The PNC recruiter informed me that the "average first year loan officer" in the Home Lending Center can expect to earn about $76,000. Many prospective candidates take the bait with the hopes of succeeding at PNC. The Home Lending Center hires a large number of Mortgage Loan Officers and has new classes of teams beginning each month. For the first 6 months of employment, PNC pays a guarantee bonus to incentivize new MLO's. Also, for the first 6 months, the MLO will receive "top tier" commission, which is now at 17.5 bps, regardless of their funding amount. This bonus creates a false sense of success and quickly comes crashing down once those first 6 months are completed. After 6 months, the compensation plan becomes tiered. The majority of new loan officers are unable to fund at least 1.5 million per month, so PNC pays them the "minimum payout" of $75 per loan. That's right, $75 per mortgage loan funded. If you are lucky enough to fund 3.25 mill, then you can earn the top tier commission of 17.5 bps, which is very difficult to attain. Practically no loan officer on the floor is able to hit top tier, let alone the middle tier of 12.5 bps. Essentially with the base salary of $24,000, you can expect to earn somewhere in the $2000+ per month range after 6 months of employment. If you're lucky enough to fund over 1.5 mill per month, than you will earn 5 bps. This equates to $750 for 1.5 mill in funding. The compensation plan makes it very difficult to earn a respectable living at PNC's home lending center. The HLC is a call center where your only purpose is to make incessant calls every day and hope that people will refinance so that you can earn $75 on their loan (if it closes) 3-4 months later. The "leads" that PNC provides have been recycled over and over again, and are an absolute joke. PNC also plays games with the queue calls by placing the majority of the sales floor in queue's 2 and 3, and tries to motivate staff with the idea of climbing into Queue 1 based on "lead conversions" The exaggerated income potential, poor lead quality, and the churning and burning of new MLO classes which begin every month, leads to the extremely high turnover rate. The majority of MLO's cannot stand working for a whole year, and many quit before reaching 1 year. Stay far, far away!
