Q: Do loan assistants get commission?

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.

Q: Do loan officers make good money?

Yes, loan officers can make good money. The mean salary for loan officers is around $63,000 a year, but the actual amount a person will earn depends on their level of experience and ability.

Q: Do you need a degree to be a loan assistant?

No, you do not need a degree to be a loan assistant. While there is no required degree type to work as a loan assistant, there are required licenses depending on the type of loan (e.g., mortgage).

Q: Do loan officers have assistants?

Yes, loan officers have assistants. Loan assistants play an important role in supporting loan officers who work in commercial or real estate areas. They help with paperwork related to loans and their documentation, as well as review loan files and verify taxes, check collateral values, and update activities on accounts.

Q: How much does a loan assistant make?

A loan assistant makes $40,450 a year, on average. However, there is a considerable range in the earning potential of a loan assistant, starting from as little as $30,237 to as much as $60,896 a year, with an hourly rate between $13.80 to $27.64. Factors such as the company and location impact how much a loan assistant can make.

Question 1

Do loan assistants get commission?

Accepted Answer

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.

Question 2

Do loan officers make good money?

Accepted Answer

Yes, loan officers can make good money. The mean salary for loan officers is around $63,000 a year, but the actual amount a person will earn depends on their level of experience and ability.

Question 3

Do you need a degree to be a loan assistant?

Accepted Answer

No, you do not need a degree to be a loan assistant. While there is no required degree type to work as a loan assistant, there are required licenses depending on the type of loan (e.g., mortgage).

Question 4

What skills do you need to be a loan officer?

Accepted Answer

The skills needed to be a loan officer are focused on helping the client on the entire loan process from start to finish. Loan officers must be able to evaluate, authorize, or recommend approval of loan applications. They work for commercial banks, credit unions, mortgage companies, and other financial institutions.

Question 5

Do loan officers have assistants?

Accepted Answer

Yes, loan officers have assistants. Loan assistants play an important role in supporting loan officers who work in commercial or real estate areas. They help with paperwork related to loans and their documentation, as well as review loan files and verify taxes, check collateral values, and update activities on accounts.

Question 6

How much does a loan assistant make?

Accepted Answer

A loan assistant makes $40,450 a year, on average. However, there is a considerable range in the earning potential of a loan assistant, starting from as little as $30,237 to as much as $60,896 a year, with an hourly rate between $13.80 to $27.64. Factors such as the company and location impact how much a loan assistant can make.

Frequently asked questions about loan assistants

Questions about becoming a loan assistant