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Andrea aus Fredericksburg, VAVerified Appraiserverified buyer
Original review: November 1, 2022
I've been to ClearPath Lending twice. They refinanced my house. So this time I took out money to pay off the debt. I happened to get back in touch with Steven because, like Robert, he always kept in touch. It made it a little easier to reach out to them and say, "Hey, this is what I'm trying to do." I knew what I needed. They also let me know what I needed, but having worked with them before, I was already one step ahead of them and sent everything before we even started. So it was a quick ending. I didn't have any problems. Steven was very communicative and kept me informed about the process and where I am and what was going on. Robert did the same. Robert was the one who started doing all the final work.
Everything was perfect. Even when it was time to distribute the checks to the creditors, everything was resolved. The money went into the account so that I could continue to pay the other creditors. The only thing is, I still had to go back and pay some creditors myself while they wrote the big checks to other people. I had to go in and still say, "Okay, I have to pay for this first and I have to pay for that first." I just would have preferred to write a check and not have to worry about it. If not, I like to skip two payments with ClearPath. It allowed me to pay off even more debt because what I would have paid on our mortgage I could put on other credit cards.
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Paul of Vermilion, OHVerified Appraiserverified buyer
Original Review: Aug 12, 2022
Henry, the ClearPath representative, walked me through the entire process all the way to the end. He was excellent. He was very patient and informative and broke it down in many ways. He gave me a few different options and gave me his opinion. It was a little more money at first, but it would save me money in the long run. The application process was easy. Henry said he would email me everything I needed. When I have things together I should send it to him and we'll move on to the next step. We did everything in small steps. So it didn't feel like you had to climb that big mountain. He was approachable. If I texted or did anything he would call me back. Or, if he didn't answer the phone, he usually got back to me pretty quickly.
The closing process was smooth and it was a few dollars cheaper when the lady showed up, which was better. Henry followed suit and said he wanted to get in touch with final numbers. His numbers matched and he explained why. He wanted to make sure I had the final numbers and I said I crossed it off the paperwork and we discussed it. One of the first questions I asked was how long the process would take and I was given the timeline. It was a little shorter than the guide said it would take. The experiences I had with the people who worked with me were the best. They delivered what they promised. You cannot ask for more in today's world.
Resposta do ClearPath Lending
Thank you for sharing your recent experience working with Henry. We are happy to hear that you saved money in the process. We look forward to working with you again soon!
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Troja von Cameron, NCVerified Appraiserverified buyer
Original review: July 9, 2022
I did a payment refinance using ClearPath. I went with them because they were the most accommodating with the most information. The application process was pretty smooth and straightforward. I had previously refinanced so I already knew how to find all my digital documents. That part was loose. The only thing that was a little iffy was that at the end of the closing process, underwriters kept coming back and they needed something else. I'll turn around and bring it back to you the same day. I wouldn't hear from you for a day or two, then they're gone, they need something else.
The other thing was we had to do a second termite inspection due to a miscommunication in some outbuildings I had. Did the appraiser include them in the home value or not. They are not habitable buildings as they are just hay sheds. But for the insurance to work, the exterminators had to go back and send termites to inspect these buildings. It was just those two or three things in the last week before the shutdown.
At some point we closed. The only issue I had was that my money was deposited immediately since they closed but they were supposed to write me a check for my car loan to pay that off. For some reason this check was sent to my real estate agent instead of me. I received a cancellation notice for non-payment from my insurance company yesterday because the insurance company decided to send it by mail and without notarization. The insurance company still hasn't received the check. My representative at ClearPath said, "It says the check came in on the 29th." I spoke to my insurance company and they have no record of receiving a check, let alone the check number. How did ClearPath "get it"? There were some minor bureaucratic issues with dotting the i's and crossing the t's.
Most of the time I called my rep, Cameron, and he was great. He answered about every time I called. Otherwise, he usually got back to me within an hour. The few times he didn't answer were later in the day. He contacted me the next morning. If it was before the afternoon, he always answered me on the same day. If I asked him a question and he didn't know, he would tell me he didn't know and answer me. He wouldn't try to tell me what I wanted to hear or insist and play like Doom and Gloom. That was another reason I chose ClearPath. There was another person named Martin, and he was Senior Processor above Cameron. I only had two or three conversations with him. It was short and to the point. He's just not the most talkative guy on the planet.
With the prices and terms I got from ClearPath, I'm not crazy about them. But prices have gone up for everyone now. Since I'm a veteran and have my VA loan, I can at least do a six month streamlined refinance when interest rates drop. I'm not too worried about that, but seeing my rate double was a little disheartening. I was at 2.3 and now I'm at 5.65.
Resposta do ClearPath Lending
Thanks for sharing your experience with us. We are happy to hear that you had another good experience as a Loyaltly member. We are looking forward to further cooperation with you!
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Paul de Pahrump, NVVerified Appraiserverified buyer
Original review: June 9, 2022
The first two times I used ClearPath, the experience was good. The last time was a little difficult. The first time was just a straight refi and the last time was a serve refi which seems to be completely different. When I asked about it, it was explained to me. When it came to weighing the material for the payment part, things dragged very slowly. I'm sure they went as fast as they could, but the payout was 41,000 and a lot was paid. I only get a statement from these clowns once a year, but they apply the loan interest annually, not monthly. ClearPath received the bill. So instead of transferring the money to people, they wrote checks to people and mailed them to me. Why should you send them to me? I had to turn around and send them to the people.
I have to call them and check it out. When they received the check, annual interest was calculated. Now I still owe them three grand. So I'm a little bummed about it. As for my loan officer, I spoke with him regularly. ClearPath always had my back and they worked things out as quickly as possible. I didn't need to go through an inspection on the first two refills, but since it was a withdrawal refill, I had to do an inspection and there was a problem with the painting. I had to have the place painted. Last year there was a storm that destroyed my driveway, porch and roof and destroyed three-quarters of my fence. All this work has been completed, except for the painting. The place had to be painted and that took another month. So it dragged on. Finally it was checked again. They called me back and said, "Okay, you can go."
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Stephan von Wartburg, TennesseeVerified Appraiserverified buyer
Original review: April 9, 2022
I used ClearPath a few years ago. Victoria was one of the reps I worked with this time, but Jim and I met seven years ago when he took out my first loan. I was a little skeptical about what he was doing because I had a tight loan. He told me, “You have to try to look at this loan from ARM.” We discussed some options and he sent me some papers. I had a lawyer friend who looked at this and said, "You'd be a fool not to do this because they're going to cut your interest rate from 3.75% to 2.37%." More importantly, ClearPath told me it could only increase it by a maximum of one point from my actual rate of 2.37.
I was worried about the housing market crashing a few years ago in 2012 when they started doing all these ARM loans and the interest rate on all of them went up to 8%, 9%. Jim said, "We can't do that to you, not with that kind of loan." Fortunately for me, this area was hit hard in the year my loan for this ARM factor was due. Instead of my interest rate going up, it went down the next year. I went from 2.37 to 2.1 in sixth grade. That's good for saving money, but it's bad when it's time to refinance because no mortgage company is going to touch you. They said, "We can't touch you because you're already too deep." I told them I don't care about the interest rate. I know interest rates are waiting to go back up once the pandemic is over and I don't want to get caught in a 5%, 6% interest rate.
I spoke to this other company and lost Jim's number. One day Jim called me and we started talking. But the thing is, I had a problem. I was involved in a small carpentry accident and cut the tip of my thumb. I ended up in the hospital about a year ago. They ended up sending me a medical bill within two weeks and telling me I owed them $1500. This went on like this for about six months and each time they sent me an invoice it got smaller and smaller. The last bill I got a year and a half later was $118, which I had to pay. I called TRICARE and they said they would do the rest.
I thought they took care of it but Jim said there was nothing he could do until it was clear. I had to wait a few months for my credit to be recovered. I waited until after Christmas. During that time, Jim called me and I told him what was going on. He helped me work it out and my credit score immediately went up 6.7. We talked about what we wanted to do. The only thing I didn't like was when they made my withdrawals. They sent me the overnight express checks and I had to mail them. But ClearPath was great. They did everything they said and it happened in the time they said it would. They kept me well informed. There were no surprises. It was perfect and I have never had such perfect deals. This time it was smoother than before.
Resposta do ClearPath Lending
Thank you for sharing your experience working with Victoria and Jim. We are so happy to hear that you had another great experience as a Loyalty member and received a great reward! We welcome you to the ClearPath family and look forward to continuing to work with you!
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Robert de Phoenix, AZVerified Appraiserverified buyer
Original review: February 19, 2023
We got a letter and we got the timing right. We checked and saw what the status was. I took out a VA loan because I'm a senior and we bought this house. We went online and did it like this. The process seemed pretty easy. The only complaint is that ClearPath sold the contract to another company the first time around and it caused a bit of chaos. This time my wife handled most of the paperwork. We've been using ClearPath for a while now. The only thing is that they still send us at least two or three letters a day. They want us to refinance. Other than that, ClearPath was okay.
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Robert de Tuscon, AZVerified Appraiserverified buyer
Original review: February 18, 2023
This is my fifth upgrade with ClearPath, and I always work with a new team. For the application I had to send my income data and we were able to do it with a photo and an SMS. You really made it easy. Then some more documents were sent and we signed up with DocuSign. It was all painless and I did it all in my pajamas. The rep I always had an answer for me no matter what my problem was which wasn't many. He had all the answers right there and he could decide or not. I requested a personal assessment from a CPA, not a computer assessment, and he did it, paid for it, and sent it here. He was a really nice guy. I had about 42,000 shares and we could capitalize on that so I could pay off all the projects I had to finance to get the house where I wanted it and a few other things. I'm so happy.
I couldn't wait to go back and refinance with ClearPath. If you're buying a home anywhere in the US in the local community, you have to use your people and financing, that's the best way to survive. And in about a year you can refinance. ClearPath is clearly the leader here and I'm 110% satisfied with them.
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Ronnie from Keithville, LAVerified Appraiserverified buyer
Original review: February 18, 2023
Everything went really well from the moment the guide and I started talking. It was a step-by-step process from initial conversation to completion. The professionalism and customer service was great.
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Clarence em Wilmington, NCVerified Appraiserverified buyer
Original review: February 18, 2023
I have had excellent service through ClearPath and have never had any issues with it.
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Saginaw Valley, MIVerified Appraiserverified buyer
Original review: February 12, 2023
I took out the VA loan and it was a smooth and pretty smooth transaction. My loan officer was cool too. He knew what I was working on. He was great as an officer. Clearpath picked up the phone for me whenever I called. They had answers to every question I had.
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FAQs
How do you know if a loan officer is legit? ›
The Federal Trade Commission (FTC) requires lenders and loan brokers to register in the states where they conduct business. Check the lender's website to verify the list of states where it legally conducts business. If a lender you're interested in does not list registered states, you could be dealing with a loan scam.
What happens if online loan is not paid? ›If you fail to make timely payments on your online loan, the lender may take legal action against you to collect the money owed. Depending on the terms of your loan agreement and state laws, this could include a wage garnishment or bank account levy.
How to get a loan without a credit score? ›- No-credit-check loans. Some lenders may offer loans without checking your credit. ...
- Online payday advances. ...
- Payday alternative loans. ...
- Get a co-signer. ...
- Apply for a secured credit card. ...
- Apply for a credit-builder loan. ...
- Apply for a secured loan.
Conventional No Credit Score Loan
Requirements for a conventional loan with no credit score means you need at least 12 months of flawless payment history on eligible monthly bills, and you may also need to take a homeownership education class.
Even if a loan application is pre-approved in minutes, it typically takes from one to 10 business days to receive final approval and the disbursement of funds. If you filled out your application accurately and nothing has changed in the interim, you're only waiting for the lender to verify the information provided.
How long does it take a loan officer to approve a personal loan? ›Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score. However, one of the primary factors that will affect your approval time is where you get your loan from.
Can I just not pay my loans? ›“Lenders frequently raise your interest rate when you begin to default on your payments after 60 days,” Solomon says. “If you miss a third payment, your account will most likely be closed, and you will be required to pay the entire balance.
Can you borrow money and not pay it back? ›When you don't pay back a personal loan, you could face negative effects including: Fees and penalties, defaulting on your loan, your account going to collections, lawsuits against you and a severe drop in your credit score.
Can you return a loan if you don't use it? ›Once loan proceeds have been deposited into your account (or a check delivered into your hands), there's no real way to give it back. From the moment you sign loan papers, you're a borrower. As such, you're on the hook to respect the terms of the loan, including the repayment plan.
What is the easiest loan to get? ›The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit. They're also very expensive in most cases.
How do I get approved for a loan? ›
- Find a lender that meets your financial needs. There are personal loan lenders that cater to a variety of circumstances and financial needs. ...
- Increase your credit score. ...
- Don't apply for more than you need. ...
- Apply with a co-applicant.
- Open Cash App.
- Tap on the home screen icon, if necessary, to navigate to the “Banking” header.
- Check for the word “Borrow.”
- If you see “Borrow,” you can take out a Cash App loan.
- Tap on “Borrow.”
- Tap “Unlock.”
- Cash App will tell you how much you'll be able to borrow. ...
- Select your repayment plan.
Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 690.
What score do banks look at for loans? ›FICO ® Scores are the most widely used credit scores—90% of top lenders use FICO ® Scores. Every year, lenders access billions of FICO ® Scores to help them understand people's credit risk and make better–informed lending decisions.
What score do you need for loan? ›Most lenders require a minimum credit score of 620 to buy a house with a conventional mortgage. Other types of mortgages have different credit score requirements: FHA home loans typically require a credit score of at least 500 if you put 10% down or 580 if you put 3.5% down.
How often do loans get denied? ›An underwriter denies a loan about 10% of the time. An application may be rejected because of high debt, irregular employment, or a low appraisal value. The entire underwriting process takes approximately 52 days to complete. Getting preapproved for a loan doesn't guarantee your loan application will be accepted.
How do I check if my loan is approved? ›The customer service department of the lender can also help you track the status of your loan application. You may either call or email the customer service department to track the status of your loan.
How long after my loan is approved do I receive the money? ›If you are approved, funding generally takes between two to five business days. Smaller banks and credit unions may take longer, but most should be able to fund your loan within a week of applying if you opt for direct deposit into a bank account.
Can you be denied a personal loan after pre approval? ›Yes, a loan can be denied after approval, but it rarely happens. It's more common for a loan to be denied after preapproval, which is a preliminary process that you can use to estimate how much you can borrow and what rates you may qualify for.
Can you still get denied after pre approval personal loan? ›Prepare with personal loan preapproval
Many lenders allow you to prequalify without impacting your credit score or making a commitment. However, your application could be denied if something changes, such as your income or credit score.
What determines if you get approved for a personal loan? ›
Most personal loan lenders review your credit score, credit history, income and DTI ratio to determine your eligibility. While the minimum requirements for each of these factors vary for each lender, our recommendations include: Minimum credit score of 670.
What happens after 7 years of not paying debt? ›Unpaid credit card debt will drop off an individual's credit report after 7 years, meaning late payments associated with the unpaid debt will no longer affect the person's credit score. Unpaid credit card debt is not forgiven after 7 years, however.
Which loans don t have to be paid back? ›Scholarships, grants, and work study are the three main financial aid types that don't need to be paid back.
Is it illegal to be a loan shark? ›Loan sharks are illegal lenders who are not authorised or regulated. They may charge high interest rates and use threats and intimidation towards anyone who borrows from them.
What happens to leftover loan money? ›If there is money left over, the school will pay it to you. In some cases, with your permission, the school may give the leftover money to your child. If you take out a loan as a student or parent, your school (or your child's school) will notify you in writing each time they give you any part of your loan money.
What happens if you have leftover money from a loan? ›Returning the money will reduce the amount of interest you will be charged on the debt. You can borrow the money again when you need it. The only reason why you might not want to return the money to the lender is if you are likely to reach the annual loan limits the next time you borrow.
Can I use my loan for something else? ›For most lenders, you can use your personal loan for just about anything. Some lenders base your personal loan rate on your loan purpose. Some lenders have restrictions on how you can use your loan. For instance, some might not allow you to use funds to pay for higher education or business.
Do personal loans affect credit score? ›And much like with any other loan, mortgage, or credit card application, applying for a personal loan can cause a slight dip in your credit score. This is because lenders will run a hard inquiry on your credit, and every time a hard inquiry is pulled, it shows up on your credit report and your score drops a bit.
Does a personal loan get deposited into your account? ›Once you're approved for a personal loan, the funds you receive will be deposited into your bank account in a lump sum. The transfer may take as little as 24 hours or as long as a few weeks, depending on the lender.
What is a hardship loan? ›If your Universal Credit has been cut because of a sanction or penalty for fraud, you might be able to get some emergency money to help you cover household expenses like food and bills. This is called a 'hardship payment'. A hardship payment is a loan, so you'll usually have to pay it back when your sanction ends.
What is the hardest type of loan to get? ›
Unsecured loans are harder to obtain and interest rates can be higher, as lenders rely heavily on your credit and other financial information to determine your loan eligibility.
What makes it easier to get a loan? ›Typically the higher your credit score is, the more low-interest personal loan opportunities you'll be able to explore. If you have what is considered a good or excellent credit score—usually 670 or above—you'll be more likely to get a competitive interest rate and favorable terms on your loan.
What is a good credit score? ›Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
What do you need to get approved for a $5000 loan? ›What credit score do I need for a $5,000 loan? If you have a 580 or higher credit score you may qualify for a $5,000 personal loan. If you have bad credit or a credit score below 580 you may need to apply with a co-signer to qualify for a loan.
How do I borrow $1000 from Cash App? ›- Open Cash App.
- Look for the word "Borrow" either on the home screen or on the Banking screen.
- Select "Borrow" if it's available. ...
- Click "Unlock" to request a loan. ...
- Request the amount you need.
- Read and accept the loan agreement.
Empower will float you up to $250 when you need it most. Instant delivery available. No interest, no late fees, no credit checks. Just pay us back when you get your next paycheck.
What app lets you borrow money without direct deposit? ›Heart Paydays offers borrowers a streamlined application process when applying for $50 loan instant app no direct deposit alternatives. Applicants can access loans from $100 to $5000 with 3 to 24 months to pay without additional admin!
Will I get a loan with a credit score of 500? ›You can get a personal loan with a credit score of 500 if you have a steady source of income, but your choices are very limited. The best way to get a personal loan with a 500 credit score is to start by checking to see if you pre-qualify for loans from major lenders.
Can you get a loan with a score under 500? ›If you are looking for a personal loan, some lenders provide them for borrowers with a 500 credit score. You can borrow up to $10,000 through some of these companies. Three of these companies that you can try are MoneyMutual, CashUSA, and CreditLoan.
Can I get a bank loan with a 550 credit score? ›Though it may be more challenging to find a lender that's willing to work with you, it is indeed possible to obtain a loan with a credit score of 550. Most lenders require a minimum credit score of between 600 and 650, but some lenders specialize in personal loans for those with lower scores.
What is poor credit score at bank? ›
Poor: 500-600. Fair: 601-660. Good: 661-780.
How accurate is credit karma? ›Here's the short answer: The credit scores and reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus.
What is the most commonly used credit score? ›The FICO credit-scoring model has been updated over the years, resulting in multiple versions of the score. FICO Score 8 is the most commonly used. But the version may vary by lender and credit product, like applying for a credit card versus financing a car.
Can you get a personal loan with 560 credit score? ›The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet. Some lenders may require a higher score. A high credit score doesn't guarantee you'll qualify or get a low interest rate.
Can I get a loan with a score of 600? ›Yes, you can get a personal loan with a 600 credit score — there are even lenders that specialize in offering fair credit personal loans. But keep in mind that if you have a credit score between 580 and 669, you'll generally be considered a “subprime” borrower — meaning lenders might see you as a more risky investment.
Can I get a loan with a score of 300? ›A 300 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
How do I know if my mortgage lender is trustworthy? ›First, check out the loan company on the Better Business Bureau (BBB) website. Do a quick online search and look up customer reviews. Finally, check with your state's attorney general to make sure that the lender is registered with the proper state government agencies.
Is it normal for a loan company to ask for your bank username and password? ›Whether it is an offer for a job, a loan, or even a friend claiming that they want to send you money, never share your online banking information. Anyone asking for your username or password to your online banking does not have your best interests at heart and is an indicator of a scam.
Do loan officers verify bank statements? ›Lenders request bank statements to determine your eligibility for a loan or to satisfy the requirements of government-backed mortgages. Do lenders verify bank statements? Yes. Lenders use bank statements as evidence of specific financial information.
What is the difference between a lending officer and a loan officer? ›Loan Officer. A lender is a bank, credit union, or financial institution that is providing the money to the borrower at closing, while the loan officer is the employee that is performing the loan origination functions for the lender.
Do lenders monitor your bank account? ›
Yes, they do. One of the final and most important steps toward closing on your new home mortgage is to produce bank statements showing enough money in your account to cover your down payment, closing costs, and reserves if required.
What looks bad to a mortgage lender? ›Recent applications: Lenders take a look to see if you've recently applied for any other forms of credit or debt. These applications cause what are called hard inquiries on your report, too many of which can look risky since a flurry of applications for new debt can indicate financial trouble.
How can I trust a lender? ›- Clarity. Does the company drown you in financial jargon, or does it explain things in plain English? ...
- Transparency. Do you need detective skills to hunt down the cost of your loan? ...
- Affordability. ...
- Trustworthiness. ...
- Rewards good behavior.
Debt collectors can ONLY withdraw funds from your bank account with YOUR permission. That permission often comes in the form of authorization for the creditor to complete automatic withdrawals from your bank account.
Is it safe to link your bank account for a loan? ›The short answer is yes, it's safe to link bank accounts. Linking bank accounts is as safe as any other banking activity. The level of security provided depends on your bank or credit union.
Can someone steal my bank info with my name? ›Identity thieves can take out loans or obtain credit cards and even driver's licenses in your name. They can do damage to your financial history and personal reputation that can take years to unravel. But if you understand how to protect yourself, you can help stop this crime.
What credit do loan officers look at? ›When you are applying for a mortgage to buy a home, lenders will typically look at all of your credit history reports from the three major credit bureaus – Experian, Equifax, and TransUnion. In most cases, mortgage lenders will look at your FICO score.
Do mortgage lenders look at spending habits? ›They will look at things like how much you spend on credit cards, how much you spend on groceries, and how much you spend on entertainment. Mortgage lenders want to see that you are living within your means and that you are not spending more than you can afford.
Can mortgage lenders see all bank accounts? ›Bank statements are just one of many factors lenders look at when you apply for a mortgage. Almost all areas of your personal finances will be under the microscope; including your credit score, existing debts, and any source of income you'll use to qualify for the loan.
Do loan officers run credit? ›During pre-approval, a loan officer pulls and evaluates your credit report, looking at payment history, debt load, foreclosures or bankruptcies, liens, civil suits, and judgments. This initial credit inquiry is standard for all mortgage applications.
How much do most loan officers make? ›
The average salary for a mortgage loan officer in California is $86,500 per year. Mortgage loan officer salaries in California can vary between $24,500 to $327,000 and depend on various factors, including skills, experience, employer, bonuses, tips, and more.
What is the highest salary for a loan officer? ›The best Mortgage Loan Officer jobs can pay up to $162,500 per year. A mortgage loan officer works for a financial institution to help customers get a mortgage loan to buy or refinance a home.