The median annual wage of loan officers was $56,490 in May 2010. The median wage is the wage at which half the workers in that occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $30,930, and the top 10 percent earned more than $112,370.
The form of compensation varies widely by employer. Some loan officers are paid a flat salary; others are paid on commission. Those on commission usually are paid a base salary plus a commission for the loans they originate. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans do.
Most loan officers work full time. Some loan officers who work on commission choose to take on additional clients, which requires that they work longer hours.
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2012-13 Edition