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Am I underpaid?



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amother


 

Post Wed, Sep 17 2014, 5:22 pm
Calling any other mortgage processors out there- I work as a FT loan processor in the same office for over a decade. I'm getting paid $20 an hour and $90 on every loan that closes. Am I woefully underpaid? When I speak to my boss about a raise he says he thinks I'm paid fairly but should ask other processors what's the norm. So what is the norm?

Please advise!

TIA.
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amother


 

Post Wed, Sep 17 2014, 5:37 pm
Is that like an underwriter? Mortgage broker? What exactly does a loan processor do?
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amother


 

Post Wed, Sep 17 2014, 5:40 pm
I work in a mortgage office. I am not a processor. The processors in my office make a salary of between 50k and 55k. They work full time.
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amother


 

Post Wed, Sep 17 2014, 5:44 pm
So you're a secretary. $20/hr is nice but it should go up as you work there for longer and longer. Just like any other job.
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amother


 

Post Wed, Sep 17 2014, 5:50 pm
I worked in a mortgage office. One processor was paid $24 f/t an hour plus $100-$300 per loan. Another. $22 an hour plus $100 per loan

I was paid $12 an hour plus. $100 per loan with a college degree, and after working there 5 years I quit. Now I get $17 an hour p/t but a percentage of commission.

A f/t position with experience should be $18-$26 per hour, part time $24-$32. If you are closing a lot, then I would speak to your boss, but if he is having a hard time making it, then I would hold off asking. But ask , otherwise he won't take you as seriously and will not raise you either!
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amother


 

Post Wed, Sep 17 2014, 6:12 pm
amother wrote:
So you're a secretary. $20/hr is nice but it should go up as you work there for longer and longer. Just like any other job.


Original Amother here: I'm not a secretary, I do almost everything from beginning to end except originate the loan. I sometimes work continuously on a file for half a year, and have an average of 30 active files on my plate. I work really hard at what I do and feel very unappreciated.

My boss is not poor, I recently did a loan for him and he's making about 35k a month!
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amother


 

Post Wed, Sep 17 2014, 6:14 pm
amother wrote:
I worked in a mortgage office. One processor was paid $24 f/t an hour plus $100-$300 per loan. Another. $22 an hour plus $100 per loan

I was paid $12 an hour plus. $100 per loan with a college degree, and after working there 5 years I quit. Now I get $17 an hour p/t but a percentage of commission.

A f/t position with experience should be $18-$26 per hour, part time $24-$32. If you are closing a lot, then I would speak to your boss, but if he is having a hard time making it, then I would hold off asking. But ask , otherwise he won't take you as seriously and will not raise you either!


Do you know how they decided how much she made on a loan (since you said she got between 100-300)?

Also, do you know how long the processors were working there?
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amother


 

Post Wed, Sep 17 2014, 6:16 pm
amother wrote:
Is that like an underwriter? Mortgage broker? What exactly does a loan processor do?


I'm basically an underwriter except I deal with a bunch of different aspects of the loan and the underwriter usually gets everything handed to them by the loan processor.
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amother


 

Post Wed, Sep 17 2014, 6:23 pm
amother wrote:
Do you know how they decided how much she made on a loan (since you said she got between 100-300)?

Also, do you know how long the processors were working there?


$100 is for basic loans that belong to the main broker.

$200 is for loans that involve dealing with a broker/originator who works under the company

$300 is when the other broker wanted to tip her on especially difficult files.

I forgot to add that there was another processor who started with $18 an hour plus 75 per loan, then went up to 22 (2 years with company).

The other two were with the company 15 and 10 years. I had around. 50 files plus I did all bookkeeping and was stuck at 12(5 years of employment). Is a very low paying office, but if you stick up for your rights (something I wasn't so good at) you can get average pay.

If your boss is doing well financially, I would ask him for more. It seems you are entitled to more.
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amother


 

Post Wed, Sep 17 2014, 7:23 pm
amother wrote:
Calling any other mortgage processors out there- I work as a FT loan processor in the same office for over a decade. I'm getting paid $20 an hour and $90 on every loan that closes. Am I woefully underpaid? When I speak to my boss about a raise he says he thinks I'm paid fairly but should ask other processors what's the norm. So what is the norm?

Please advise!

TIA.


Instead of $90 per loan, try asking for an 1/8 of a point.
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amother


 

Post Wed, Sep 17 2014, 9:10 pm
amother wrote:
Instead of $90 per loan, try asking for an 1/8 of a point.


Hmm, that's a good idea but I'm afraid they won't go for it. Is that done with other mortgage brokers? They told me to ask around so if I can say other brokers do it they may consider it.
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amother


 

Post Thu, Sep 18 2014, 12:02 am
amother wrote:
Hmm, that's a good idea but I'm afraid they won't go for it. Is that done with other mortgage brokers? They told me to ask around so if I can say other brokers do it they may consider it.


I don't know. I haven't been in the field in a while. If you have been working there for a decade, your boss must like you, so I say go for it. I think it's a reasonable raise. Please post how you make out. Good luck. Fannie Mae and I are rooting for you. Smile
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mha3484




 
 
    
 

Post Thu, Sep 18 2014, 7:57 am
Slighy OT but can one of you tell me more about this field? What training did you need? Do you enjoy your work? Is it hard to get a job? You can pm me if you'd like.
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amother


 

Post Thu, Sep 18 2014, 10:04 am
I learned about mortgages on the job. I started off as a processor then moved up to loan officer. I found it very enjoyable. The good thing about working in the mortgage profession is watching it all come together at closing. There is a beginning, middle, and end to each file. If you are pleasant and professional and good at connecting the dots you will enjoy it too. Even though each bank has different guidelines for mortgage approval, you will soon get used to it. You will learn how to run credit reports, crunch numbers and advise your clients how to approach the loan process. There is a lot more to it but this is just a brief overview. If you have any questions, feel free to post. I am not the OP.
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