Category: Checksmart Dayton Oh

Just how much Does a Loan Officer Make an hour or so?

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Some loan officers are compensated hourly
When they just work at big banks that are retail
But some are compensated commission-only
Which you yourself can digest into hourly wages at year-end

As noted, MLOs are usually maybe not compensated hourly, as they are alternatively compensated payment for the loans they generate and fund.

What this means is total payment can vary dramatically in line with the product product sales performance of this loan officer at issue. It hinges on simply how much a loan officer makes per loan.

In the event that LO works for a little store and has hardly any help, they could make a home loan point or two per loan. By that, after all 1-2% for the loan quantity, which might or might not be split with regards to broker or home loan business.

On a $500,000 loan, we’re …