Bank of America - Loan Officer | Glassdoor
  1. "Loan Officer"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Loan Officer in Houston, TX
    Recommends
    Positive Outlook
    No opinion of CEO

    I worked at Bank of America full-time for more than a year

    Pros

    Steady, good benefits. Four months of paid maternity leave is pretty boss. Technology is pretty nice, and they are making progress in that area as well. It's not likely to make you six figures, but it will be a steady income for you. You'll also get reliable benefits and support, something that is totally lacking in most of the mortgage industry.

    Cons

    Low pay for the industry, though you do get a non-recoverable draw now. The non-recoverable draw for most LO's is equivalent to about $15 an hour. You're paid 28-64 basis points on each loan you close, including HELOC's. There are minimum commission amounts, usually $1,000 for a purchase and $500 for a refinance.

    Advice to Management

    If you're going to make LO's do outside sales, pay them more basis points for it. Otherwise, do more to bring in bank business. LO's will work for lower basis points as long as we know that there will be business that we don't have to bust our butts to get.

    Bank of America2018-07-10
  1. "Great company to work for"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Relationship Manager 

    I have been working at Bank of America full-time for more than 3 years

    Pros

    Great company to work for, well recognized for your work. Lots of growing potentials.

    Cons

    Just like any other bank, salary raise is a bit slow

    Bank of America2019-06-23
  2. "Helpful and Supportive Management team"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Occupancy Specialist in Seattle, WA
    Recommends
    Positive Outlook

    I have been working at Bank of America full-time for more than a year

    Pros

    The management team assists when needed and were helpful when things got busy.

    Cons

    The job could become monotonous.

    Bank of America2019-06-23

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