Loan Officer in Everett, WA

The Salary Picture: Where Everett Stands

As a local who’s watched Everett’s economy shift from a Boeing-centric town to a more diversified hub, I can tell you that Loan Officers here are paid well relative to the cost of living, though not at the astronomical levels you might see in Seattle proper. The median salary of $79,171/year ($38.06/hour) is a solid benchmark, sitting above the national average of $76,200/year. This reflects Everett’s position as a regional financial service center for Snohomish County, serving everything from first-time homebuyers in Mill Creek to small business owners along the I-5 corridor.

The local job market, however, is competitive but stable. There are approximately 222 jobs in the metro area for Loan Officers, according to recent BLS data. This isn’t a boomtown for the profession, but it’s a reliable market. The 10-year job growth is projected at 3%, which is modest but steady. This means opportunities are more likely to come from replacing retiring officers or expanding teams at existing institutions rather than the explosive growth seen in tech-driven sectors. For a Loan Officer, this translates to a market where reputation and long-term relationships with realtors and builders are paramount.

To break down the salary expectations by experience level, consider the following local data, which aggregates from sources like BLS, Payscale, and local job postings:

Experience Level	Typical Years in Field	Everett Annual Salary Range	Key Responsibilities
Entry-Level	0-2 years	$55,000 - $65,000	Processing applications, basic underwriting support, client intake, learning loan products (FHA, VA, Conventional). Often starts at a bank or credit union.
Mid-Career	3-7 years	$70,000 - $85,000	Managing a portfolio of clients, complex income analysis (self-employed, gig economy), strong relationships with 5-10 realtors. This is the median range.
Senior	8-15 years	$90,000 - $110,000	Specializing in jumbo loans, investment properties, or commercial lending. Leading a small team or managing broker relationships. High referral business.
Expert/Principal	15+ years	$115,000+ (often with bonuses)	Running a branch, managing large-scale builder relationships (e.g., with local developers in Silver Lake), mentoring, and potentially owning a brokerage.

When comparing to other Washington cities, Everett offers a compelling value. Seattle’s median is closer to $85,000, but the cost of living is significantly higher. Tacoma sits at a similar median but with less robust high-end lending opportunities. Bellingham pays slightly less but offers a different lifestyle. Everett’s sweet spot is serving the growing middle and upper-middle-class population of Snohomish County who are priced out of Seattle but desire suburban amenities and proximity to jobs at Boeing, Providence, or the Port.

The Real Take-Home: After Taxes and Rent

Let’s get practical. A Loan Officer earning the median $79,171/year faces a specific financial reality in Everett. After an estimated 25% for federal, state, and FICA taxes (a rough but realistic calculation for this bracket), your take-home pay is approximately $59,378/year, or about $4,948/month.

Now, factor in housing. The average 1BR rent in Everett is $1,864/month. This is a critical number. The Cost of Living Index for Everett is 113.0 (US avg = 100), meaning we’re 13% more expensive than the national average, primarily driven by housing and transportation.

Here’s a realistic monthly budget for a mid-career Loan Officer:

Category	Estimated Monthly Cost	Notes for an Everett Resident
Take-Home Pay	$4,948	After taxes on $79,171 salary.
Rent (1BR)	$1,864	Can range from $1,600 in older parts of north Everett to $2,200 in Silver Lake.
Utilities (Elec/Gas/Internet)	$250	Puget Sound Energy and Comcast/Xfinity.
Car Payment + Insurance	$500	Everett is car-dependent. Insurance rates are moderate but higher than rural WA.
Groceries & Household	$500	Shopping at Haggen, Fred Meyer, or Costco in nearby Lynnwood.
Health Insurance (Employer Share)	$250	Varies widely but a common out-of-pocket cost.
Miscellaneous (Dining, Entertainment, Savings)	$1,584	This is where discretionary spending and savings happen.

Can they afford to buy a home? This is the million-dollar question for many in the Puget Sound. With a median home price in Everett around $650,000, a 20% down payment is $130,000. On a $79,171 salary, a lender would typically pre-approve you for a mortgage payment (PITI) of roughly $1,980/month (assuming no other major debt). In today’s market, a $520,000 loan (after a $130k down payment) at 6.5% would have a principal and interest payment of about $3,285/month, plus taxes and insurance. This is not feasible on a single median income. Therefore, buying a home in Everett on a single $79,171 salary is extremely difficult without a significant second income, a larger down payment, or buying a townhome/condo in the $400k-$500k range. The market is designed for dual-income households or those with substantial savings.

Where the Jobs Are: Everett's Major Employers

The job market for Loan Officers in Everett is anchored by a mix of national institutions, local credit unions, and specialized mortgage brokers. The hiring trend is stable; employers are looking for experienced officers with a book of business, not just entry-level processors. Here’s where to look:

1. Columbia Bank: A strong regional player with a significant branch presence in Everett, including a location on Evergreen Way. They actively lend for both residential and commercial properties in the area. They often hire for their business banking side, which can be a great pathway.
2. Sound Credit Union: Based in Tacoma but with a major footprint in Snohomish County, including branches in downtown Everett and Silver Lake. They are a major employer for residential loan officers and are known for competitive rates and a focus on local members. They have a steady hiring pipeline.
3. HomeStreet Bank: With a branch on Colby Avenue, this Seattle-based bank is a powerhouse in the Pacific Northwest for commercial real estate and multifamily lending. For a Loan Officer interested in moving beyond residential, this is a prime target. Hiring is cyclical but often tied to local development projects.
4. Guild Mortgage: While not a brick-and-mortar bank, Guild has a significant operational presence in the region and actively recruits Loan Officers to work with their network of realtors. They are a direct competitor to the large national lenders and offer a wide product portfolio.
5. Local Mortgage Brokerages: Firms like New American Funding (retail branch) and numerous smaller brokerages (e.g., Summit Mortgage Corporation) operate in the area. These are often the best places for experienced loan officers to build a high-commission business. They offer more flexibility and access to wholesale rates. Insider tip: Attend a Snohomish County Realtors Association (SCRA) meeting to network with brokers who are hiring.
6. Providence Regional Medical Center (Colby Campus): While not a lender, this is Everett’s largest employer with over 4,000 staff. Many Loan Officers specialize in working with healthcare professionals, who have stable, high income but complex employment contracts (locums, travel nurses). Building a niche here can be very lucrative.
7. The Port of Everett: The Port is a significant economic driver with ongoing development projects (like the Waterfront Place). Commercial lending for these projects filters down to local banks and credit unions, creating demand for commercial loan officers.

Hiring Trend Note: The shift is toward hybrid roles. Many employers now want Loan Officers who can also handle some processing tasks and are fluent in digital platforms (like Encompass or Calyx Point). Remote work is more common post-pandemic, but having a local presence for appraisals and client meetings is still valued.

Getting Licensed in WA

Washington State has a clear but rigorous path to becoming a licensed Mortgage Loan Originator (MLO). The Washington State Department of Financial Institutions (DFI) regulates this process. Here’s the step-by-step breakdown:

1. Pre-Licensing Education: You must complete 20 hours of NMLS-approved pre-licensing education. This includes 3 hours of Washington State-specific law. Local providers like OnCourse Learning or The CE Shop offer these courses online for $200 - $350.
2. Pass the National Exam: After your education is complete, you’ll register for the National Mortgage Licensing System (NMLS) SAFE MLO exam. The exam fee is $80. The pass rate is challenging (around 65%), so studying is critical. Prep courses cost an additional $150 - $300.
3. Pass the Washington State Exam: You must also pass the Washington State Mortgage Loan Originator Exam, which focuses on state law and regulations. The fee is $100.
4. Background Check & Credit Report: Submit your fingerprints for a national background check (fee: $36.25) and authorize a credit report (fee: $15). DFI will review your credit history; significant issues (e.g., recent bankruptcies) can be disqualifying.
5. Apply for Your License: Submit your application through the NMLS portal. The Washington DFI license fee is $300 (paid to DFI) plus an NMLS processing fee of $30. Total upfront costs are approximately $800 - $1,200.
6. Sponsorship: You must be sponsored by a licensed mortgage company (bank, credit union, or brokerage). You cannot operate independently. This is the most critical step—secure a job offer before or immediately after passing your exams.

Timeline: From starting your education to receiving your license, expect 3 - 6 months. If you study full-time, you could do it in 2-3 months. While working another job, it may take 4-6 months. The license must be renewed annually, with continuing education requirements (8 hours).

Best Neighborhoods for Loan Officers

Where you live affects your commute, networking, and lifestyle. Everett is a city of distinct neighborhoods, each with a different character and price point.

1. Downtown Everett/City Center: The best for networking. You’re walking distance to many bank branches, the SCRA office, and the waterfront restaurants where clients and realtors meet. Commute to most major employers is under 10 minutes. Rent for a 1BR: $1,600 - $1,900. Ideal for young, single professionals who want an urban vibe.
2. Silver Lake: A quieter, family-oriented suburb in southeast Everett. It has excellent schools (a draw for homebuyers) and is near major employers like Providence and the Boeing plant. Commute is good via Evergreen Way. Rent for a 1BR: $1,700 - $2,000. Great for Loan Officers starting families or who want a suburban home base to better relate to their client base.
3. Mill Creek (technically a separate city but part of Everett's metro): Upscale, planned community with a "town center" feel. High-income residents mean more potential business for jumbo and conventional loans. It’s a 15-20 minute commute to Everett via I-5. Rent for a 1BR: $1,900 - $2,300. Best for established Loan Officers looking to tap into a wealthier demographic.
4. North Everett (Harrison/Westwood): More affordable, with older homes and apartments. You’re close to the naval base (Puget Sound Naval Shipyard) and the ferry to Whidbey Island, which can be a niche market. Commute to downtown is 10-15 minutes. Rent for a 1BR: $1,400 - $1,700. A smart choice for entry-level Loan Officers managing a tight budget.
5. Delta/Evergreen Way Corridor: This is the practical, commercial heart of Everett. It’s affordable but can be noisy and busy. The advantage is proximity to a high volume of small businesses and retail centers—potential sources for commercial loan referrals. Rent for a 1BR: $1,500 - $1,800. A strategic choice for a commercial-focused MLO.

The Long Game: Career Growth

In Everett, career growth for a Loan Officer is less about climbing a corporate ladder and more about expanding your network and specialization. The 10-year outlook of 3% growth means you must create your own advancement.

Specialty Premiums:

• Commercial Real Estate: Officers with a CCIM designation can earn 20-30% more than residential counterparts, often exceeding $120,000. This is driven by Everett’s port and manufacturing-based economy.
• USDA Loans: Snohomish County has eligible rural areas (e.g., parts of east of I-5). Becoming an expert in USDA Rural Development loans can carve out a niche with first-time buyers outside the city core.
• Construction & Renovation Loans: With Everett’s housing shortage, rehab and construction loans (like FHA 203k) are in demand. Officers who partner with local contractors can build a repeat business.

Advancement Paths:

1. Senior Commercial MLO: Work for a bank like HomeStreet or Sound Credit Union, managing larger deals ($1M+). This requires moving beyond residential and understanding business financials.
2. Branch Manager: After 10+ years of strong production, you can run a branch for a lender like Guild or a local brokerage. This involves hiring, training, and managing profitability. Compensation shifts from pure commission to a base + bonus.
3. Broker/Owner: The ultimate goal. Start your own brokerage, hire junior MLOs, and earn on their production. This requires significant capital ($50k+) for licensing, bonding, and overhead, but the upside is virtually unlimited for top performers.

Insider Tip: The key to longevity in Everett is joining the Snohomish County Realtors Association (SCRA) and attending their events. The referral network here is everything. Building a reputation for closing difficult files and communicating clearly with realtors will sustain you through market cycles.

The Verdict: Is Everett Right for You?

Pros	Cons
Above-National-Average Salary ($79,171 median) with a lower cost than Seattle.	High Cost of Living—rent and home prices are steep for a single-median-income earner.
Stable, Diverse Job Market with 222 jobs and a 3% growth forecast.	Car-Dependent City—commutes can be long, and public transit is limited outside core areas.
Strong Local Networks—a tight-knit community of realtors and lenders where reputation matters.	Competitive & Mature Market—breaking in as a new MLO requires relentless networking.
Variety of Lending Specialties—from USDA to Commercial, thanks to the county’s mix of urban and rural areas.	Weather & Seasonal Affective Disorder—the "Everett Gray" from November to March can affect morale.
Proximity to Nature—easy access to hiking (e.g., near Lake Serene), the San Juan Islands, and the Cascades for work-life balance.	Limited High-End Specialties—for ultra-luxury or tech-sector lending, Seattle is still the primary center.

Final Recommendation:
Everett is an excellent choice for a mid-career Loan Officer (3-7 years experience) who is ready to build a book of business and prefers a suburban lifestyle over a big city. It’s not ideal for an entry-level officer unless they have a strong connection to the area, as the cost of living is challenging on a $55,000-$65,000 starting salary. For those in the $70,000-$85,000 range, it’s a sweet spot. If you value community, steady work, and a balance between professional ambition and access to the outdoors, Everett is a pragmatic and rewarding base. If you’re chasing the highest possible salary and don’t mind the grind (and cost) of Seattle, then look south.

FAQs

1. Can I work remotely as a Loan Officer in Everett?
Yes, but with a caveat. Many lenders (especially brokerages) allow remote work, but you’ll still need to meet clients in person for document signing and occasionally for appraisals. Being local to Everett is a major advantage for building realtor relationships. A hybrid model is most common.

2. How do Everett salaries compare for those moving from a lower-cost state?
Your $79,171 salary will feel lower in practice due to rent and taxes. However, if you’re coming from a state with a lower median (e.g., Midwest or Southeast), the salary increase may offset the cost if you have a second income. The key is to have a financial buffer for the