Most loan originators are paid on 100 percent commission based on the number or amount of the loans they make. Some have a base salary with bonuses based on closed loan amounts.
Loan processors usually are paid by salary with bonuses based on the number of closed sales per month.
In Washington, the median wage for loan officers is $32.15/hour. Nationally, the median wage for loan officers is $29.53/hour.
In general, commercial loan officers earn more than those who specialize in consumer or mortgage loans.
Working as a loan officer usually involves considerable time outside the office, relying on laptop computers and cellular telephones to keep in contact with employers and clients.
Commercial loan officers sometimes travel to other cities to prepare complex loan agreements but are likely to spend most of their time in an office.
Most loan officers work a standard 40-hour week, but many work longer, depending on the number of clients and the demand for loans. Mortgage loan officers can work especially long hours because they are free to take on as many customers as they choose. Loan officers are especially busy when interest rates are low, causing a surge in loan applications.
Between 2012 and 2022, the number of jobs in the mortgage business is projected to increase 13 percent in Washington state and 8 percent nationally.