2006-09-06 16:55:01 · 6 answers · asked by juju 3 in Business & Finance ➔ Careers & Employment
The middle half of all loan officers earned between $35,360 and $69,160 in 2004. The lowest-paid 10 percent earned less than $27,580. The highest-paid 10 percent earned more than $98,280.
Most loan officers are paid a commission. This means that the amount they earn depends on the number of loans they bring in. This encourages loan officers to make more loans. Some loan officers are paid only salaries. Others are paid a salary plus commission.
2006-09-06 17:01:28 · answer #1 · answered by ted_armentrout 5 · 0⤊ 0⤋
Loan officers are like exotic dancers; they work for free. In some cases, they actually pay the bank for office space. They typically make their real money from clients. Like prostitutes and your friends and family, loan officers can get some of the biggest payoffs from "under the table" and unreported income, as well as lottery winnings and wages. Like exotic dancers, it really comes down to how many backroom lap dances is right for the individual. Do you feel lucky? Do you dance? Do you like loan officers? Good luck!
2006-09-07 00:16:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It's a sales job where you have to be good with math. If they can network well, calculate well and get their client to trust them, then they will do well. If you can't sell, then don't waist your time. Some are salaried, most are on commission. Salaried would be the way to go when you are starting out. But if you have been in the business a while and have a network built up, commission would pay you more.
2006-09-07 00:11:58 · answer #3 · answered by Think.for.your.self 7 · 0⤊ 0⤋
normal 1/2 of 1 % of orginiation fee. Most are scum balls
2006-09-07 00:00:44 · answer #4 · answered by Chris N 2 · 0⤊ 0⤋
I hope not. Every single one I've met sucks it.
2006-09-06 23:59:27 · answer #5 · answered by TheDude 3 · 0⤊ 1⤋
No.
2006-09-06 23:58:33 · answer #6 · answered by Mark F 4 · 0⤊ 1⤋