Loan officers often use computers to process information. Loan officers are busiest when interest rates are low. Wages vary with training and experience. Entry level wages may be lower. How loan officers are paid depends on the lending institution.
Some banks offer salary plus commission.
The commission is an incentive to increase the number of loans processed. Other banks pay only salaries. The earnings for loan counselors vary widely. Banks and other lenders sometimes offer their loan officers free checking accounts and lower interest rates on personal loans. Loan officers who are paid on a commission basis usually earn more than those on salary only.