How Much Do Loan Originators Make?
Contents
- So how much do loan originators make?
- It depends on the state that they are in
- The average salary for a loan originator is $64,000
- The top 10% of loan originators make an average of $93,000
- The bottom 10% of loan originators make an average of $36,000
- The median salary for a loan originator is $61,000
- The top 5 states for loan originator salaries are
- California, Colorado, Connecticut, District of Columbia, and Florida
- The bottom 5 states for loan originator salaries are
- Arkansas, Kentucky, Mississippi, Montana, and West Virginia
How much do loan originators make? It’s a question we get a lot, and unfortunately, there’s no easy answer. Loan originators’ salaries can vary widely, depending on experience, location, and a number of other factors. In this post, we’ll explore some of the factors that can influence how much loan originators make.
Checkout this video:
So how much do loan originators make?
The average loan originator salary is $64,660 per year, which is 4% higher than the median salary of $62,100. The top 10% of loan originators earn more than $93,390 per year, while the bottom 10% earn less than $37,810.
It depends on the state that they are in
Loan originators typically earn a commission for every loan they originate, which is a percentage of the loan amount. The average commission is 1% of the loan amount, but it can be more or less, depending on the state that the loan originator is in. In some states, loan originators are allowed to charge a Origination Fee, which is a fee charged for originating the loan. This fee can be up to 3% of the loan amount.
The average salary for a loan originator is $64,000
Many loan originators are paid a salary plus commission, which can vary wildly depending on the type of loan being originated, the amount of the loan, the interest rate, and other factors.
For example, a loan originator who originates FHA loans may earn a lower commission than one who originates conventional loans because FHA loans usually have lower interest rates. Similarly, a loan originator who specializes in subprime loans may earn a higher commission because these loans are generally more complex and involve more risk.
commissions can range from 0.50% to 2.00% of the loan amount, although some originators may charge more or less depending on the circumstances. For a $250,000 loan with a commission of 1%, the loan originator would earn $2,500.
The top 10% of loan originators make an average of $93,000
The average salary for a Loan Originator is $45,279. Salaries range from $26,070 to $76,890. The median annual salary for the bottom 10% of loan originators is $28,290. The median annual salary for the top 10% of loan originators is $93,000.
The bottom 10% of loan originators make an average of $36,000
As of Dec 12, 2020, the average annual pay for a Loan Originator in the United States is $87,319 a year. Just in case you need a simple salary calculator, that works out to be approximately $41.93 an hour. This is the equivalent of $1,673/week or $7,274/month.
The median salary for a loan originator is $61,000
The median salary for a loan originator is $61,000. The top 10% of earners make more than $100,000 per year, while the bottom 10% make less than $33,000. Loan originators are paid a commission for each loan they originate, and the amount of the commission depends on the type of loan and the terms of the loan.
Loan originators may also receive a bonus if they meet certain production goals, and some employers offer benefits such as health insurance and retirement plans. The most successful loan originators have strong people skills and are able to build relationships with borrowers, real estate agents, and other professionals in the industry.
The top 5 states for loan originator salaries are
The top 5 states for loan originator salaries are as follows:
1. California – $145,000
2. Colorado – $141,000
3. Florida – $139,000
4. Washington – $134,000
5. New York – $132,000
California, Colorado, Connecticut, District of Columbia, and Florida
In California, the average salary for a loan originator is $59,644 per year. In Colorado, the average salary for a loan originator is $57,875 per year. In Connecticut, the average salary for a loan originator is $56,321 per year. In the District of Columbia, the average salary for a loan originator is $69,890 per year. In Florida, the average salary for a loan originator is $52,155 per year.
The bottom 5 states for loan originator salaries are
The bottom five states for loan originator salaries are Louisiana, Mississippi, Arkansas, Alabama, and West Virginia. In these states, the average salary for loan originators is between $38,000 and $41,000.
Arkansas, Kentucky, Mississippi, Montana, and West Virginia
In Arkansas, loan originators making less than $25,000 per year made up 18.8 percent of the state’s workforce in 2016. The median salary for loan officers in Arkansas was $33,040 in 2016.
In Kentucky, loan originators making less than $25,000 per year made up 12.4 percent of the state’s workforce in 2016. The median salary for loan officers in Kentucky was $37,370 in 2016.
In Mississippi, loan originators making less than $25,000 per year made up 11.9 percent of the state’s workforce in 2016. The median salary for loan officers in Mississippi was $34,880 in 2016.
In Montana, loan originators making less than $25,000 per year made up 14.5 percent of the state’s workforce in 2016. The median salary for loan officers in Montana was $37,380 in 2016.
In West Virginia, loan originators making less than $25,000 per year made up 12 percent of the state’s workforce in 2016. The median salary for loan officers in West Virginia was $36,160 in 2016.
