirements for a loan originator?
A loan originator is a professional who helps potential borrowers secure financing for their home purchase. A loan originator typically works for a bank or mortgage company and is responsible for assessing a borrower’s financial information, such as credit score and income, to determine whether they qualify for a loan. The loan originator also reviews the loan options available to the borrower and provides guidance on which type of loan would be best suited for their needs.
To become a loan originator, you will need at least a bachelor’s degree in finance or a related field. Some employers may also require that you have previous experience working in the banking or financial industry. In addition, you will need to obtain a license from the U.S. Department of Housing and Urban Development (HUD) before you can begin working as a loan originator.
What are the skills needed to be a loan originator?
In order to become a loan originator, you will need to have strong communication and customer service skills. You should also be comfortable working with numbers and have basic computer skills. In some cases, loan originators may need to be licensed or registered with the state in which they work.
