A loan officer is paid a share of the loan amount, and a buyer-side agent already knows the loan amount on every deal they close. So the question "what does the mortgage on my deal pay" has a public answer, state by state, from the loans themselves.
How loan originators are paid
Under Regulation Z, a loan originator's pay may not depend on the terms of the loan. The common lawful shape is a fixed share of the loan amount, stated in basis points, the same on every loan the originator closes. One hundred basis points is one percent. The number of basis points is set by the employer's compensation plan, not by the loan.
Ike's plan for an agent who holds a mortgage loan originator license sponsored by Ike is expected to be about 100 basis points of the loan amount on each eligible funded loan, paid as part-time W-2 wages, under a compensation plan that remains subject to final approval. That is an expectation, not a guarantee, and it applies only to loans the agent-MLO originates. Regular agents who are not licensed and sponsored earn no mortgage compensation.
The median purchase loan in every state
The Home Mortgage Disclosure Act makes nearly every lender report every loan, and the CFPB publishes the file. The table reads the originated home-purchase loans in the most recent year and gives the median loan amount in each state. One percent of that median is what a 100 basis point plan would pay, in gross, on the median loan in that state. It is a hypothetical example in the sense the advertising rules use the word: actual earnings vary, and they are not guaranteed.
| State | Purchase loans | Median loan | 1% of the median |
|---|---|---|---|
| Alabama | 63,509 | $235,000 | $2,350 |
| Alaska | 7,564 | $365,000 | $3,650 |
| Arizona | 95,029 | $365,000 | $3,650 |
| Arkansas | 38,597 | $215,000 | $2,150 |
| California | 257,970 | $555,000 | $5,550 |
| Colorado | 81,568 | $435,000 | $4,350 |
| Connecticut | 35,676 | $335,000 | $3,350 |
| Delaware | 14,078 | $325,000 | $3,250 |
| District of Columbia | 5,474 | $555,000 | $5,550 |
| Florida | 292,562 | $325,000 | $3,250 |
| Georgia | 129,478 | $305,000 | $3,050 |
| Hawaii | 9,935 | $565,000 | $5,650 |
| Idaho | 29,211 | $365,000 | $3,650 |
| Illinois | 126,465 | $255,000 | $2,550 |
| Indiana | 87,808 | $225,000 | $2,250 |
| Iowa | 41,879 | $195,000 | $1,950 |
| Kansas | 33,265 | $235,000 | $2,350 |
| Kentucky | 51,753 | $225,000 | $2,250 |
| Louisiana | 41,291 | $215,000 | $2,150 |
| Maine | 16,396 | $305,000 | $3,050 |
| Maryland | 63,681 | $375,000 | $3,750 |
| Massachusetts | 62,800 | $485,000 | $4,850 |
| Michigan | 107,241 | $225,000 | $2,250 |
| Minnesota | 68,946 | $295,000 | $2,950 |
| Mississippi | 30,006 | $205,000 | $2,050 |
| Missouri | 79,711 | $225,000 | $2,250 |
| Montana | 11,766 | $345,000 | $3,450 |
| Nebraska | 24,507 | $235,000 | $2,350 |
| Nevada | 38,593 | $385,000 | $3,850 |
| New Hampshire | 15,283 | $385,000 | $3,850 |
| New Jersey | 81,024 | $435,000 | $4,350 |
| New Mexico | 22,743 | $265,000 | $2,650 |
| New York | 119,881 | $365,000 | $3,650 |
| North Carolina | 149,850 | $305,000 | $3,050 |
| North Dakota | 8,375 | $265,000 | $2,650 |
| Ohio | 133,015 | $225,000 | $2,250 |
| Oklahoma | 47,287 | $215,000 | $2,150 |
| Oregon | 43,910 | $395,000 | $3,950 |
| Pennsylvania | 123,644 | $255,000 | $2,550 |
| Rhode Island | 10,600 | $395,000 | $3,950 |
| South Carolina | 85,452 | $275,000 | $2,750 |
| South Dakota | 9,881 | $275,000 | $2,750 |
| Tennessee | 91,425 | $305,000 | $3,050 |
| Texas | 356,285 | $295,000 | $2,950 |
| Utah | 44,237 | $415,000 | $4,150 |
| Vermont | 6,445 | $305,000 | $3,050 |
| Virginia | 103,337 | $355,000 | $3,550 |
| Washington | 85,968 | $465,000 | $4,650 |
| West Virginia | 17,150 | $205,000 | $2,050 |
| Wisconsin | 66,746 | $265,000 | $2,650 |
| Wyoming | 7,320 | $285,000 | $2,850 |
Source: CFPB HMDA Data Browser, originated loans with a home-purchase purpose, all lien positions, read through the data browser API. Loan amounts in the public file are reported to the nearest $5,000 midpoint, and medians here are rounded to the nearest $1,000.
Reading the table for your own business
Your deals are not the median deal. An agent who closes above the state median in a high-cost county sees a larger number per loan, and an agent in a rural county sees a smaller one. The figure that fits your business is one percent of the median loan in the county where you close, and the county medians are in the same public file.
Two facts hold everywhere. The pay is gross wages, before tax. And it is earned only on loans you originate as a licensed, sponsored loan originator, with a written disclosure of both roles and the buyer's consent, in a state that permits the dual role. The state pages say which states do, and what each one asks.