Careers and pay

What loan originators earn, how they are paid, and what the license is worth.

Showing 1 to 10 of 14 articles · Page 1 of 2

What mortgage loan originators earnThe Bureau of Labor Statistics publishes wage data for loan officers, but most originator income is commission and the reported wage understates a pro…
How Mortgage Loan Originators Get PaidMost originators are paid basis points on volume, sometimes against a draw. Regulation Z prohibits pay varying with a term of the transaction and proh…
Becoming an originator with no experienceThere is no experience requirement for the license. What gets a new originator hired is evidence they can build a referral pipeline, since lenders can…
Bank, broker or independentA depository institution means federal registration and no test. A broker or non-bank lender means state licensing and this exam. The trade is between…
Your First Year as a Loan OriginatorThe first year is mostly pipeline building, and commission arrives only after closings. Attrition is high, and the originators who last are usually th…
Building a referral pipelineReferrals come from people who meet buyers before you do: estate agents, builders, financial advisers and past clients. RESPA Section 8 governs what y…
Moving from registered to licensedA federally registered originator moving to a broker must complete 20 hours of approved education, pass the SAFE MLO test, submit a background check a…
What the license does not let you doAn MLO license does not permit originating without sponsorship, originating in a state where you are not licensed, or performing activity reserved to …
Is being an originator worth it?It suits people who can build referral relationships and tolerate commission income. It suits people who want salaried stability considerably less, an…
What a good first employer looks likeA good first employer provides training, some lead flow and realistic expectations. The single most informative question is what proportion of last ye…