How Much Does a Loan Officer Make Per Transaction?
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How much does a loan officer make per transaction? We take a look at the average salary and commission structure for loan officers to give you an idea.
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Introduction
The average loan officer earned $64,660 in 2016, according to the U.S. Bureau of Labor Statistics. The top earners in the profession made more than $130,000 that year, while the lowest earners brought home less than $32,000. Loan officers typically earn a commission on each loan they originate, so their income depends on how many loans they close.
What’s the average loan officer salary by state?
The average salary for a loan officer is $33,760 per year in the United States. Salary estimates are based on 5,724 salaries submitted anonymously to Glassdoor by loan officers.
The average base salary for a loan officer in the United States is $33,760 per year. Salary estimates are based on 5,724 salaries submitted anonymously to Glassdoor by loan officers.
How much do loan officers make per transaction?
How much does a loan officer make per transaction? This can vary depending on the type of loan, the size of the loan, and the commission structure of the company. For example, a loan officer may make a lower commission on a small home equity loan than on a large commercial loan. In general, though, loan officers can expect to earn a commission of 1-2% of the total loan amount.
How do loan officers make more money?
Many loan officers are paid a commission, which is a percentage of the loan amount. The more money you borrow, the more money you’ll make. Some loan officers also receive a salary and may be eligible for bonuses based on the number of loans they originate.
To make more money as a loan officer, you can try to get loans with higher interest rates or work with borrowers who are looking to finance more expensive homes. You can also try to increase your volume by working with more clients or Originating more loans per month.
Conclusion
A loan officer’s salary can vary quite a bit, depending on factors such as commission, bonuses, the size of the institution they work for, and the location. In general, though, a loan officer can expect to make around $50,000 per year.
