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Assistant Loan Officer Salary

Pay for Assistant Loan Officers in the United States is very modest at just $36K annually. Overall incomes of Assistant Loan Officers — including $15K bonuses, $12K profit sharing proceeds, and $24K commissions on the more lucrative end — generally ranges between $24K and $53K. Experience level is the biggest factor affecting pay for this group, followed by geography. Women make up the vast majority of Assistant Loan Officers (81 percent) who answered the questionnaire. A strong majority enjoy medical while more than half get dental coverage. Vision coverage is also available to a little more than half. Most workers in this position report high levels of job satisfaction. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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$25,276 - $49,442
(Median)
$25K
$36K
$49K
MEDIAN: $35,669
10%
50%
90%

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$9.91 - $19.60
(Median)
$9
$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
$25,276 - $49,442  
   
Bonus
$0.00 - $15,072  
Profit Sharing
$0.00 - $11,920  
Commission
$0.00 - $24,000  
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).
)
$24,314 - $52,981  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 267
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
$9.91 - $19.60  
   
Overtime
$15.55 - $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 - $15,072  
   
Commission
$0.00 - $24,000  
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).
)
$24,314 - $52,981  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 161

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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


Survey results imply that Assistant Loan Officers put a diverse skill set to use. Most notably, skills in Mortgage Loans, Customer Service, Customer Relationship Management, and Loan Processing are correlated to pay that is above average, with boosts between 5 percent and 11 percent. Skills that pay less than market rate 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 do not generally earn higher incomes from more experience in the field. Folks with fewer than five years of experience take home $34K on average, and those who have worked for five to 10 years see a bigger median salary of $39K. For Assistant Loan Officers, 10 to 20 years of experience on the job amounts to an average salary of $44K. Veterans who have surpassed the 20-year mark may make no more than those who are navigating the mid-career stage.

Related Job Salaries

United States (change)

Experience Affects Assistant Loan Officer Salaries


Late-Career
up arrow 21%


National Average
$36,000


Skills That Affect Assistant Loan Officer Salaries


Customer Service
up arrow 6%


Loan Processing
up arrow 2%

Customer Relations
up arrow 1%

National Average
$36,000

Loan Documents
up arrow 12%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 64 votes.

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
9%
1-4 years
49%
5-9 years
19%
10-19 years
16%
20 years or more
7%

Common Health Benefits

medical benefits Medical: 77% dental benefits Dental: 67%
vision benefits Vision: 55% employee benefits None: 19%