Episode 97: How Much Do Mortgage Loan Originators Make?
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- Опубликовано: 19 окт 2024
- From entry level to seasoned veteran - D.O. and JC cover listener requests regarding how much someone can make as a mortgage broker, bank loan originator, loan officer for a home builder, call center originator and more.
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This podcast is designed to educate, motivate, entertain and inspire all. Don’t let the name fool you - this is everything you should have learned in high school but were never taught. While there are episodes geared specifically towards mortgage professionals - the overall content will encapsulate the world of personal finance, career advice, sales training, business mentorship, paying off debt, increasing your credit score and much more.
Whether you’re a loan officer looking for training, career advice, a graduate looking to pay off debt or a C-Level executive looking to expand your business - this podcast has something for you.
So tune in, like, subscribe and share. By the way, we love your feedback - hit us up LinkedIn, Facebook, Instagram or RUclips.
ABOUT THE HOST
Dustin Owen is a Certified Mortgage Banker and a 15+ year veteran of the mortgage industry - who started his career as a loan officer - and now helps run one of the largest regions for Waterstone Mortgage. In addition to working as a mortgage professional, Dustin also owns a real estate investment company and is a venture capitalist.
John Coleman is an Emmy award-wining content creator and producer with over 12 years of experience in digital media, social media and marketing. JC has collaborated with the largest brands in the world of sports and entertainment including, EA SPORTS, NFL, NBA, NHL, FIFA, Xbox, PlayStation and Nike.
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Would love to see some more content on being a mortgage broker vs. working at an independent mortgage bank.
Thanks for the suggestion - we will add it to the queue!
Spot on video. You Nailed every single category. I close on avg about $75M- $125M LN Vol. per year. The only thing I’d add to is taxes paid as a W2. When you make $400,000+ per year the taxes as a W2 need to be factored when choosing your career path compared to write off benefits as a self employed.
Hey Manny - Congrats on being in the Top .5%. That is awesome! As well, solid advice. At that income level, these are awesome new challenges to face…
This podcast really captured my experience at a small brokerage where we had to do our own stuff but were given large commissions, setting realistic expectations is important
Thanks for the feedback!
I’m 22 years old and I’m planning on becoming a mortgage loan officer since my brother in law is one. He makes good money and that is something I’ve always wanted in life. I hope it works out for me and I’m willing it put in the time and work in order to be a really good LO. I want to change my whole life and take care of my parents. Let’s see
Good luck on your journey Emmanuel!
Well how is it going as of rm?
How is it working out?
Hey bro a year later, how’s everything now
How’s it going
Man you broke this all the way down from each type. Great job
🤙
Sheeeesh your knowledge about the industry roles is unbelievable. And the best thing for me is how incredibly detailed your examples are. You leave no room for imagination with your podcasts my friend. Talk about building momentum 🔥🔥🔥🔥🔥
Thanks Andrew! Be sure to spread the good word! 🙏
I’m new and in the process of searching for sponsorship. This episode has helped me tremendously in regard to what I want to do as a starter. Training has always been my top criteria as I’m prioritizing sustainability over basis points at this early stage in my career. Thank you for doing this episode!
Glad we could assist Mindy - thanks for the support!
honestly this was a very helpful breakdown of all the titles and setups of the industry for someone with no ties to it at all. It really puts it into perspective of which route would be the most beneficial
Thanks for the feedback Skye!
Thank you for sharing all this amazing content on getting into the mortgage world. This is one of the best podcasts I have ever seen!
Thanks for the support! Make sure you check out www.TLOPonline.com for more content!
I love the show. I just secured my first job in the industry thanks to advice from you guys. (Where to go to get enough “at-bats”)
One piece of feedback: at 29:50 or so, the video cuts out, and it switches to the “The Loan Officer Podcast” slide. Instead, please consider keeping the video on throughout the entire video. That's why I'm watching on RUclips vs. listening on Spotify. I prefer the visual. Thanks!
Glad we could help out and thanks for the feedback Denis!
Going through all the most popular videos. There’s so much information and I’ve been taking notes.
Binge watching is encouraged!
Mortgage broker here: The outlook on brokers is pretty out of date. Never had to process my own loans and going to my 2nd company. Pricing and product options give huge value to client and at the right places you can make 150-200 bps without processing your own loans and with support... he stated himself he has never been a mortgage broker and it shows. Good insight overall but really inaccurate outlook on brokers and selling retail LOs a little too much
I made $220,000 my first year as a Loan Processor
Processor? I was top processor, in the country and made 115k .. 65k base with OT and incentives hit 115k.. 220k is not realistic
Thanks for your great insight into being a loan officer , nice explanation of the incremental progress one can make if they apply themselves! I am a mobile notary , transitioning after retirement from Law Enforcement. I have a mentor , and getting ready to get some training and prep for that 20 hour course.. Appreciate you both !
Thanks for giving us your feedback Julian! We do it for folks like you! Make sure you check out some of our other episodes as well - feel free to binge!
Then there are Real Estate Agents who are also MLOs. On some deals They are getting 3% on the estate side and another 1% on the mortgage side. In California, they would be making over $20k a transaction.
Very useful!! At first I thought all LO's were 100% commission and that is quite scary for rookies who have responsibilities, so it seems like will do the Home Builder/Bank or CallCenter first to build capital and experience, so then I can merge to Independent Mortgage Bank and scale up. Cool cool ! thanks
Thanks for this inspiration! You did the best job in answering the question. This is a great channel
Appreciate it Robert! Don't hesitate to let us know if you have any other questions!
Can you make a video on call center companies like Rocket Mortgage and Pennymac Loan Services
Excellent!
Mr. Owen, this is a nice fit for you brother! Glad to see you doing so well! Would like catch up sometime!
What's up, Chris!? Been too long...
Lololol I loved everything you said. The best was first year you’ll make most of your money in the last 7 months... 😆 too true
Glad you can relate 😁
Liked & subscribed. Enjoyed the podcast, would like to see a video on making connections to generate business (I.e realtor referrals etc). Any advice would also be much appreciated.
Great discussion. You've helped me a lot!
Glad we could help you out Jeremy!
Another Great Episode Gentlemen! Idea, talking about groups out there that new or experienced LO's can join on Facebook or other platforms to share ideas or ask questions specific to our industry. Again Great Job!
Hey Jason - great idea thanks sharing!
Great information.
Amazing info. Answered alot of my questions. I wish you would keep the video going till the end instead of popping in the slide 😕 but great episode. You inspire, motivate and give GREAT insight. 👍🏽
Thanks for the support and feedback!
“The person who made $65,000 last year, they have what it takes skill wise, to make $600,000 a year”
🔥
FACTS
Loved this video and thank you for putting out such helpful content! Was wondering if you had any advice for someone starting off as a Loan Officer Assistant hoping to gain some experience to then become a Loan Officer?
Hey Claudia - First, thank you! 😊 Regarding your question…be sure you bring value every day to the LO you assistant. You bring value by freeing up the LO’s time to further market themselves to prospect for more business. Become great at answering the phone and taking detailed messages. Keep a lead tracker, even if you have to create it. Call past clients and follow up with prospects; even the old ones. You will bring value by doing all of this consistently. Then, look to your MI reps, the MBA, your AE’s etc. to learn the mortgage basics; they each have courses for free you can take. Ask lots of questions of your LO. Always want / need to know “why”. Good luck!
@@TheLoanOfficerPodcast Great advice! Thanks so much again.
Great content. This is exactly what I was looking for.
Thanks Stephanie!
Awesome content guys! Love the pod!
Thanks for the feedback Chase! Be sure to spread the good word!
Have a full time job and thinking of being an independent mortgage broker as a second job. How do I connect with investors that finance these loans. Are there platforms that provide me with investors/lending options for my clients?
Can you make a podcast for Canadian brokers?
Thanks guys. Keep up the good work
Appreciate it!
Such a great episode 👏
This was so helpful, thank you!!
Glad we could help out Pierre!
This was 🔥
Thanks Matthew! Appreciate the love...
Why Mortgage banker make more then mortgage broker?
Do mortgage banker have better interest rate?
I wonder if technology will replace brokers. Brick and mortar to click and order
Hey Ashley - We actually did an episode on this a while back! Episode 13: ruclips.net/video/ARJSuYvCtpg/видео.html
Just Great content guys!
Appreciate you Michael!
Another great video!!!
Good looks Jose!
Snows a little in my hood as well. 400 inches or so lol
I feel like some of these ppl you mentioned making a million dollars are also selling courses on how to make a million dollars… seems like everyone is selling a course now😂
I’m a new LO with a salary of $4000 and I get 25 basis points for any loans I produce. What is the standard in the industry ?
Hey Ashley - This is difficult as it varies greatly. If you are a bank LO you are paid on par to your current comp plan. The same applies to call center LO’s and LO’s who work for a builder’s mortgage company. You are paid this because you are not the person securing the lead through your own marketing efforts. If you are the person securing the lead through your own networking, marketing efforts and sales calls you should earn between 100 - 150 bps and be 100% commission. (You can still be 100% commission and be W-2’d with full benefits including 401k.) If your employer generates the lead, you should expect to earn less on that loan versus if you self-generated the lead.
The Loan Officer Podcast thank you for the reply. I guess because I am getting a 4K salary my commissions are small.
May I ask who you work for? I’d love to have a base and low commission as I’m learning
Great stuff thank you
Got you Mark - thanks for the feedback!
I have a sales background, and got into the processing side of the industry. But looking to get back into sales. But my company has fixed income LO’s lol not sure I wanna do that
Hey SLLC - If you can survive six months with little to no pay, go bet on yourself. Go find a branch in your local market that supports LO’s who want to self-source their own leads and that focuses on purchase business. If you don’t know where to start, look at the Scotman’s Guide for their list of Top Lenders. You want to find a company that sits in the Top 50, retail origination is their focus and they have a local presence in your market. (My two cents: I tend to prefer the companies that ranked between 25-50.
@@TheLoanOfficerPodcast Great advise
Save yourself 3 minutes and 40 seconds, start at 3:40
Amazing Info 👌
I'm base in Massachusetts and how do I become a morgage loan officer sir
Hey Takwi - check out this episode, it might help you out: ruclips.net/video/dm_fvJhiW4E/видео.html
How can you make 2% commissions?! I thougt the cap is 1%
This should be negotiated with your employer. The average is between 1% 1.5%.
Love this! So much value, do you think 32 yrs old is too old to switch careers?
Hey Jonathan - ABSOLUTELY NOT! Are you thinking of getting into the mortgage game?
@@TheLoanOfficerPodcast yes I am. I believe it’ll be a good switch!
@@jonathanlagrope9094 SOLID! Best of luck to you and let us know how we can help!
I’m 35 and I’m making the switch. 32 is def not too old.
@@markcolaci5825 FACTS
How much do i need to make in a year to be a guest
There is no dollar amount needed. :-). Curious, what type of content do you want to create? Will it benefit the audience? Can you be in Orlando?
Rob (??)who can help you set this up at 41:04-41:07
Farragher. ruclips.net/video/OSSCVbMe024/видео.html
Long winded