How Much Does A Loan Officer Assistant Make? (Solution)

The average loan officer assistant salary is $42,666 per year, or $20.51 per hour, in the United States. People on the lower end of that spectrum, the bottom 10% to be exact, make roughly $26,000 a year, while the top 10% makes $68,000.

Is being a loan officer assistant hard?

First and foremost, it is not an easy job. Sure, a mortgage broker or bank may tell you that it’s simple. And yes, you may not have to work very hard in the traditional sense, or take part in any back-breaking work.

Is being a loan officer assistant stressful?

Loan assistants support loan officers working in commercial or real estate areas. Analytical thinking and familiarity with banking processes related to loans, mortgages, and liens will also be important. Your working environment will be fast-paced, and the position might require enduring stressful situations.

What do loan officer assistants do?

Duties of a loan officer assistant Make initial contact and follow up with potential clients. Serve as an ongoing point of contact for clients, helping them collect required information and complete any necessary documents throughout the loan process. Ensure loan documentation complies with federal and state

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What makes a great loan officer assistant?

Loan Officer Assistant Skills and Personality Traits We calculated that 24% of Loan Officers Assistant are proficient in Loan Portfolio, Customer Service, and Loan Applications. They’re also known for soft skills such as Detail oriented, Initiative, and Interpersonal skills.

Does a loan officer assistant have to be licensed?

Basically, the professional credentials to become a loan officer assistant is the same as that of a loan officer. However, loan officer assistants do not have to become licensed.

How many loans does the average loan officer close?

Most loan officers can close anywhere from 18 to 25 loans in a year, with some doing as many as 35 to 40. According to U.S. News, which ranks loan officers as #14 on its list of Best Business Jobs, the average salary for a loan officer in 2015 was $63,430 with the upper 75th percentile making over $90,000.

Is becoming a loan officer worth it?

Mortgage loan originators enjoy great flexibility as far as working hours are concerned. Not only that, most MLO jobs come with a bountiful of benefits and perks. Which means that you can enjoy terrific benefits like, health insurance, retirement plans and even fun perks like, catered meals or holiday pay and more!

Are loan officers happy?

Loan officers are one of the least happy careers in the United States. As it turns out, loan officers rate their career happiness 2.5 out of 5 stars which puts them in the bottom 5% of careers.

Do mortgage loan officers make good money?

Loan Officers made a median salary of $63,270 in 2019. The best-paid 25 percent made $92,960 that year, while the lowest-paid 25 percent made $44,840.

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How do I become a loan processing assistant?

To become a loan officer assistant, you will need to have at least a high school diploma or GED certificate. An associate degree in finance may help you stand out in your job search, but it is unnecessary. Your employer should provide adequate on-the-job training to help you fulfill your duties.

Do loan officers get commission?

1% of the loan amount is typically commissioned to mortgage loan officers. As a return for their service, these loan officers usually get paid 1% of the loan amount as their commission. So on a loan of $300,000; they receive $3,000 as their commission.

What does a loan officer do on a daily basis?

On a daily basis, Loan Officers analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. They supervise loan personnel.

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