Providing consultation, application, underwriting, approval, and deal-closing services for loans is the responsibility of loan officers who work with lending institutions and their borrowers. According to Indeed.com, the typical salary for a loan officer is slightly under $75,000 per year as of January 2019.
When it comes to salary, how much does a loan officer make? Loan Officers earned a median pay of $63,960 in 2020, according to Payscale. The top 25 percent of earners received $93,490 in that year, while the bottom 25 percent received $45,540 in the same year.
How much does a loan officer make at Bank of America?
As of January 27, 2022, the average compensation for a Loan Officer at organizations such as Bank Of America in the United States is $104,675, with the range often falling between $91,258 and $114,183.
What is the average mortgage loan officer salary?
- Alternatively, do you want to know what the typical mortgage loan officer compensation is?
- Take note that most loan officers do not earn a base income, but rather simply a commission, which means that they are compensated based on their performance.
- Performance in terms of sales.
- According to the Bureau of Labor Statistics, the typical annual compensation for a loan officer in the United States was $63,650 in 2016.
How much does a loan officer make on $100K?
If a loan officer is paid 25 basis points (bps), he or she would earn 25 bps on a $100,000 loan, which is $250 in total. Working with loan officers who are employed by a big financial institution provides two distinct advantages.
Is being a loan officer a good job?
Being a loan officer may be a very lucrative profession. 1 There are few careers, other than physicians, attorneys, and sports stars, that pay several hundred thousand dollars in compensation per year. 2 Top loan officers have the ability to earn that sort of money as well. 3 Even mediocre loan officers may earn six-figures per year during prosperous years.