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Loan Officers get a percentage of the loan amount, and it's not rare for them to make $300k/year in a good year.

• FireBeyond 11y ago
  Where do you live that it's "not rare" for the loan officer of a suburban bank originating mortgages to be making north of a quarter million dollars?
  • tsotha 11y ago
    That's what I was wondering. I know a couple that were both loan officers before the market crashed. If they were making (individually) six figures I'll eat my hat.
  • klochner 11y ago
    I live in SF, but it's any midsize market (or larger) really. Loan officers are effectively sales people, they eat what they kill. The better ones have teams working for them in a sales-support capacity. Its the same with real estate agents, a good one can be very wealthy. Some LOs hit annual comp > $1M, though that is rare. I found it pretty shocking when I first found this out. Send me an email if you want to make the market more efficient, I'm working to build a modern mortgage bank :)