General Question

LKidKyle1985's avatar

What does a mortgage loan officer do exactly?

Asked by LKidKyle1985 (6589points) April 10th, 2011

I have an interview for this position this week, though I am not entirely familiar with what a mortgage loan officer does on a typical day. Is the pay typically commission only? I’ve seen a lot of varying yearly incomes, what could I expect to make? And any other insight anyone can give me would be great.

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6 Answers

BBSDTfamily's avatar

It depends what type of company you’re interviewing with. Home mortgage branches of large banks usually are commission driven. Credit unions usually have no commission whatsoever.

You’ll be staying an expert at what the current rates, policies, and laws are concerning mortgages, explaining lots of terms to customers, taking credit applications, and helping them decide which path is best for them. A lot of banks close with attorneys now but some still do their own closings, so you may handle that aspect also.

LKidKyle1985's avatar

Great, thanks for the quick response. I am a banker at a typical branch right now so it doesn’t sound very different from what I do now, just more of a focus on mortgages. I suppose the only question is how they break down their pay, no doubt its a commission of some type though

Response moderated (Unhelpful)
optimisticpessimist's avatar

Here and here are two sites which talk about the job description and compensation. They varied slightly which is why I included both of them. I also found specific job postings but figured that would only be helpful from the particular company you would be working for.

AshlynM's avatar

mortgage loan officers work with people who want to buy real estate. they usually work outside of their office.

In May 2008, average yearly wages for loan officers were $63,540.

Most loan officers are paid a commission. This means that the amount they earn depends on the number of loans they bring in.

Some loan officers are paid only salaries. Others are paid a salary plus commission.

LKidKyle1985's avatar

I wanted to thank you all for your responses and follow up, my interview went great and he wants me to shadow one of his loan officers for an hour next week!

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