Is loan officers a good job?

Do they pay hourly rate and if so do you know around how much? My boyfreind has interview today and i know nothing about beibg a loan officer. j/w

Is loan officers a good job?

It depends on where he is applying. If it's a mortgage banker like Wells Fargo, Bank of America, Washington Mutual - they have monthly quotas you must meet or you are terminated. Some jobs are salary plus commissions or a draw (which means you pay it back with your commissions). CountryWide Full Spectrum Lending (mortgage loans through telemarketing) pays a salary plus commissions in addition to benefits. They are a great place to start if you are new in the mortgage business.

If your boyfriend applied with a mortgage broker, generally those jobs are commissioned only and you don't make any money until you close a loan.

Is loan officers a good job?

Typically, at least at my bank, a loan officer is a good job... and it's paid salary here. It' s a good job, but most financial institutions require that you meet a certain quota each month, which some people don't like that type of stress. I'd imagine, if your bf is interviewing for this job, he'd know enough about it to discuss with you. It's not a position just anyone can come by though, so best of luck to him.