How much does a mortgage loan officer make per loan?
Mortgage loan officers are typically paid a commission of 1% to 2% of the loan amount, often split with their broker, or a loan-specific fee paid by the borrower or the lender. Federal law prohibits commissions from varying based on the terms of the mortgage. Some lenders instead pay a salary, a fixed amount per loan, or a fixed percentage of the loan amount, and may set minimums or maximums when pay is per loan.
Mortgage loan originators commonly earn a commission of 1% to 2% of the loan amount, often split with the broker. Compensation varies by employer and by whether the originator works for a bank or a licensed broker, so per-loan pay differs from one position to the next.
Sources: NDCC Chapter 13-10: Mortgage Loan Originators (North Dakota Century Code); N.D. Admin. Code 13-08-01-01: Mortgage Loan Originator Fees.
Mortgage loan officers commonly earn a commission of about 1% to 2% of the loan amount on each loan they originate. That commission is often split with the broker. Many entry-level mortgage loan originator positions are commission-based rather than salaried, so pay per loan varies with loan size and employer structure.
Sources: NMLS: Rhode Island state-specific PE and CE requirements for MLOs; 230-RICR-40-10-2: Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators (RI DBR regulation).