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Assistant Loan Officer Salary

It's impossible to make it big as a Assistant Loan Officers in the United States; the average employee scrapes together only around $35K annually. Geographic location is the biggest factor affecting pay for this group, followed by tenure. Women make up the vast majority of Assistant Loan Officers (81 percent) who answered the questionnaire. Most Assistant Loan Officers report high levels of job satisfaction. A strong majority enjoy medical while the greater part get dental coverage. Vision coverage is also available to just over a half. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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$24,709 - $49,131
(Median)
$25K
$35K
$49K
MEDIAN: $34,997
10%
50%
90%

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$9.76 - $19.28
(Median)
$9
$14
$19
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
$24,709 - $49,131  
   
Bonus
$0.00 - $14,651  
Profit Sharing
$66.50 - $5,100  
Commission
$0.00 - $23,839  
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).
)
$23,486 - $51,804  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 259
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
$9.76 - $19.28  
   
Overtime
$14.72 - $25.39  
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 - $14,651  
   
Commission
$0.00 - $23,839  
Profit Sharing
$66.50 - $5,100  
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).
)
$23,486 - $51,804  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 161
United States (change)

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 $65K per year.

Assistant Loan Officer Job Listings

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Popular Skills for Assistant Loan Officer


Assistant Loan Officers report using a wide range of professional skills. Most notably, skills in Mortgage Loans, Customer Relationship Management, Loan Processing, and Customer Relations are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Loan Documents and Customer Service. Customer Relations and Loan Processing are also commonly seen together.

Pay by Experience Level for Assistant Loan Officer

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


More years of relevant experience do not necessarily translate to higher paychecks. Respondents with less than five years' experience take home $33K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $38K. The average pay reported by folks with 10 to 20 years of experience is around $42K. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $44K.

Related Job Salaries

Experience Affects Assistant Loan Officer Salaries

Late-Career
up arrow 24%

Experienced
up arrow 18%


National Average
$35,000


Skills That Affect Assistant Loan Officer Salaries

Mortgage Loans
up arrow 5%

Customer Relationship Management (CRM)
up arrow 4%

Loan Processing
up arrow 3%

Customer Relations
up arrow 3%

National Average
$35,000

Customer Service
up arrow 4%

Loan Documents
up arrow 9%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 73 votes.

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
11%
1-4 years
49%
5-9 years
19%
10-19 years
15%
20 years or more
5%

Common Health Benefits

medical benefits Medical: 78% dental benefits Dental: 67%
vision benefits Vision: 53% employee benefits None: 18%