Hey Dustin . I’ve actually been listening to you guys since before I became a LO over a year ago. I got into the industry for a little bit and then I hopped back out but now I’m into it again as of last month. I was curious about pay structures that you have seen. Have you ever seen a pay structure where it’s hourly pay on one paycheck and the other paycheck is commission or hourly pay, whatever is greater?
Or is it always commission minus your hourly draw for the month meaning if my commission check is bigger than what I earned in the whole month hourly then I will just receive whatever extra comes from the commission.
The standard for those that are 100% self-sourced and earn 90-150 bps) is hourly netted against commission. But…I have seen it all:
– Salary ($36k – $48k) + bps (usually only 25-40bps) – Usually saved for banks and credit unions
– Salary ($52k – $60k) + small per file bonus based on locks and/or fundings – Usually for consumer direct channels
– $2k per month non-recoverable + 75bps – 100 bps (select self-sourced mortgage operations)