What is the salary of entry level Mortgage loan officer?

[George G.]

Does anyone know what the standard salary or compensation for mortgage loan officer for residential and commercial? I understand they vary but is there a standard? I got the impression 1 % commission was about average with no base pay.

[Albert Bui]

Originally posted by @George G.:

Does anyone know what the standard salary or compensation for mortgage loan officer for residential and commercial? I understand they vary but is there a standard? I got the impression 1 % commission was about average with no base pay.

 Hey George it depends on what kind of LO (loan officer) , in a retail big bank like Chase, in a refi assembly line plant like Loan Depot/Cash Call/Amerisave, a LO with a indepdent mortgage broker, a mortgage broker one man shop, or a LO with a mortgage company.

It can vary from flat rate of $500 per loan up to 2.75% of the loan amount and everything in between. Some geographical areas that are less competitive can go up to the  higher compensation ranges since its harder to get loans while some other areas are more competitive and you'll be in the 1.00%-1.50% range or less.