Mortgage Originator Salary
Job Description for Mortgage Originator
Being a mortgage originator means that you will spend the majority of your time looking for new clients who want to buy a home or commercial real estate. You may work for a bank, credit union, or mortgage company. There is a lot of flexibility in this line of work. Depending on what a person does best, they may stay in the office and look for clients by phone or online, or they may go out and market with other people in the business. As time goes on, most will find their niche and learn what works best for them.Read More...
It is not a job for everyone, and it has a specific skillset that you must be good at to succeed. First off, you will need to have patience. Since these are such big deals that involve a lot of money, you can't expect to be closing one every day. You will need to try and find as many potential customers as you can and wait for them to pay off. You must be able to find the balance between not being pushy and staying on people’s minds, so they will stick with you when they are ready to sign. Being able to get your potential customers to trust you will help ensure that you are the one they sign with. A popular way that people go about finding their customers is to hold a seminar to show the property for sale. Others may try telemarketing or handing out flyers. The best way to watch your business grow in this field is to be an honest, hard worker. Then you will get a good reputation, and hopefully the referrals come to you.
There are no set educational requirements. Some companies may require a bachelor’s degree, while others may take you on if they see potential in you. You will have to take at least 20 hours of pre-license courses to satisfy the SAFE act.
Mortgage Originator Tasks
- Identify financial needs, make proposals, and close business of borrowers.
- Assign approved applications to a processor for the closing process.
- Assist potential borrowers in loan application process and complete documentation for loan products.
- Develop referral base of other banks, agents, attorneys, CPAS, appraisers, realtors, and builders.
- Ensure a continual volume of loan clients, applications, and closings for purchase or refinance.
Common Career Paths for Mortgage Originator
Although it's unusual, some Mortgage Originators transition into jobs as Mortgage Loan Underwriters. The latter group reports earning a slightly lower median of $56K per year, though. It is quite typical for Mortgage Originators to transition into roles as Mortgage Loan Officers or Banking Branch Managers, where reported median earnings are $2K and $5K higher per year.
Mortgage Originator Job Listings
Search for more jobs:
Pay by Experience Level for Mortgage Originator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Workers with less than five years' experience earn around $43K on average, and those who have five to 10 years under their belts see a higher median salary of $49K. Mortgage Originators claiming one to two decades of experience make an estimated median of $57K. For some reason, Mortgage Originators with more than two decades of experience report lower paychecks overall; the median sum in this group sits near $50K.
Related Job Salaries
Key Stats for Mortgage Originator
Rated 5 out of 5
based on 16 votes.