Do mortgage loan processors get paid before or after the loan closes?

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Do mortgage loan processors get paid before or after the loan closes?

  1. Reply
    Michael L
    April 30, 2011 at 12:42 am

    That depends on the office you are working in. If you are working in a bank you will receive a salary. If you are working for a broker you might recieve a small salary plus a portion of the processing fee for each loan closed.

    There is no hard and fast rule as how you will be paid.

  2. Reply
    CHAR L
    April 30, 2011 at 1:37 am

    After ( Closing Costs)

  3. Reply
    David R
    April 30, 2011 at 2:22 am

    It depends on the company you work for and what deal you make with them. Some processors make an hourly wage and then a small commission once the loan has closed which is the best way for people that are new the business. Other experienced processors work only on commission but with the times we are having and less loans going through it would probably be better to have an hourly wage even if you have experience.

  4. Reply
    April 30, 2011 at 2:32 am

    It depends upon the company or to the agreement. Try WISE. It may answer all of your questions regarding home loans and mortgage issues.

  5. Reply
    April 30, 2011 at 2:59 am

    In theory, yes, it depends.

    In reality:
    1) If salaried, the point is moot.
    2)If paid by the file, will be paid after closing has occurred, at the same time the loan officer gets paid.

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