1 Thought on How much do mortgage loan officers make on average?
  1. Reply
    Mohit Madaan
    July 9, 2012 at 3:53 am

    Most of the Loan officers do not have a fix salary, they just get 1-2% of the TLA (Total Loan Amount) of the loan the close. Here is a simple example, suppose a loan officer close a loan of around $ 100,000 he will get any where between $ 1000-$ 2000

    Given below are some steps for beginers in this Job.

    You are now into an industry where you need to work, work, work and work. Really, Mortgage business are getting more harder day by day as the Interest rate are rising like anything.
    Basically mortgage business is a referal business but most of the Loan officers do not get refrences in the beginings. So they left demotivates.

    According to a survey 80% of the loans are closed by 20% of the Loan officers and the rest 20% of the Loans are closed by the other lest 80% loan officers.

    So to get a good start there are thousands of ways all you need to be is hard working and of course smart worker.

    I can get you couple of ways where you can start closing loans in just a small span of time.

    1) Start mailing your flyers, this is one of the way you can use in the begining. Target around 3000 homes in your area and hire few kids to distribute some flyers there and let everyone know that you are a new LO in this area. Also you can mail these flyers and do remember to leave your Name and phone number here. This way can really help you but it takes alot of time, because you get a call back from just 1-2 out of 100 that you just to say HI and if they need something they will contact you.

    2) The Second and the best way you can use for the beginers. Buying leads- You can buy leads from good telemarketing companies who generate leads for different Loan officers. The biggest problem with this is they sell the same leads to several loan officers and when you call the customer they already got numerous calls from other companies. But there are some reliable companies who can provedi you quality leads and ofcouse these will be give to you and only you.
    So find out some one who can get you virgin leads and you can start closing loans soon.
    Good Luck

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