Loan Officer Salaries: Innovative Mortgage vs The Market

Here's a question that stops a lot of loan officers in their tracks: Do you want to earn more money?

Of course, we all do. Everyone wants to get paid more for the hard work they do. But have you ever given much thought to how you actually get paid?

As a loan officer, you probably know that your pay comes from commissions on the loans you close. But what about your company? How does your employer pay you?

If you work at Innovative Mortgage, you'll set your own compensation percentage. That means that every file that comes through your pipeline is worth 100% compensation. Innovative Mortgage takes a small transaction fee of $595 per file. Your transaction fee helps us support you. You'll have access to our origination platform and compliance support.

On the other hand, most mortgage companies (and others in the financial services industry) pay their employees based on basis points. This means that they give their employees a certain percentage of each deal they close, and if there are multiple people involved in the transaction, they share those basis points among themselves. In these cases the bigger the deals, the less money you make.

Here's what we're talking about.

Go to our compensation calculator, innovativemlo.com/calculator. Enter your average units per month. Enter your average price per unit. Enter your current compensation bps, and see how much more you could be making if you join the Innovative team!