13 Mar Real estate loan officers typically receive money 1% of this total loan quantity.
We explore the good main reasons why loan officer payment is detrimental to customers. So we provide an alternative Better that is— Mortgage loan officers whom don’t receive money commission, ever.
Loan officers would be the point that is main of for borrowers through the entire home loan application process at nearly every mortgage company. That’s an important job, appropriate?
In substitution for this solution, the standard loan officer is paid 1% of this loan quantity in payment. On a $500,000 loan, that’s a commission of $5,000. Numerous banking institutions pass this price right through to customers by billing greater rates of interest and origination costs.
It is thought by us’s crazy that individuals are effortlessly charged to pay for loan officers whom is almost certainly not representing their utmost passions.