How much can a loan agent make when refinancing a loan?
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he can make as high as 3%.sounds awful don't it
How much can a loan agent make when refinancing a loan?Yes. In addition to what you pay there is a rebate that is paid by the lender. Most brokers will also collect here as well. It would be listed on the Final HUD. This will show every dime and the actual costs for evetything. The GFE is an estimate.
Lets also remember that a real estate agent earns 3%. Are they any more entitled to those earnings than the person in charge of the financing? The fact is that both are middle men between you and the sources but you need them because they can save you in many ways if they are good.
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How much can a loan agent make when refinancing a loan?Yes, but let's keep in mind the Loan Officer does not get all of that money. Different lenders have different commission structures for their LOs. So one LO may make the bulk of that amount and another will see a very small slice of the pie - just as for realtors. And it balances out to a large degree. The LOs that make more money due to a higher commission split do so because their company does less for them in way of marketing. marketing and everything comes out of that LO's pocket. It can be a lucrative business, but it's a lot of work and there are no guarantees...people shop their loans around, deals fall apart and so on.
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