How long does it take after a closing for a loan officer to get paid his commission check???

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I am a loan officer for a mortgage company. I only make commission. I recently had my first closing and am wanting to find out how long it takes to get paid. Any loan officers out there that work off of commission only know this answer???

6 Comments
  1. Reply
    mibanker
    April 30, 2011 at 12:13 am

    You really need to talk with someone in the office. Typically, you get paid the following month for any deals “funded” the previous month. All companies are not the same though.

  2. Reply
    theferriscompany@sbcglobal.net
    April 30, 2011 at 12:44 am

    It depends on what you have contracted with your broker….most are within a couple of days of closing. Some smaller brokers choose to wait until the check clears their account. Have you asked your broker when you can expect to get paid?

    I always get paid within 24 hours of funding

  3. Reply
    missmis
    April 30, 2011 at 12:58 am

    Not sure about loan officers but I do know that at closing, funds are dispersed immediately. Your broker will have your commission. In real estate, I usually had my commission within 24 hours of my broker receiving funds.

  4. Reply
    websterjdjr
    April 30, 2011 at 1:05 am

    they will offer you an up front amount to hold you over and then settle with you on a monthly basis…at least thats how its done here

  5. Reply
    Biff Kaposh
    April 30, 2011 at 1:18 am

    How is it that you don’t know the answer to this question and you are already working in the field? Didn’t you ask this question before you accepted the job? Because of your lack of interest in getting paid for your work, your employer is probably holding your pay check until you ask for it.

  6. Reply
    TP2001
    April 30, 2011 at 2:05 am

    The mortgage company gets a check at the closing. Depending on the company you work for you should have the check the next day. Our company gives you a check right away, no waiting.

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