How much money does a mortgage account executive earn?

Answer 1

Depending on whether an individual is a Wholesale Lending Account Executive or Correspondent Lending Account Executive, the earnings range will varry enormously. Generally speaking, these are mostly-commission based position where the Account Executive is paid in fractions of a percent on the total amount of mortgage transactions that he/she funded with the loan applications submitted to him/her from broker clients. These percentile fragments are known as "basis points" or simply "bps". One bp is 1% of 1% (0.01%). The national average commisison rate for Prime Lenders' Wholesale AEs is between 10-12bps. AEs in Subprime lending average about 25-30 bps. Well how do these bps translate into actual paychecks? An established and well versed AE in CA working at a mortgage bank with good reputation can average about $10,000,000 in monthly funding. So, if this happens to be a Prime lender where the average commission rate is 10bps, or 0.1%......then the commission check will be 10,000,000 x 0.1% = $10,000
If this happens to be a Subprime Lender with average 25 bps, then commission would be 10,000,000 x 0.25% = $25,000.