Residential Mortgage Loans
Went to college with a kid pulling in around $1mm a year doing residential mortgage loans. His life seems exceptionally chill with the ultimate WLB. Am I missing something? I understand that this is effectively a sales job, and sales, like any profession, varies. Sitting here working in private equity feeling like a dumb ass, lol.
Works at Oppenheimer, sorry about the lack of response. Maybe one of these topics will help:
More suggestions...
I hope those threads give you a bit more insight.
The top residential mortgage broker in my area makes just over $500K, and he's been doing it for 20 years. There's plenty of commercial mortgage originators making $1MM+, but $1MM is shocking for residential. Assuming this guy is honest and gets to keep 50 BPS after paying his company, he has to originate $200MM of residential loans to hit $1MM. That's what, somewhere between 300-400 houses? Idk.
I get maybe making that much in 2020 and 2021 due to all the home sales plus the number of refinances, but home sales are down (the number of homes sold that is) and refinance activity has dropped what, 80% this year but is slowly coming back? Taking into account all that, I don’t doubt that he has a chill job, but I doubt he’s pulling in $1M currently.
I’m a licensed residential loan officer (LO).
Depending on his comp structure, it’s possible he’s pulling in $1mm.
Some residential loan officers are able to make anywhere from 150 - 275 bps per loan.
If we assume he’s somewhere in the middle; at say 200bps, he’ll need to originate $4mm/mo, which is not inherently difficult if you have an established pipeline in a HCOL (even in this market of turmoil).
What resi loan broker is making 2.75% per loan?
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