Updated 2-15-2022
Loan originators have opportunities to earn more than six-figures per year. However, many originators are content with minimal earnings and job security. Mobile Copywriter is on a mission to share mortgage marketing strategies that help loan originators make over $100,000 per year.
Is it Possible for Average Loan Originators to Earn Over $100,000 Annually?
Absolutely. With dedication and persistence, a mortgage loan originator can consistently earn six figures. Rather than merely dreaming about larger commissions checks or about regulations that can hamper production, loan originators can focus on mortgage marketing strategies to close more business.
According to earnings data from 2020, the average loan officer salary was $63,960.
By the numbers, a loan originator would need to have average earnings of $25,000 per quarter or earnings of $8,334 per month to reach $100K annually. While the earnings may seem out of reach, a motivated loan originator could hit these figures with ease.
Reaching $25,000 in earnings for one quarter would require closing $2,500,000 in business for commissioned loan officers (assuming a 1 percent rate of commission). For loan officers who earn a salary and a commission, reaching $25,000 in earnings for one quarter would require closing less than $3,200,000 in business (assuming a .50 percent rate of commission and a base salary of $3,000 per month).
Based on an average loan size of $250,000, a loan officer who only receives commission would need to close 10 loans per quarter. An ideal mix of closings might resemble 3 loans closed in month number one, followed by 4 closings in month number two and 3 loans closed in month number three.
In exchange for a base salary, a loan officer who receives a lower commission rate would need to close 13 loans per quarter (based on the above example). The ideal mix of closings might resemble 4 loans closed in the first month, followed by 4 loans closed in the second month and 5 loans closed in the third month.
With a sufficient amount of daily leads, a loan originator who submits a new deal each day will grow his pipeline by 20 loans per month (excluding weekends). That amounts to 60 new loans per quarter. However, with only half as much production (30 loans originated per quarter), closing 10 to 13 loans per month is still a very manageable task.
Hiring a Copywriter for Mortgage Marketing Strategies to Get Free Leads
Copywriters can create content to generate free inbound leads. Using website content, blog posts and press releases, a copywriter can design compelling materials that motivate prospective borrowers to take action. We use a 7-Step Process for Content Marketing Success that increases website traffic and builds engagement with local home buyers.
Effective mortgage marketing strategies deliver insightful tips and valuable information that readers enjoy. With a social media marketing strategy and search engine optimized copywriting, a loan originator will be able to close more business. Make the decision today to hire a mortgage copywriter for targeted leads. Our system helps loan originators obtain an abundant supply of targeted Internet leads.
Earning more than six-figures per year as a mortgage loan originator is achievable with a profitable mortgage marketing strategy.
With enough time to focus on closing deals versus prospecting for borrowers who need funds to purchase a home or to refinance a an existing home loan, a professional mortgage loan officer can crush her sales goals.
Generating low-cost mortgage leads is a process that takes time to cultivate or everyone would get free inbound calls all day.
The largest mortgage lenders in the USA are spending millions of dollars every month on television ads, Facebook marketing and Google ads.
The aforementioned mortgage marketing strategies stop working the second that competing companies submit higher advertising bids or a company’s ad spend gets reduced.
Mortgage leads may even slow down from some of the strongest referral partners.
It is important to remember that six-figure annual earnings will require a consistent supply of fresh leads that have not been cherry picked by other mortgage loan officers.
Using mortgage marketing strategies to build your brand and trust via local borrowers is a long-term solution that will pay dividends for years.
Loan officers who self-generate their leads are responsible for ensuring that certain targets are met.
Take control with proven mortgage marketing strategies!
Make the decision to exceed $100,000 without the tedious review of dead end leads or poor quality Internet leads.
Our system generates inbound mortgage leads from prospects who are aggressively searching Google’s results for a mortgage loan to refinance or to buy a house.
Think about the number of mortgage leads that are needed to meet your expectations.
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Let us know how many mortgage leads you need to meet your goals.
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