How Much Do Loan Officers REALLY Make?!
ฝัง
- เผยแพร่เมื่อ 6 มิ.ย. 2024
- Want to learn how much loan officers really make?
This video will teach you all about Loan Officer commission and a BONUS tip for lender credit!
DOWNLOAD THE ULTIMATE MORTGAGE GUIDE HERE: bit.ly/UltimateMortgageGuide2019
I'm binge watching your videos , seriously!!!! So much awesome info. Not boring at all. I'd go to your seminar!!! Just an idea🤗
Your videos are so helpful, I just watched 3 in a row. You rock!
That's true.
Thanks for sharing! You rock!
Great Content Champ! ..Always bringing so much value
Thanks for sharing!Awesome!
Awesome video! Your videos are so educational. Love that its so detailed 👌
Ty
Best video on this subject on the internet ever!
Ty
Lovennnnnnn the hype you got my dude!!
Ty
I like your energy! I subscribed.
This was the best video I have seen on lo comps thank you
Ty fam
Love the energy
great video. I found it very clear and concise but very informative.
Ty fam
I like this guy! well done!
Ty!
Good content....
And
Tons of energy.....
You r my favorite TH-camr for real world mortgage .
Ty
Jesus Christ dude, you need to start a school and sell information like this! You're a great teacher! Thanks for this video!
Ty for your kind words
Thank you so much
great informational video
Ty
Very informative. Thank you!
You're welcome!
Great video bro..
Ty
Yea I like this guy
Great great!
Update yourself on the Loan Originator Compensation Rule. A Mortgage Broker cannot run a 1% percent margin with one wholesaler and 2% with another. That would be changing compensation based on terms of the transaction...That would allow a broker to steer a client towards the lender he/she gets paid 2%...no Bueno...
@8:30 you asked do the guy who makes 40 bps is his interest rather higher than the guy who makes 90 bps. What do you mean by interest rate? Surely not the customers home purchasing interest rate
I'm awesome at phone selling but don't want to generate my own leads. What depository bank should I start at that has a call center?
Is there a cap if the loan is 2,000,000 ? Or do you still get 1 to 3 percent ?
Just found your video while wondering why so many places and people wanted me to refinance, there was just something that I was missing about how mortgages worked. This video helped a lot but you lost me at the rates breakdown, simply because it was a lot to try and take in at once while trying to apply it at the same time. Could you do a video with say a $100.000 loan and breakdown all those same numbers? I will start watching your other videos as well.
Hey Travis I'm glad my video helped! I'm still publishing new content for youtube, but if you check out my facebook videos you can find a lot of other useful videos that I will eventually be refilming and uploading to youtube here! Thanks for the support!
Travis, so here is a simple breakdown for you. It is always better to work with a direct lender, not a broker. The broker is a person that shops your loan through several lenders, and mark it up a certain amount or BPS (basis points). A direct lender usually uses their own servicing, and the loan never leaves that bank/ lending institution. As for the fees, it is usually between 2%-4% of the loan amount. That will usually cover the escrow fees, lender compensation/ origination fee. How ever costs can vary, this is why, if you get a loan, and the loan closes in September, the first payment is due in November, the prepaids (for property taxes, and hazard insurance) must be paid for 10 months in the costs. However a loan that closes in January, first payment is due in March, they only require 2 months of prepaids. It has to do with property tax installments.
Name some examples of mortgage banks/ direct lenders how u did with depository banks. Would like Quicken be direct lender? Or broker?
Quicken loan depot are mortgage bank, direct lenders and broker are more of a local thing
What are call center MLOs considered (Depository Banks, Brokers, Direct Lender, or Mortgage Bank)?
They normally work for direct lender or mortgage banks
Very helpful Minh
Ty!
Can a realtor work either as mortgage broker or loan officer at the same time?, here in California?
yes as long as they disclose a form , i forgot the name of it but its one of your cars form that lets the buyer know you are the lender as well
In California, a loan officer can also hold a real estate license as well. But they cannot be the real estate agent, and loan officer on the same transaction. He/ she can do both jobs, but will make their life and business life easier just doing one.
Is this why banks do not like to lend under 60,000? There are no margins. Which type of lender likes to do mini mortgages? What is the best way to enter the field?
Yes!
What is the downpayment assisstance that lenders can give
Down payment assistance is available for FHA loans, but it isn't always worth it. Let me explain why. Right now rates are at a historical low. When you get down payment assistance, it is a second loan that has to be repaid in a certain time frame. But you will have to eventually refinance that house, to get rid of that down payment assistance loan. So now you have to pay all the money again to refinance the house to get out of the down payment assistance loan. So now you will be paying all the fees associate with refinancing (usually between 2%-4% of loan amount), as well as taking a hit (paying a higher interest rate) because you are doing a cash-out refinance, instead of a rate and term finance. When you do a cash out refinance you are pulling money from the equity of your home. It is not a HELOC, those are 2 different things. Now no one can see the future, but rates should never go lower than where they are now. Let me re-phrase that, if the rates fall to 2% or lower for mortgage loans, than this country and this economy has HUGE problems, and no one wants that. The best thing you can do is either have a family member gift you the money, or save for the money to cover the 3.5% FHA down payment. It will save you alot of money down the road.
awesome video. im looking into becoming a loan officer. If i work for a company that provides leads like Loan Depot or Owning Corp, do I get to pick my compensation? What if i bring in my own client?
if you work for a place that provides leads you cannot pick your compensation!
So would the bps be of the loan amount? So 50 bps would be .0050 of the loan amount?
1/2 a %
is the downpayment assisstance the same as help with closing costs ?
it will help with most of the closing cost on calhfa
No
Or be a loan shark instead and make even more money
Is becoming a Loan Officer still a good idea in 2020 and beyond? Most people have already refinanced, or are rushing in to purchase homes at these low rates. Also, there is a 98% chance of CPU automation within the next two decades. Is this still a smart industry to get into? Is there meat left on the bone? Thanks
Yes or I would find another job or career. People will always buy, you just gotta be the person they are thinking about
@@WhatsAMortgage Well as a loan officer at a big corporation, you would expect to have loans funneled to you, correct? I'm not sure you have the option to build a reputation, you can really just work harder. Also, why would you say yes, and no? What do you mean I would find another job or career haha. Is it still good or no?
That’s a really good question. Waiting for his response.
@@brayammartinez4055 yeah he doesn’t respond though. And not a real helpful original response. Looking forward to it too
@@BishimDeja idek
I'm considering purchasing a study program to sit for the loan officer exam... Where can a newbie get experienced? Companies I research are asking for 2-3 yrs experience.
Me too bro...i take my exam Monday...but i have no experience...Im gonna pound the pavement, and even if i get a job doing data entry in mortgage office, Im going to do it.
@@lilpoindexter howd it go bud?
@@travisstewart627 I start Sept 3rd at my new job as a trainee mlo....
@@lilpoindexter congrats
if you are a newbie, work for a small direct lender and work open houses or go to open houses to meet realtors and consumers,
👍👍
If I’m planning to get my loan officer license which is better to start working with?
Work for a company that provides you leads to start
@@WhatsAMortgage I currently work for a bank where I do residential loans but I get no commission just salary. This real estate company/ loan company and title company called United realty group reached out to me because they saw how man loans I was closing at my job and they wanted to offer me one of their offices they recently remodeled and they said they office in a nearby city has about 500 agents. The owner said they would give me a desk at that office so the agents can refer to me. What do you think ?
I work for a broker
So then what should I do
What’s the q
Stop using the word expensive if you want to be wealthy. Use pricy. Expensive means you’ll never be able to purchase what you want.
How much does a brokerage owner make!
It's in their control on the split they have with their loan officers
What does the LO really do other than punch data into the AUS
Or perhaps collect documents
They do a TON Karan. It’s much more than punching in numbers. Trust me.
A LO should be an adivsor to you and help get you in the right loan for your unique circumstance. Everyone is at a different place with FICO, income, debt, etc. So each customer truly is unique. A good LO listens to the customer, finds out what their goals are, and tries to give them a few different loan options to go with, and advises them which one they think would be best for thier client. But at the end of the day the client will choose which loan they want.
Lol... ya nothing, other than learn all the laws, all the loopholes, all the scenarios, all the tricks, times every state i work in... to get a you a loan when everyone else fails you... ya, i don't do anything but punch numbers. Loser mentality if you were ever a failed LO.
@@kambido890 Aite Mr. winner . Let me send you a self employed borrower in Florida . Lets see what tricks you have up your sleeve
Do I need a license to become a loan officer?
Yes you do, google nmls mortgage license
Thank you.
What’s the best route for a new MLO? I have my real estate license and almost done getting my MLO endorsement.
you can either network with a bunch of realtors, and work open houses, or run ads on fb and ig. if you got the money run ads
Roy, you and I are in about the same position. I have some ideas if you're open to chatting. MondayWasher@gmail.com
@Michael Stawski not switching, doing both, acting as a realtor and MLO.
Uh, 1 basis point is 1% or 0.01 lol.
i updated the correction
You want the best deal just don’t Have a squeaky Wheel !