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
It doesn't happen often, but some Mortgage Originators do move on to become Mortgage Loan Underwriters. The average pay for that role is slightly higher at $55K per year. The most common next step for a Mortgage Originator is to become a Mortgage Loan Officer or a Banking Branch Manager. The former position pays an additional $2K per year on average, and the latter position pays $5K more per year.
Mortgage Originator Job Listings
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Pay by Experience Level for Mortgage Originator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for inexperienced workers average out to $50K, and those with five to 10 years' experience earn a higher median of $43K. On average, Mortgage Originators make $59K following one to two decades on the job. Mortgage Originators who have racked up more than two decades of experience report lower incomes overall; the average sum for this crowd comes out to only $53K.
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