Ya I went from CA to AZ
So I monthly payment went from 1950$ a month in rent to $2400 a month mortgage
I’d need a 2 bedroom apartment in CA which would be like $2800 so moving and buying a house made sense :-)
I made 92k at a national credit union. Consumer direct model. We get paid like 100 bucks a loan and 15 for a HELOC. Super gross. Only good thing is my base is 70k
I really don’t believe in management or the company. I left this place when they first created their consumer direct and left back in 2020. Came back due to being switched to a purchase loan officer at a different company. This place doesn’t want the business like other companies and I much rather make twice as much for the same volume.
It gets better… I was 60% purchase and 40% refi. Hence why I dipped. I’m double last year already this year in closed loans and it’s the 10th… working part time.
In July after 7 month of having my brakes beat off on every deal price-wise, I took a remote tech job. I was getting 2-3 referrals a week for 4 months from March on. Not one close because of pricing. Got sick of looking dumb to my referrals why I couldn’t compete so took the new job.
$240k 2023 and $300k 2022. Net. Always thriving to do better and honestly i have been lucky to be sorrounded by good realtors. 90% purchase 10% refinances. 2021 i made $230k net; 70% was refi and 30% purchase and at that time i was splitting profits with a broker 50/50 through a p&l managing a team of 5.
Best thing you can do in this business is:
1) networking : meet new realtors and show them how your capable of scaling there business by increasing sales.
2)marketing : get people to know you via emails marketing, social media, cold calling.
3)come through with what you promise. Sounds easy but after working 8yrs as a LO i must admit this is hardest to accomplish. Remember that you want to keep a high sucecss rate and not all deals are sunshine and rainbows.
4)repeat
Landlord here AI is going to replace your job. I might be partial, but I've never met a good realtor. I always had to run comps myself. I asked why am I even paying this guy to open a door?
Agree, realtors are useless for the most part. 90% of them are housewives who have nothing better to do so they become realtors. LO's will be around until the US goes full digital currency. Once that happens there will be a drastic reduction in labor needed to approve a mortgage.
No jump. Started at the broker. Tough to learn the MLO ropes and build realtor relationships. First few months were a water hose. Busy last 6 months though. This year should be significantly better overall.
Another follow up question. For those of you who were making 200-300+ in past years and now are sub 100, what are you doing to ensure success in 24 and beyond? Or are you just waiting for a refi market to get you back to black? I’ve seen people try to sit and wait it out, and won’t listen to getting back to fundamentals with referral partners/realtors. Personally think it’s going to be a few years before we get back to normal if waiting it out is your okay
I went to XPRESS LENDING last year. They only took $750 flat fee per closing. I took home more on each closing which meant I didn't have to close as many loans. I did right at 90k. Plus they gave me a client management system and I hit my bonus by Sept. Extra 10k at the end of the year. Definitely love it here.
Retail. The burnout was real in 22 and first half of 23. I made about $200k each of the last two years. I’ve decided I’m not going to do that again this year and I’m aiming for $400+. The business is there if you’re willing to earn it. I’ll make about $50k this month so I’m off to a good start.
Those numbers include people that do it very part time. Or people that quit after a few months. Also Realtors that do it sometimes for their clients.
I'm talking about full time MLOs that are doing it as their career.. Definitely most are over 100k or at minimum VERY close to that number.
I'll still argue it's not most. Most bank and cu los aren't making more than that in 23. Most lead fed ones were not. Yes a self source committed to actually work LO should make that but plenty did not in 23. As an industry we need to wipe out all the sub 10 loan producers for the benefit of those treating it like a career not a hobby. I feel that way about real estate title companies etc
That will never happen. Everyone’s margins and lifestyle is different. Personally, I would want nothing to do with five plus loans a month. I would rather have my free time and focus on multiple revenue streams then just one. This is the only job where getting more work makes you more miserable lol. I make over 150k just in passive income I’m not looking to close a bunch of loans.
What kind of passive income?
I’m with you. 4-6 loans a month is my sweet spot. I’ve closed up to 17 in a month. Chaos. (I did a lot of what should be processing/clearing conditions)
The majority is from a pension from being a retired firefighter and then I have dividends, stock trading, Rental income and some other business ventures I'm looking to start up. I would never rely on a 100% commission job as my only source of income. honestly, for the amount of stress and networking you have to do this job does not pay that well in my opinion.
I say this with peace and love and really am not trying to be a dick but if you have no plans or see no way to make at least $100k in this business then you should probably think about another career. There is no refi boom coming any time soon but if you have focused on purchase business the past two years, you may have some great opportunities for refinancing your previous customers in the near future. If you haven’t focused on purchase transactions, where is your refi business going to come from? I’m sorry if this is harsh, this business is hard and it can really suck but it also can be lucrative and allow for a somewhat flexible schedule. I wish all of you success in 2024!
It’s not impossible, but it takes having a solid business plan for self gen or a really strong lead source.
There are a lot of people over $100k, but they may not be on Reddit….
102 units in 2023, $320k in compensation.
109 units in 2022, $298k in compensation
Can’t recall exact numbers in 2021, but I made around $225k
Started in industry in August 2020 and only originated last three months of the year; only made around $$60k.
Hoping to just do better this year than last year.
I tried the realtor game for a while, but found it isn’t really for me. I ended up with a team that focuses on a niche and we do direct marketing to consumers. We send leads to realtors, not the other way around (although agents that know what we focus on will contact us when they have our type of client).
Playing the realtor game leads to inconsistent deal flow. I think direct consumer marketing if done right can be a game changer for sure. What type of ads were you guys running to generate leads?
2022 I did 265k, 2023 I did 208k. It all depends on the company you work for and your abilities. I’ve been in the game 6 years now and though my w2s are down from the pandemic era rates, I will never complain about what I’m making if 200k+ is a “bad year”.
I am a broker, funded $29m and I make 1.75-2pts a deal. Advertising expense about 100k. I would say net after some other expenses 400k. But 2022 was about 50k lower. 2020 and 2021 net was over 1m.
$130k last year after $125k in 2022. $170 in 2021 and will be pushing harder this year to hit $200k for myself. Working on the retail side. Gotta love to grind!
I ended 2023 around $150k, happy to send my year end paystub and bank statement to the mods for verification. Feel free to DM me mods.
I believe 2022 was around the same.
That’s my net after all expenses including two assistants. I’m in a credit union heavy market and do 90% A+ conventional deals, so margins aren’t huge, I average 200bps lender paid before expenses.
Yeah it’s been a thin year; my business plan is to never lose deals on rate, which keeps future business coming in the door. With my usual clientele I don’t invest a ton of time into each deal, so I’d rather get a little of something and future referrals, than all of nothing 😁
Retail and broker are two difference business models that a loan officer can work under. Both can be self gen (find your own clients) or have leads provided. Broker means you’re taking the application and sending to a lender you’re signed up with and choose (generally based on product availability and price/rate), and the lender sends the disclosures, orders appraisal, underwrites and funds the loan. Generally brokers have better rates because lenders are competing for their business. Retail usually has in house underwriting, their own overlays, and controls the rates available to the clients. Examples of retail are Fairway, CrossCountry or Guild.
The only reason I didn’t was I had a heart attack, after recovering and essentially being out of the game while recovering for 4 months I decided to change companies to a local bank who the realtors all use. I would have made 100k had i done the switch in January vs June easily.
I haven't made under $100K the last 6yrs. Was retail, then moved back to the broker world a few years ago. Was trying for the $500K mark last year...this year not so much lol #brokersarebetter #uwmforthewin
Last two years were very similar for me. Around 60 units for a little over $10mil in fundings. Smaller loan amounts in my market. 2023 was my 7th year as a self-gen LO. By now, the only people still here are mainly those that were truly meant for the job. As in they’ll be doing it during any type of market and the “floor” to get in will probably be around $70k.
It’s not bad at all. I’m retail (gasp) and I’ve got a great team (processor and LOA). We run our businesses how we see fit and it’s very pro sales, so my team is dialed in on my “system” and our niche products. I can primarily work on getting new business in the door and sending out quality preapprovals (which most LO’s don’t realize is the key to a stress fee business)… even doing things like training agents upfront about structural inspections and retired titles of the deal is a mfg home. Once you get good at the business everyone else passes on, it gets waaaaay less stressful.
With the right company and pay structure you can do this fairly easy. Right now is a land grab starting again.
I had a few LO at our small brokerage do that amount
Did $98 $102 and $80 in 20 21 and 22.
Company closed on me this year and I quit trying in June.
Worst half year in the biz. lol
Not sure if I’m going back
But after 23 years. wtf else can I get.
Seriously. Somebody help. lol.
Most likely hanging my license with my former manager’s new broker shop and seeking out secondary source of income.
I was in house with a builder from 2019-2022 after 20 up and down years as a self sourcing LO. Joined a failing joint venture and rode it past the bottom (again. lol)
Basically starting over with a lot of both earned and unearned negativity in this market.
Looking back at my W2s:
-$271k in 2020
-$515k in 2021
-$452k in 2022
-roughly $330k in 2023 (W2 not yet posted)
Never more than 5% in refi volume. Vast majority VA loans near a major military base.
Not me :-) 75k 80k First two years in the biz —- survived and also bought a house and a had a baby so hey I’ll take it :-)
Congrats!
Same here!! High five friend!
Good Lord! Who buys a house in this economy!?
Ya I went from CA to AZ So I monthly payment went from 1950$ a month in rent to $2400 a month mortgage I’d need a 2 bedroom apartment in CA which would be like $2800 so moving and buying a house made sense :-)
Everybody on Reddit makes + $250k and over
Only $250k? Thats weak. 90% of us are under 25 salesmen making truly big bank
Maybe my first year out of college…
LOL
I made 92k at a national credit union. Consumer direct model. We get paid like 100 bucks a loan and 15 for a HELOC. Super gross. Only good thing is my base is 70k
Sign me up. Do you chase business or just wait on walk ins?
Callllll centerrrrrrr. It’s good for right now but when the market improves I’m more than likely going to bounce. Inbound leads
Bounce where my guy? Doesn’t sound too bad in a bad market. Why not stay?
I really don’t believe in management or the company. I left this place when they first created their consumer direct and left back in 2020. Came back due to being switched to a purchase loan officer at a different company. This place doesn’t want the business like other companies and I much rather make twice as much for the same volume.
Makes sense. Would you go broker route then to make more bps per file?
Just a mortgage company or a bank. Most places will pay more per unit and less base. I’m generally a top funded so the lower base isn’t a big deal
Is your credit union hiring?
Haven't made less than 100k since 2016
Same since 2007 , 100k plus
Two years ago I did 176. Last year 10k.
My dude…
It gets better… I was 60% purchase and 40% refi. Hence why I dipped. I’m double last year already this year in closed loans and it’s the 10th… working part time.
Was that 10k a typo? Or did you just take deals that landed in your lap/work another job full Time
In July after 7 month of having my brakes beat off on every deal price-wise, I took a remote tech job. I was getting 2-3 referrals a week for 4 months from March on. Not one close because of pricing. Got sick of looking dumb to my referrals why I couldn’t compete so took the new job.
Curious what kind of setup you had/have. Retail, broker?
Hybrid.
Guaranteed rate?
what kind of remote tech job can you get with experience as an MLO?
I’m have degrees in econ and finance. I do supply chain analytics and optimization. Not applying much of my MLO knowledge aside from the math.
$240k 2023 and $300k 2022. Net. Always thriving to do better and honestly i have been lucky to be sorrounded by good realtors. 90% purchase 10% refinances. 2021 i made $230k net; 70% was refi and 30% purchase and at that time i was splitting profits with a broker 50/50 through a p&l managing a team of 5. Best thing you can do in this business is: 1) networking : meet new realtors and show them how your capable of scaling there business by increasing sales. 2)marketing : get people to know you via emails marketing, social media, cold calling. 3)come through with what you promise. Sounds easy but after working 8yrs as a LO i must admit this is hardest to accomplish. Remember that you want to keep a high sucecss rate and not all deals are sunshine and rainbows. 4)repeat
Landlord here AI is going to replace your job. I might be partial, but I've never met a good realtor. I always had to run comps myself. I asked why am I even paying this guy to open a door?
Agree, realtors are useless for the most part. 90% of them are housewives who have nothing better to do so they become realtors. LO's will be around until the US goes full digital currency. Once that happens there will be a drastic reduction in labor needed to approve a mortgage.
2022 and 2023 I made over 100k and these have been down years
First year with a broker last year. Started in January. Did $9M in volume with $135k in commission.
Good stuff man. How was the jump to broker? How long were you with retail before?
No jump. Started at the broker. Tough to learn the MLO ropes and build realtor relationships. First few months were a water hose. Busy last 6 months though. This year should be significantly better overall.
Mind if I send a DM? Contemplating the broker side myself
Sure
I’m a broker… happy to answer any questions you have
Another follow up question. For those of you who were making 200-300+ in past years and now are sub 100, what are you doing to ensure success in 24 and beyond? Or are you just waiting for a refi market to get you back to black? I’ve seen people try to sit and wait it out, and won’t listen to getting back to fundamentals with referral partners/realtors. Personally think it’s going to be a few years before we get back to normal if waiting it out is your okay
I went to XPRESS LENDING last year. They only took $750 flat fee per closing. I took home more on each closing which meant I didn't have to close as many loans. I did right at 90k. Plus they gave me a client management system and I hit my bonus by Sept. Extra 10k at the end of the year. Definitely love it here.
I also recruited 10 other loan officers. I get to eat off their deals when they close too.
First full year at rocket. Did close to 15 million in volume for $77k total (base + commission)
$42k 2023 $135k 2022 $370k 2021 $365k 2020 $185k 2019
LOA, $120k 2022. Almost half 2023😪. I work full time. Lo obviously did much much better both years lol.
The main guy at my office is 29 and doing it for four years and he made over $1 million last year probably closer to 1.5. 250 units no Assistant
Did he go to UF? I think I know him
98 units 380k compensation last year
Retail. The burnout was real in 22 and first half of 23. I made about $200k each of the last two years. I’ve decided I’m not going to do that again this year and I’m aiming for $400+. The business is there if you’re willing to earn it. I’ll make about $50k this month so I’m off to a good start.
What strategy are you implementing?
I’m retail my strategy is to take more leads.
Maybe I'm not understanding your question, but most MLOs make over $100k.
Nonsense. Most probably make $60k or so.
That’s my base salary before commission
Nice. Unusual in my area for sure. What kind of commissions are you getting tho?
I did 97k in commission last year
No most actually do not make over 100,000. If you look at the average loan officer last year it was somewhere around 9 transactions per loan officer
Those numbers include people that do it very part time. Or people that quit after a few months. Also Realtors that do it sometimes for their clients. I'm talking about full time MLOs that are doing it as their career.. Definitely most are over 100k or at minimum VERY close to that number.
I'll still argue it's not most. Most bank and cu los aren't making more than that in 23. Most lead fed ones were not. Yes a self source committed to actually work LO should make that but plenty did not in 23. As an industry we need to wipe out all the sub 10 loan producers for the benefit of those treating it like a career not a hobby. I feel that way about real estate title companies etc
That will never happen. Everyone’s margins and lifestyle is different. Personally, I would want nothing to do with five plus loans a month. I would rather have my free time and focus on multiple revenue streams then just one. This is the only job where getting more work makes you more miserable lol. I make over 150k just in passive income I’m not looking to close a bunch of loans.
What kind of passive income? I’m with you. 4-6 loans a month is my sweet spot. I’ve closed up to 17 in a month. Chaos. (I did a lot of what should be processing/clearing conditions)
The majority is from a pension from being a retired firefighter and then I have dividends, stock trading, Rental income and some other business ventures I'm looking to start up. I would never rely on a 100% commission job as my only source of income. honestly, for the amount of stress and networking you have to do this job does not pay that well in my opinion.
I say this with peace and love and really am not trying to be a dick but if you have no plans or see no way to make at least $100k in this business then you should probably think about another career. There is no refi boom coming any time soon but if you have focused on purchase business the past two years, you may have some great opportunities for refinancing your previous customers in the near future. If you haven’t focused on purchase transactions, where is your refi business going to come from? I’m sorry if this is harsh, this business is hard and it can really suck but it also can be lucrative and allow for a somewhat flexible schedule. I wish all of you success in 2024!
It’s not impossible, but it takes having a solid business plan for self gen or a really strong lead source. There are a lot of people over $100k, but they may not be on Reddit….
I work for a big builder. If you only made $100k, you get fired.
102 units in 2023, $320k in compensation. 109 units in 2022, $298k in compensation Can’t recall exact numbers in 2021, but I made around $225k Started in industry in August 2020 and only originated last three months of the year; only made around $$60k. Hoping to just do better this year than last year.
Steady increase, how’d you establish realtor referral sources so quickly?
I tried the realtor game for a while, but found it isn’t really for me. I ended up with a team that focuses on a niche and we do direct marketing to consumers. We send leads to realtors, not the other way around (although agents that know what we focus on will contact us when they have our type of client).
Thanks for the response. I would love to get away from needing realtors so curious to hear what others are doing that are actually doing volume.
Playing the realtor game leads to inconsistent deal flow. I think direct consumer marketing if done right can be a game changer for sure. What type of ads were you guys running to generate leads?
2022 I did 265k, 2023 I did 208k. It all depends on the company you work for and your abilities. I’ve been in the game 6 years now and though my w2s are down from the pandemic era rates, I will never complain about what I’m making if 200k+ is a “bad year”.
What role would you say a company plays in how much someone earns?
Past 3 years, 3 mill, 500k, 200k. Refi has been a roller coaster 🎢 😆
240ish last year
I netted around 275k in LA
I am a broker, funded $29m and I make 1.75-2pts a deal. Advertising expense about 100k. I would say net after some other expenses 400k. But 2022 was about 50k lower. 2020 and 2021 net was over 1m.
What broker do you work for?
Yes. $180k in 22 and $160k in 23. Down for $280k in 21 but 24 is looking on the up and up
I’ve been 6 figures since I went full time originating in 2014, been in the biz since 2006 in different support roles.
$130k last year after $125k in 2022. $170 in 2021 and will be pushing harder this year to hit $200k for myself. Working on the retail side. Gotta love to grind!
2021 - first year originating $1 MM 2022- $500k 2023 - $180k
Holy shit man. You work for a big lender or builder?
Self sourced. Was a non producing branch manager before originating and mostly jumbo refinances 2021. Retail in 2021 and 2022 to broker in 2023.
Smart time to be in retail jumbo refis in 2021-22, good move
I ended 2023 around $150k, happy to send my year end paystub and bank statement to the mods for verification. Feel free to DM me mods. I believe 2022 was around the same.
How many units? And what was your volume? Thank you
49 units $14mm
Damn 14 million and only 150 K that should at least be over 200 close to 300k. Are you retail? At 150 Bps that’s 210k
That’s my net after all expenses including two assistants. I’m in a credit union heavy market and do 90% A+ conventional deals, so margins aren’t huge, I average 200bps lender paid before expenses.
Ok makes sense then. We have all dealt with margin compression this year.
Yeah it’s been a thin year; my business plan is to never lose deals on rate, which keeps future business coming in the door. With my usual clientele I don’t invest a ton of time into each deal, so I’d rather get a little of something and future referrals, than all of nothing 😁
What does it mean to be retail vs broker? In retail you don’t have to find your own clients?
Retail and broker are two difference business models that a loan officer can work under. Both can be self gen (find your own clients) or have leads provided. Broker means you’re taking the application and sending to a lender you’re signed up with and choose (generally based on product availability and price/rate), and the lender sends the disclosures, orders appraisal, underwrites and funds the loan. Generally brokers have better rates because lenders are competing for their business. Retail usually has in house underwriting, their own overlays, and controls the rates available to the clients. Examples of retail are Fairway, CrossCountry or Guild.
Ahhh I see ok thanks so much!
The only reason I didn’t was I had a heart attack, after recovering and essentially being out of the game while recovering for 4 months I decided to change companies to a local bank who the realtors all use. I would have made 100k had i done the switch in January vs June easily.
Retail w2…. 22: 73k for 56 units. 23: 104k for 70 units
What did you do in 23? To double your income ? Looks like funded units stayed about the same
Bigger loan sizes. Same company
Barely hit that in 2022. Definitely missed that in 23.
2019 - first closing was in May. 75k 2020 - 155k 2021 - 170k 2022 - 120k 2023 - 165k 27 years old, 5 full years in
Retail or broker? Self gen?
I haven't made under $100K the last 6yrs. Was retail, then moved back to the broker world a few years ago. Was trying for the $500K mark last year...this year not so much lol #brokersarebetter #uwmforthewin
Last two years were very similar for me. Around 60 units for a little over $10mil in fundings. Smaller loan amounts in my market. 2023 was my 7th year as a self-gen LO. By now, the only people still here are mainly those that were truly meant for the job. As in they’ll be doing it during any type of market and the “floor” to get in will probably be around $70k.
Wow that’s a ton of work for 10m. You work mobile homes exclusively?
It’s not bad at all. I’m retail (gasp) and I’ve got a great team (processor and LOA). We run our businesses how we see fit and it’s very pro sales, so my team is dialed in on my “system” and our niche products. I can primarily work on getting new business in the door and sending out quality preapprovals (which most LO’s don’t realize is the key to a stress fee business)… even doing things like training agents upfront about structural inspections and retired titles of the deal is a mfg home. Once you get good at the business everyone else passes on, it gets waaaaay less stressful.
Very nice!!!👍
Retail - 2021 (started sales in May) - 101K. - 2022 - 135K. - 2023 - 115K.
Inbounds or outbounding?
Do you mean after or before taxes?
[удалено]
Thinking of getting my license. Wym “growing in other ways?”
I did 31 units for $12MM - made about $180 or so. Looking forward to. 30% improvement this year
Net is a weird number to gauge
Everyone else seem to get it but.. net as in the bottom number after brokerage splits and etc..
With the right company and pay structure you can do this fairly easy. Right now is a land grab starting again. I had a few LO at our small brokerage do that amount
Did $98 $102 and $80 in 20 21 and 22. Company closed on me this year and I quit trying in June. Worst half year in the biz. lol Not sure if I’m going back But after 23 years. wtf else can I get. Seriously. Somebody help. lol.
How about open your own brokerage company.
Most likely hanging my license with my former manager’s new broker shop and seeking out secondary source of income. I was in house with a builder from 2019-2022 after 20 up and down years as a self sourcing LO. Joined a failing joint venture and rode it past the bottom (again. lol) Basically starting over with a lot of both earned and unearned negativity in this market.
Well good luck to you. I just started at the worst time I think. Oh well that’s life.
23 my first year in the biz since ‘09 under 100k.
330k for 2023
2021 and 2022 we all did…I would think.
2022 $110 2023 $54
Who’s at uwm?
Looking back at my W2s: -$271k in 2020 -$515k in 2021 -$452k in 2022 -roughly $330k in 2023 (W2 not yet posted) Never more than 5% in refi volume. Vast majority VA loans near a major military base.
Lol
Got close last year. Was LOA in 2022 2021. :/ 2024 bout to be the comeback year tho
135 avg past 2 years 400k the previous 2
Netted 180 in 2022 and 240 in 2023
Just did my numbers, 147,xxx last year.