How much do mortgage loan officers make in Michigan?

How much do mortgage loan officers make in Michigan?

The average salary for a loan officer is $187,708 per year in Michigan and $22,000 commission per year. 5k salaries reported, updated at June 6, 2022.

What is the most money a loan officer can make?

Loan Officers made a median salary of $63,960 in 2020. The best-paid 25 percent made $93,490 that year, while the lowest-paid 25 percent made $45,540.

How much do loan originators make in Michigan?

Most common benefits. The average salary for a mortgage loan originator is $96,952 per year in Michigan and $25,000 commission per year. 54 salaries reported, updated at June 2, 2022.

How do I become a loan officer in Michigan?

How To Get A Michigan Mortgage Loan Originator License

  1. Apply for an NMLS account and ID number.
  2. Complete your Michigan mortgage Pre-license Education (“PE”).
  3. Pass a licensing exam.
  4. Apply for your Michigan mortgage license though the NMLS.
  5. Complete background checks and pay all fees.

How long does it take to become a Loan Officer in Michigan?

Michigan Education Requirements: Take 20 hours of pre-license education and pass a licensing exam. MLO pre-license education must include 18 hours of general NMLS-approved education and a 2-hour Michigan state-specific elective.

What do you need to be a Loan Officer?

Loan officer qualifications This will require loan officers to get Mortgage Loan Originator (MLO) licenses from their state, and register with the National Mortgage Licensing Service (NMLS). Obtaining a license might require coursework, passing an exam, and passing a background and credit check.

How do I become a Loan Officer in Michigan?

How do I get my MLO license in Michigan?

How to Get Your (MLO) Mortgage License in Michigan

  1. Apply for Your NMLS Account and ID Number.
  2. Complete Your NMLS Pre-License Education.
  3. Need to Pass the SAFE NMLS Mortgage Licensing Test.
  4. Complete Background Checks and Pay All Fees.
  5. Apply for your Michigan Mortgage License.
  6. Associate your NMLS Account with your Employer.

What degree is best for loan officer?

Loan officers usually hold a bachelor’s degree in finance or a related field such as business or accounting. A bachelor’s degree in finance provides the critical business and finance background that loan officers need to perform their jobs.

How do I start a mortgage company in Michigan?

How much does it cost to get a mortgage license in Michigan?

Michigan Mortgage Licensing

State License Name State Fee
Michigan 1st Mortgage Broker License $1,050.00
Michigan 1st Mortgage Broker and Lender License $1300.00
Michigan 1st Mortgage Broker/Lender/Servicer $1550.00