Assistant Loan Officer Salary

Those pursuing careers as Assistant Loan Officers in the United States may have to make do with less; average incomes for people in this area hover around only $36K per year. In the world of Assistant Loan Officers, total cash compensation ranges from $25K on the lower end to $54K on the higher end; this includes bonuses that reach $16K and profit sharing that approaches $12K in rare cases, with some high rollers snagging commissions as high as $23K. Experience level and the particular city each impact pay for this group, with the former having the largest influence. Assistant Loan Officers who responded to the questionnaire are largely women, dominating at 82 percent. The majority of workers are highly satisfied with their job. Health benefits are not claimed by all — nearly one in five lack any form of coverage — but a fair number have medical insurance, and the greater part have dental, too. This report is based on responses to the PayScale salary survey.
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$25,259 - $49,612
(Median)
$25K
$36K
$50K
MEDIAN: $35,693
10%
50%
90%

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$9.96 - $20.02
(Median)
$10
$15
$20
MEDIAN: $14.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$18K$36K$54K
Salary
$25,259 - $49,612  
   
Bonus
$0.00 - $15,657  
Profit Sharing
$0.00 - $11,920  
Commission
$0.00 - $23,489  
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).
)
$24,587 - $53,583  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 286
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$9$18$27
Hourly Rate
$9.96 - $20.02  
   
Overtime
$14.46 - $26.32  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$18K$36K$54K
Bonus
$0.00 - $15,657  
   
Commission
$0.00 - $23,489  
Profit Sharing
$0.00 - $11,920  
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).
)
$24,587 - $53,583  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 173
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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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At the upper end, Assistant Loan Officers who move into a Commercial Loan Officer role can end up with a hefty increase in pay. The average income for Commercial Loan Officers is a much higher $65K per year.

Assistant Loan Officer Job Listings

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Popular Skills for Assistant Loan Officer


Assistant Loan Officers generally report applying a varied skill set to their work. Most notably, skills in Mortgage Loans, Customer Relationship Management, Customer Service, and Customer Relations are correlated to pay that is above average, with boosts between 5 percent and 12 percent. Skills that seem to negatively impact pay include Loan Documents. Most people skilled in Customer Relations are similarly competent in Mortgage Loans.

Pay by Experience Level for Assistant Loan Officer

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


Assistant Loan Officers with a lot of experience do not necessarily enjoy more money. Salaries for the relatively untried average out to around $34K, but survey participants with five to 10 years of experience earn a significantly higher median of $39K. On average, Assistant Loan Officers make $45K following one to two decades on the job. Assistant Loan Officers with more than 20 years of experience report incomes that are no higher than those with 10 to 20 years on the job.

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Experience Affects Assistant Loan Officer Salaries




National Average
$37,000


Skills That Affect Assistant Loan Officer Salaries




Loan Processing
up arrow 2%

Customer Relations
up arrow 2%

National Average
$37,000

Loan Documents
up arrow 11%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 59 votes.

Gender

Female
82 %
Male
18 %

Years of Experience

Less than 1 year
10%
1-4 years
48%
5-9 years
18%
10-19 years
16%
20 years or more
8%

Common Health Benefits

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