If you are interested in the mortgage industry, and you likely are if you are reading this, the following question may have crossed your mind in that past. This question is, ‘what is the salary of a mortgage loan officer?’
The mortgage loan officer salary is a straight forward question for us to answer. Let’s first take a look at what a mortgage loan officer does.
what are the duties of a mortgage loan officer?
The main duties of a mortgage loan officer are to assist their clients with the completion of mortgage applications. A mortgage loan officer also inspects completed documents for accuracy and thoroughness. Duties of a mortgage loan officer also include reviewing loan applications, gathering credit histories and reports, and assesses applicants capacity to repay what they are borrowing. Finally, a mortgage loan officer earns their salary by assessing the applicants risk.
do mortgage loan officers make good money?
So you must be curious what a mortgage loan officer salary is, right? Well, please take note that most loan officers do not receive a base salary, only commission, so they are paid for performance. Meaning that the more clients they have that fill out mortgage applications, that get processed, the more money they are able to make.
- The median income for a loan officer in America was $63,650 in 2016, according to the Bureau of Labor Statistics (BLS).