I was just curious, when a mortgage loan officer sells a home what percentage of the selling price does the loan officer keep for his commission?
2006-07-15 11:03:20 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Mortgage Loan officers do not make anything from the SALE of a home. They make a certain percentage of the amount of the mortgage loan on the PURCHASE of a house.
The percentage of commission varies from state to state and from lender to lender.
2006-07-15 11:11:30 · answer #1 · answered by ps2754 5 · 0⤊ 0⤋
Yeah, PS was right. We don't make any commission on the sale of the home. That would be illegal.
An average percentage that is made by a loan officer in a mortgage transaction would be between 1.5% to 3.5%, and sometimes up to 4%.
These percentages can be charged up front in the form of a closing cost, and also charged in yield on the interest rate.
My average is 3.00% per loan. My average loan amount is about $175,000.00 and I close approximately 13 loans per month. I will let you do the math.
Have a great day!!!
2006-07-15 15:01:10 · answer #2 · answered by Kaz 3 · 0⤊ 0⤋
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RE :What percentage does a mortgage loan officer make from the sell of a home?
I was just curious, when a mortgage loan officer sells a home what percentage of the selling price does the loan officer keep for his commission?
Follow 5 answers
2016-11-10 13:27:17 · answer #3 · answered by ? 6 · 0⤊ 0⤋
The only way the loan officer can profit from the home sale would be if he also was a licensed real estate agent. In that situation, he would have to disclose that fact to the parties. That doesn't mean he has to handle either transaction but could in fact be receiving compensation for the referrals only.
I am in fact both and the overrides can range from 5%-80% of the fees collected on either transaction depending on your involvment and the level of compensation that you are at with my company.
2006-07-16 09:30:57 · answer #4 · answered by Sam B 4 · 0⤊ 0⤋
Wow, thankyou! Just what I was looking for. I tried looking for the answer on the internet but I couldn't find them.
2016-08-23 01:58:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Maybe so
2016-07-27 04:28:21 · answer #6 · answered by ? 3 · 0⤊ 0⤋