Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 month ago

Can you become a mortgage loan officer with a bad credit? How much is the salary for a newby?

Hubby wants to change career and try to be a mortgage loan officer.  Has been doing finance/accounting for 20 years.  His credit is pretty bad, and I think they check his credit as part of the licensing process, right?  Can he become a loan officer with a bad credit?

Also, what is the amount he will be making as a brand new loan officer?  He has been making 6 figure income, but it's hard for us financially if he has to take a huge paycut.  Thank you for your help.

3 Answers

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  • Eva
    Lv 7
    1 month ago
    Favourite answer

    His credit will be checked. Anyone employed in the banking industry is considered to be high risk if their credit is bad.  A new loan officer will not make a six figure salary.  Depending on where you live, he might be lucky to make 60k his first year.

  • Anonymous
    1 month ago

    I cannot imagine any occupation where they spend to check credit not caring about bad credit.  Or are you saying the state checks it?

    https://nationwidelicensingsystem.org/slr/Publishe...

  • 1 month ago

    Probably pretty tough.  Hard to take financial advice from someone who can't keep their own financial life straight.

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