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Assistant Loan Officer Salary (United States)

Nearly three-fifths of Assistant Loan Officers report less than five years' experience, making for a field full of relatively fresh workers who earn around $34K per year on average. Experience level and the particular city each impact pay for this group, with the former having the largest influence. A fair portion report receiving medical coverage from their employers and more than half collect dental insurance. In a profession dominated by women, 81 percent of Assistant Loan Officers are female. Job satisfaction is reported as high by the vast majority of workers. Participants in PayScale's salary questionnaire provided the particulars of this report.
Assistant Loan Officer Salary (?
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.
)
$24,726 - $48,864
(Median)
25K
30K
34K
40K
49K
MEDIAN: $34,452
10%
25%
50%
75%
90%
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Assistant Loan Officer Salary (?
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.
)
$9.68 - $18.92
(Median)
9
11
14
16
19
MEDIAN: $13.00
10%
25%
50%
75%
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
$24,726 - $48,864  
   
Bonus
$0.00 - $14,318  
Profit Sharing
$500 - $5,189  
Commission
$0.00 - $26,000  
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).
)
$22,923 - $51,372  
Country: United States | Currency: USD | Updated: 3 Sep 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
$9.68 - $18.92  
   
Overtime
$14.69 - $25.36  
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 - $14,318  
   
Commission
$0.00 - $26,000  
Profit Sharing
$500 - $5,189  
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).
)
$22,923 - $51,372  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 148
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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.
Read More...
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 typical income for Commercial Loan Officers is $65K per year. The most common career progression for Assistant Loan Officers leads to becoming a Loan Officer, where average pay is $41K annually. However, many Assistant Loan Officers also opt to become Administrative Assistants. Typically, an Administrative Assistant brings home $31K.

Assistant Loan Officer Job Listings

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Assistant Loan Officers report a narrow range of specific skills. Most notably, skills in Customer Relationship Management , Customer Relations, Loan Processing, and Mortgage Loans are correlated to pay that is above average, with boosts of 9 percent, 6 percent, 5 percent, and 5 percent, respectively. Skills that pay less than market rate include Loan Documents. Aptitude in Customer Relations tends to also indicate an understanding of Loan Processing.

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 more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Respondents with less than five years' experience take home $32K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $37K. After working for 10 to 20 years, Assistant Loan Officers make a median salary of $41K. Assistant Loan Officers with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $45K. Between one and nine years is the typical spectrum of experience for those in this line of work — of those who took the survey, a majority land within it. Experienced employees who have 10-20 years of experience make up roughly a sixth of the workforce; inexperienced individuals who have been working for less than one year comprise nearly one in eight, and senior people with more than 20 years under their belt fill out the remaining fewer than one in ten.

Pay Difference By Location

St. Louis
up arrow 22%
Seattle
up arrow 9%
Charlotte
up arrow 6%
Houston
up arrow 4%
National Average
$35,000
San Diego
up arrow 3%
Larger circles over a city indicate a job is popular in that location.
Surpassing the national average by 22 percent, Assistant Loan Officers in St. Louis receive some of the highest pay in the country. Assistant Loan Officers will also find cushy salaries in Seattle (+9 percent) and Charlotte (+6 percent). San Diego is home to the smallest salaries in the field, lagging the national average by 3 percent.

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Experience Affects Assistant Loan Officer Salaries

Late-Career
up arrow 28%
Experienced
up arrow 19%
Mid-Career
up arrow 6%
National Average
$35,000
Entry-Level
up arrow 8%

Skills That Affect Assistant Loan Officer Salaries

Customer Relationship Management (CRM)
up arrow 9%
Mortgage Loans
up arrow 1%
National Average
$35,000
Loan Documents
up arrow 7%

Job Satisfaction

Highly satisfied Image
Highly satisfied
Rated 4 out of 5 based on 79 votes.

Gender

Female
81%
female alumni
 
Male
19%
male alumni

Years of Experience

Less than 1 year
12%
1-4 years
49%
5-9 years
19%
10-19 years
16%
20 years or more
5%

Common Health Benefits

medical benefits Medical: 78% dental benefits Dental: 63%
vision benefits Vision: 49% employee benefits None: 20%