Survey Finds Slight Uptick in Loan Officer Compensation

By Brian Collins

Published July 08, 2013, 5:26 p.m. EDT

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Updated July 08, 2013, 5:32 p.m. EDT

1 Min Read

Incentive pay to executives and senior managers at independent mortgage banking companies increased significantly in 2012, compared to the leaner years, according to an annual survey by Richey May & Co.

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“We really did see a remarkable increase” in incentive compensation structures, according to Trevor Reinhart.

The Richey May manager for advisory services noted that most loan officers have a base salary plus they receive loan commissions.

Despite the regulatory changes involving LO compensation, “we have not seen a remarkable shift,” he said. “There was an uptick” in loan officer compensation in 2012. Loan officers received total compensation averaging 99.7 basis points per loan. On a $100,000 loan that is nearly $1,000 per loan.

Total compensation paid to fulfillment personnel (underwriters, processors and closers) averaged $55,000 in 2012, according to the survey.

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Brian Collins covers the housing and mortgage market, including the Federal Housing Administration and the Department of Housing and Urban... Read full bio

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