RETAIL LOAN OFFICER
01. RETAIL LOAN OFFICER
Retail Loan Officer (RLO)
An RLO will be compensated on a salaried + commissionable (basis points/BPS) basis. Salary will be based on tenure, whereas commissions will be tiered according to monthly closed volume. Employees are paid bimonthly, on the 5th and 20th of each month. Commissions are based off the prior month’s closings. Please refer to below tables for the RLO compensation plan.
RLO Compensation Schedule
Salary Based on Tenure
Month 6 (+1 Day)
Month 12 (+1 Day)
Month 18 (+1 Day)
Month 24 (+1 Day)
RLO Compensation Schedule
On top of your base salary, you will receive an additional compensation based on your basis points.
Closed Loan Volume (per month)
$0 – $500,000
$500,001 – $750,000
$750,001 – $1,000,000
$1,000,001 – $1,250,000
$1,250,001 – $1,500,000
$1,500,001 – $1,750,000
$1,750,001 – $2,000,000
$2,000,001 – $2,500,000
- Referrals loans will be compensated an additional 20 bps.
- Eligibility for health insurance after 30 days of employment.
- Eligibility for 401(k) enrollment after 1 year of employment.
- Loan coordinator assignments after the 3rd closed loan.
- Personal loan officer assistant anytime an RLO has a total closed loan volume of $2,250,000 over the past 3 months. This will be re-evaluated every month.
RLO Standards & Policies
- New RLO’s have weekly/monthly metrics and checkpoints in the first 4 months of employment. This is referred to as the “Probationary Period”. Anytime an RLO fails the Probationary Period, the RLO will be offered an ILO position.
- RLO’s who graduated from the Probationary Period, must maintain a minimum $1,500,000 total closed loan volume over the prior 3 months. An RLO may have 1 ‘grace pass’ every 12 months to refocus back on the basics and re-train with the team lead as needed.
- This grace pass may not be used within the first 6 months of employment as an RLO.
- If an RLO does not maintain the minimum $1,500,000 total closed loan volume over the prior 3 months and has already used their grace pass, they will be offered the ILO position.
- An RLO who does not maintain a minimum $1,000,000 total closed loan volume over the prior 3 months will be offered the ILO position. There will be no grace passes.
- An RLO can request the ILO position as desired.
- An RLO can qualify for a Team Lead position after 1 year of employment if their total closed loan volume within the past 6 months is equal to or greater than $4,500,000.
- Upon termination (whether voluntary or not), closed loan compensation will be paid out for any loans closed during active employment. Any loans that are still in processing or have not closed yet prior to termination, will be property of Society Mortgage. The Loan Officer to whom said loan gets reassigned will be compensated 10 basis points (BPS) instead.