How does loan officers get paid

Either a loan officer or a mortgage broker can assist you in finding a mortgage. But to make sure you're getting a genuinely good deal, and the right kind of mortgage, you'll want to do some legwork yourself. Fortunately, there are numerous mortgage sites online where you can compare rates and terms.

With that background, collect loan estimates from the lenders you're thinking of dealing with and compare them directly. And if a mortgage broker can come up with a more attractive deal, all the better. Consumer Financial Protection Bureau.

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I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. How Mortgages Work. Rates for Different Loan Types. Saving on Fees. Lender vs. Lender Options. Home Ownership Mortgage. Table of Contents Expand. As you're dealing with highly sensitive information in copious amounts, it's crucial to remain organized and maintain confidentiality at all times.

Indeed Home. Find jobs. Company reviews. Find salaries. Upload your resume. Sign in. What does a loan officer do? Do loan officers make a commission? Loan officer average salary. Geographical location. Size of employer. How to become a loan officer. Complete your education. Obtain credentials. Gain experience. Hone your skills. Duties include updating account records and reviewing loan files.

They work for commercial banks, mortgage companies, or credit unions. You deal with stress well. Pitching government loans, top mortgage officers can make millions a year , according to Jim Cameron, senior partner at Stratmor Group, a mortgage industry advisory firm. Many banks pass this cost through to consumers by charging higher interest rates and origination fees. Mortgage loan officers need a mortgage loan originator license, which requires passing an exam, at least 20 hours of coursework and background and credit checks.

Car loans, home loans and certain personal loans are examples of long-term loans. These loans generally offer a hefty loan amount and are thus spread over a considerable period of repayment tenure.

Becoming a loan officer in California is not as hard as it sounds when you follow the right steps and remain focused on your goals. When getting mortgage quotes , if two of the biggest drivers behind how much you will pay for your mortgage to be originated are what type of lender does your loan officer work at and how is your loan officer paid… which one is best?

And then listen very carefully to their answer, because understanding what is going on behind the scenes can sometimes make all the difference.

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