Yes, being a mortgage loan officer can be hard. You will see deals fall through, which may leave you feeling with a sense of lost time, not to mention loans that slip through your fingers and brokers and real estate agents all feeling the strain on deadlines.
However, if you can handle the difficult aspects of the job, being a mortgage loan officer can be lucrative. It is also relatively easy to get yourself organized and educated on mortgages, as well as the many loan options available to homeowners.
Mortgage loan officer salaries
Many mortgage loan officers work exclusively on commission, while others earn flat salaries or earn a mix of a small commission and a salary. But don’t worry; while there are risks associated with commission-based pay, many mortgage loan officers make a good living that way.
The median mortgage loan officer salary is just over $66,000 per year, according to data compiled from Monster.com. The lowest-earning mortgage loan officers, meanwhile, average roughly $42,500 per year and the highest-earning officers make upwards of $89,000 per year. Your salary will largely depend on the number of fee-based loans you are able to close. This will give you greater incentive to market yourself to potential clients.
Yes—being a mortgage loan officer can be stressful, mainly due to the variables that go into your decision making. Mortgage underwriters consider the different levels of risk involved in the borrower’s credit profile, but a mortgage loan officer has to verify all the information and documentation that the borrower has submitted. Not only to mortgage loan officers ensure everything submitted is accurate, but they must ensure all necessary appraisals and inspections have been finished.