How much money do countrywide loan officer engineer?
I have be doing a report on careers and I entail assistance on a countrywide third year loan officer. How much do they make underpinning and what about commission? Have they be doing well since they get the 11 billion loan? Please give me as much information, generally about current earnings, as possible. Thank you so muchAnswers: as a former employee of countrywide the style they get remunerated is based on unit and volume...they get remunerated on something called argument points. 1 single basis point = 1 percent of 1 percent.
also they hold a scale...see below
0-3 unit 0 basis point
(4-5) 12 reason points
(6-7) 16 basis point
(8-9) 20 font points
Volume 250k-350k 8 basis points
351k-500k 10 cause points
etc.
Although these are not factual numbers...this is how they obtain paid. In tally, they have a 1500 dollar foot every month.
And countrywide is not doing so well explicitly why they got bought out. Their CEO get paid 150 million dollars...
I hope this help
Eddie K is mostly correct. He is talking (I think) give or take a few a sub-LO really, an internal originator. For a true street originator, which is the true form of an LO, the plan rarely involves a underpinning. There may be a draw or even a base negotiate for individual situations, but it's rare.
The proof points thing is correct. Usually, they start out somewhere around 50 BPs and can brand up to 70-75 BPs. You also get 50% of overages, but that's almost a misconstruction as CW's retail pricing usually sucked.
In any event, an "average" 3rd year LO in a sizeable bazaar or city made $140-$180K in 2001-2005. That number have diminished significantly. If you're still cutting it as an LO within the business, the average 3rd year LO probably sits around $60-80K or so. So, they're not doing well, but it have nothing to do beside the company. The whole industry is awful right very soon. Keep in mind though that frequent LOs were making $300K, $400K, heck $1M+ merely a few years ago.
Now, let me clarify a couple things. When I articulate average, I'm probably talking roughly pretty good LOs. When I talk to managers, I be talking to the best manager. They usually had really good LOs. I didn't refuse time with the losers. Secondly, a LO is a special breed. They can craft it through the hard times (like now) and can switch the stress of being on commission lone.
As a side note, Countrywide other had a great training program, but have a record for have some of the highest turnover within the business. It'd be a great place to start your career, but a better place to walk off eventually...that is if they're still like after this whole B of A item.
So im getting evictid. will i still know how to rent at another place?
I live in Duluth,MN and im looking at renting next to a friend of mine. We are looking at a place in superior WI. But will i know how to move into a place that requires a background check. Because i hold bad credit already as in good health. or should i move in near another friend that lives in Duluth,MN and I wouldn't enjoy to go through a surroundings check and stuff like that. What's your guidance. Helpless in Duluth,MN ThanksAnswers: I don't enjoy an answer as far as who you should live with, but if the untried landlord runs a perspective check, with a previous eviction and unpromising credit, chances are you will not know how to rent in your heading.
I have a close relative who rents out apartments and houses surrounded by Duluth. They do background checks and I can bring up to date you that you wouldn't be accepted if you hold bad credit unless there's someone who will posterior you up (like a parent) and will guarantee to pay if you don't. The one and only other possibility is if they have a place they're have a hard time getting rented, they may pocket a chance on you after. If you'd prefer the place that will do a check on you, you may be better mentioning it first hand so they'd know surrounded by advance that you've have problems in former times. It certainly wouldn't hurt to try.
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