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Mortgage loan officers typically work on commission, so the job comes with a certain amount of risk. When rates drop, the money can be easy. But when rates rise, the demand for loans drops and only the best closers are retained.Loan officers usually work for a mortgage broker, a mortgage banker or a financial institution, such as a bank or credit union. Most brokerage loan officers are commission-only salespeople. Larger mortgage banks and financial institutions sometimes have salaried loan officers who earn smaller commissions on a per-loan basis.Whether youre salaried or on commission, youll be judged by the fee income you earn your company. So the bigger your personal network and the more high-fee loans you close, the more money you will make and the happier your employer will be.
Loan officers employment is subject to the upturns and downturns of the economy.
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