Loan Officer, Consumer Salary

Consumer Loan Officers in the United States can expect only a modest salary, with average pay of just $41K per year. With bonuses and profit sharing proceeds each occasionally running north of $5K and a few commissions that surpass $18K, total incomes for Consumer Loan Officers generally vary between $29K and $55K according to individual performance. Most Consumer Loan Officers like their work and job satisfaction is high. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to over one-half. Female Consumer Loan Officers survey participants are more prevalent than men — 63 percent of professionals.

$29,388 - $54,093
(Median)
$29K
$41K
$54K
MEDIAN: $40,602
10%
50%
90%

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$12.56 - $21.94
(Median)
$13
$16
$22
MEDIAN: $15.00
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$19K$38K$57K
Salary
$29,388 - $54,093  
   
Bonus
$0.00 - $5,287  
Profit Sharing
$376.80 - $5,106  
Commission
$0.00 - $18,422  
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).
)
$28,778 - $54,942  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 171
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$12$24$36
Hourly Rate
$12.56 - $21.94  
   
Overtime
$19.28 - $33.30  
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$24K$48K$72K
Bonus
$0.00 - $5,287  
   
Commission
$0.00 - $18,422  
Profit Sharing
$376.80 - $5,106  
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).
)
$28,778 - $54,942  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 128
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Job Description for Loan Officer, Consumer

A consumer loan officer works at a financial institution, interacts with individuals, and helps them secure lines of credit such as mortgages, car loans, and individual loans. Much of the work is done one on one with customers, so it is important to be a friendly and professional individual. It is important to be able to determine what the customer’s needs are and then determine which loan should be applied for. The loan officer may carry out pre-qualification procedures and determine what the payments will be on loans.

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Loan Officer, Consumer Tasks

  • Obtain, investigate, and validate application information.
  • Market, solicit, and process consumer loans.
  • Determine repayment plan.
  • Interview and accept consumer loan applications.
  • Solicit lending institutions and finance companies to find money for customers.

Common Career Paths for Loan Officer, Consumer


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Consumer Loan Officers who transition into an upper level Loan Officer position will not necessarily make much more than they do in their current role. The average Loan Officer makes $41K a year.

Loan Officer, Consumer Job Listings

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Popular Skills for Loan Officer, Consumer


Survey results suggest that Consumer Loan Officers use a fairly large toolkit of professional skills. Most notably, skills in Loan Underwriting, Sales, Mortgage Loans, and Customer Service are correlated to pay that is above average. For most people, competency in Consumer Loans indicates knowledge of Mortgage Loans.

Pay by Experience Level for Loan Officer, Consumer

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


For Consumer Loan Officers, experience does not seem to be a major factor in determining pay. Workers with less than five years' experience earn around $35K on average, and those who have five to 10 years under their belts see a higher median salary of $39K. Consumer Loan Officers who work for 10 to 20 years in their occupation tend to earn about $44K. Consumer Loan Officers who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $46K.

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Experience Affects Loan Officer, Consumer Salaries

Late-Career
up arrow 19%

Experienced
up arrow 13%

Mid-Career
0%

National Average
$39,000

Entry-Level
up arrow 9%

Skills That Affect Loan Officer, Consumer Salaries


Sales
up arrow 5%

Consumer Loans
up arrow 1%

Mortgage Loans
up arrow 1%

Customer Service
up arrow 1%

Loan Processing
0%

National Average
$39,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 55 votes.

Gender

Female
63 %
Male
37 %

Years of Experience

Less than 1 year
2%
1-4 years
35%
5-9 years
27%
10-19 years
26%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 89%
dental benefits
Dental: 76%
medical benefits
Vision: 54%
dental benefits
None: 9%
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