newbie

Elite · #1 (**permalink**) 06-14-2006, 10:11 PM

How is everyone doing. I signed up on this forum, to learn more about what loan officers really do? i know there are different typs of loans and LO's are licensed to do loans in different states. I am currently in the process of getting my real estate license, but i dont know much about the mortgage side of the field. Can someone explain to me how LOs are paid? thanks in advance

William

Erik · #2 (**permalink**) 06-15-2006, 03:54 AM

Hi William - welcome to MBL. Most LO's get paid in a similar fashion to agents - all commission. There are some that get a small salaray + commission, who usually work for banks.

What area are you in?

Elite · #3 (**permalink**) 06-15-2006, 11:02 AM

im in the Los Angeles area. I see how LOs like to find other LOs that can approve loans? wouldnt that take your comission away? im just confused.. or are the negotiating with the mortgage brokers?

Erik · #4 (**permalink**) 06-15-2006, 12:11 PM

No, they are loan officers who broker loans to wholesale lenders. The wholesale people basically buy the loan from the brokers so they set the loan criteria and they have widely varying requirements on their loan programs.

That's why you see LOs looking for help on loan scenarios. Most of the time they aren't looking for another LO to do the loan - just looking for the right wholesale lender.