This question is about what a loan assistant does and loan assistant.

Do loan assistants get commission?

By Zippia Team - Jan. 22, 2022

Yes, loan assistants get a commission. In most cases, loan assistants can make between $3,000 to $24,000 a year in commission. A loan assistant works under a loan officer who typically gets paid 1% of the total loan amount. In some cases, the loan officer will share some of this commission; in others, a loan assistant is just paid a salary or hourly rate.

The total earning potential for a loan assistant with commission ranges between $38,246 to $101,845 a year. The median salary for a loan assistant is $40,450 a year. Commission earned ranges from.05 to 2%, depending on the type of loan. 1% is most common, especially for mortgage loans.

Commissions are calculated according to the basis points of the loan -- each basis point is 1/100th of 1%, so 25 basis points or BPS equals 1/4 of 1%. For example, the commission of 25 BPS on a $100,000 mortgage would be $250.

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