Can my employer just choose to pay me as 1099?

Not unilaterally. The IRS decides based on the actual working relationship. If they treat you like an employee, you're an employee for tax purposes regardless of what the contract says.

Do I make more as 1099?

Gross pay is often higher because there's no employer-side tax burden. Net after self-employment tax, health insurance, and retirement contributions is often closer than it looks.

Which is more common for LOs?

Retail depository and non-bank retail LOs are usually W-2. Some broker-channel and team-based arrangements use 1099, but this is under increasing IRS and DOL scrutiny.

W-2 vs 1099 Loan Officer (Employment Structure Guide)

Compare W-2 employee vs 1099 independent contractor loan officer arrangements — taxes, benefits, control, IRS classification, and how the LO Comp Rule applies.