Assistant Loan Officer Salary

Assistant Loan Officers in the United States are not likely to strike it rich; they only make around $36K annually on average. Including potential for bonuses, profit sharing and commission — peaking near $18K, $9K, and $20K, respectively — total cash payment to Assistant Loan Officers can bottom out near $25K or top out at around $54K. Geographic location is the biggest factor affecting pay for this group, followed by years of experience. Assistant Loan Officers who responded to the questionnaire are largely women, dominating at 81 percent. Some workers in this field — approximately one in five — are not awarded benefits. Medical coverage is reported by a strong majority and dental plans are enjoyed by the greater part. Most workers in this position report high levels of job satisfaction. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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$26,066 - $49,783
(Median)
$26K
$36K
$50K
MEDIAN: $36,010
10%
50%
90%

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$10.45 - $19.85
(Median)
$10
$15
$20
MEDIAN: $14.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$18K$36K$54K
Salary
$26,066 - $49,783  
   
Bonus
$0.00 - $17,759  
Profit Sharing
$0.00 - $8,550  
Commission
$0.00 - $20,273  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$25,429 - $53,712  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 321
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$9$18$27
Hourly Rate
$10.45 - $19.85  
   
Hourly Tips
$6.25  
Overtime
$14.49 - $26.44  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$18K$36K$54K
Bonus
$0.00 - $17,759  
   
Commission
$0.00 - $20,273  
Profit Sharing
$0.00 - $8,550  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$25,429 - $53,712  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 197
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Job Description for Assistant Loan Officer

Assistant loan officers are in charge of reviewing loan applications and completing administrative tasks for their organization. They are responsible for checking important loan details and requirements before submitting all documentation to the lender. They also prepare cost estimates for borrowers, provide all necessary information to relevant parties, answer client inquiries, and redirect questions to the appropriate departments.

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Assistant Loan Officer Tasks

  • Review, identify, and resolve problems with loan applications.
  • Facilitate the application process by initiating pre-qualification inquiry calls and reviewing resulting data with the loan officer.
  • Approve, deny, and review loan recommendations.
  • Assist in managing a loan portfolio with regard to credit quality and administration, and portfolio performance.
  • Coordinate and manage marketing to current clients and potential customers.

Common Career Paths for Assistant Loan Officer


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Assistant Loan Officers may progress into high-paying roles like Commercial Loan Officer, where median compensation is $66K annually.

Assistant Loan Officer Job Listings

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Popular Skills for Assistant Loan Officer


Assistant Loan Officers report using a pretty varied skill set on the job. Most notably, skills in Mortgage Loans, Customer Relationship Management, Customer Service, and Loan Processing are correlated to pay that is above average, with boosts between 6 percent and 15 percent. Skills that are correlated to lower pay, on the other hand, include Loan Documents. It is often found that people who know Customer Relations are also skilled in Mortgage Loans.

Pay by Experience Level for Assistant Loan Officer

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Experience and pay tend to be weakly linked for Assistant Loan Officers — those with more experience do not necessarily bring in higher earnings. Salaries for the relatively untried average out to around $35K, but survey participants with five to 10 years of experience earn a significantly higher median of $41K. On average, Assistant Loan Officers make $45K following one to two decades on the job. People who have worked for more than 20 years report a median income no higher than the median for folks with 10 to 20 years of experience.

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Experience Affects Assistant Loan Officer Salaries




National Average
$38,000


Skills That Affect Assistant Loan Officer Salaries




Loan Processing
up arrow 3%

Customer Relations
0%

National Average
$38,000

Loan Documents
up arrow 10%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 64 votes.

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
10%
1-4 years
46%
5-9 years
19%
10-19 years
16%
20 years or more
8%

Common Health Benefits

medical benefits
Medical: 75%
dental benefits
Dental: 66%
medical benefits
Vision: 55%
dental benefits
None: 21%
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