Avg. Base Salary (USD)
The average salary for a Loan Originator is $49,084
What is the Pay by Experience Level for Loan Originators?
An entry-level Loan Originator with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $39,309 based on 9 salaries. An early career Loan Originator with 1-4 years of experience earns an average total compensation of $41,542 based on 49 salaries. A mid-career …Read more
What Do Loan Originators Do?
Loan originators work primarily for financial institutions, such as mortgage lending companies, banks, and credit unions to process loan applications up to the actual fund disbursement. They may also decline applications and solicit, negotiate, and coordinate consumers’ loans (car loans, personal loans, residential loans) and/or commercial or business loans.
Prior to closing the loan, they must review and verify loan documents such as income statements, credit reports, appraisal reports, and …Read more
- Obtain and compile financial information to evaluate loan applications and their risk.
- Generate new clients and referrals through strong relationship building.
- Track and maintain credit and loan data.
- Work directly with clients to review agreements, explain programs, and negotiate loans and terms.