Quote:
Originally posted by phogirl69
Veterans Day,
What is the average salary for a loan officer, is it salary or mainly commission sales? And is it REALLY stressful, do you have to deal with a lot of bullshit... irate clients... complicated paperwork, etc?
Ok, I don't know anything about the mortgage business, but I did hear that brokers make A LOT of money, might be an interesting field??
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loan officers are 100% commission, meaning the broker will probably give you between 40-50% of the deal. Mind you trhe broker is finding the leads, the clients think they are god cause every mortgage company is contacting them, Its a fuckin nightmareunless well established with word of mouth. Say your gonna do a re-fi on a house for 150k Now the rate is 5% and the lending institution is paying the broker 1% out the "back end" to bring that mortgage to XYZ bank. Ok 1% of 150k is 1500 depending on your commission structure you will typically get 50% of that 1500 bucks minus taxes health insurance and so on. BUT it might take 2 months to close tha loan, so you figure you need to have atleast 10 loans in your pipeline cause shit always fucks up