How Much Does A Loan Officer Make In California??

How much does a Loan Officer make in California?

Company Average salary
Jade Mortgage Loan Officer 6 salaries Loan Officer Job available $151,054 per year
loanDepot Loan Officer 14 salaries Loan Officer Job available $142,531 per year
Mount Diablo Lending Loan Officer 11 salaries Loan Officer Job available $147,099 per year

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How do you become a loan officer?

Some banks and mortgage companies require loan officers to hold a bachelor’s degree, so it can about four years to qualify for these jobs. It can take several weeks or months to meet the prelicensing education requirements and pass the examination to become a licensed mortgage loan originator.

Do you need good credit to be a loan officer?

Loan officers typically need at least a bachelor’s degree, preferably in a business-related field such as finance, economics or accounting. Mortgage loan officers need a mortgage loan originator license, which requires passing an exam, at least 20 hours of coursework and background and credit checks.

How long does it take to get an Nmls license in California?

Pre-licensure Education: Prior to submission of the application, complete at least 20 hours of NMLS-approved pre-licensure education (PE) courses which must include 2 hours of California content.

How much does a loan officer make per loan?

Loan officers are the main point of contact for borrowers throughout the mortgage application process at almost every mortgage lender. That’s an important job, right? In return for this service, the typical loan officer is paid 1% of the loan amount in commission. On a $500,000 loan, that’s a commission of $5,000.

Do loan officers make more than realtors?

Loan officers work in the financial industry while real estate agents, also known as real estate sales agents, work in sales. Loan officers require more formal postsecondary training, earn a notably higher salary than real estate agents and currently have better job prospects due to a faster job growth rate.

How many hours does a loan officer work?

In a typical work week as A Loan Officer, you can expect to work More than 40 hours per week.

What are the duties of a loan officer?

Loan Officers :: Job Description. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

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