Are Banks Paying LO's Less That Independent Mortgage Bankers?

July 31, 2017


Yes. Banks are paying their loan officers less than independent mortgage bankers, though, the difference is made up for in sales support according to recent reports.


"On a per-loan basis, loan officers working for bank-owned/affiliated mortgage companies make an average of 74 basis points per loan of the amount," according to National Mortgage News


"Their counterparts at independent mortgage bankers make an average of 120 basis points."


According to a Stratmor infographic, banks provide an increase rate of marketing support to LO's. Therefore the lowered pay is negated by the fact that there is extra input from big name banks.


"Among the loan officers that work for a bank, 58% responded the company provides their marketing materials and 75% said the company paid for their personal website," according to the report. 


"For nonbank loan officers that was 41% and 53%, respectively."


To learn more about the balance between LO's working for banks and LO's working for independent mortgage bankers, click on the image above. 





Share on Facebook
Share on Twitter
Please reload

Recent Posts

Please reload

Featured Posts

Gateway First Bank Expands With 34 New Mortgages Centers Across The Country

January 8, 2020

Please reload

Follow Us

  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Facebook Icon
  • Grey Twitter Icon

 Stay updated on the latest news, tips, and event info in the mortgage industry. 

© American Business Media, LLC.