Loan Officer, Consumer Salary

Consumer Loan Officers in the United States pull down an average of $42K per year. Including potential for bonuses and profit sharing — peaking near $9K and $5K, respectively — total cash payment to Consumer Loan Officers can bottom out near $30K or peak near $57K depending on individual performance. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. Most Consumer Loan Officers like their work and job satisfaction is high. Male Consumer Loan Officers are just a bit more common among those who completed the questionnaire than females ones, with male workers composing 53 percent of the field.

$29,933 - $60,192
$30K
$42K
$60K
MEDIAN: $42,247
10%
50%
90%

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$13.21 - $22.46
$13
$17
$22
MEDIAN: $17.48
10%
50%
90%

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$0$60K
Salary $29,933 - $60,192
Bonus $487.22 - $9,308
Profit Sharing $0.00 - $4,500
Commission $306.39 - $11,745
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).
)
$29,793 - $57,387
  • Country: United States
  • Currency: USD
  • Updated: 25 Jul 2017
  • Individuals Reporting: 82
Hourly Data $0$32
Hourly Rate $13.21 - $22.46
Overtime $19.16 - $32.12
Annual Data $0$57K
Bonus $487.22 - $9,308
Commission $306.39 - $11,745
Profit Sharing $0.00 - $4,500
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).
)
$29,793 - $57,387
  • Country: United States
  • Currency: USD
  • Updated: 25 Jul 2017
  • Individuals Reporting: 62

Find Out Exactly What You Should Be Paid

United States (change)

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

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

Common Career Paths for Loan Officer, Consumer


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For Consumer Loan Officers, career advancements do not tend to correlate with a rise in salary. On average, lower-level Consumer Loan Officers earn similar salaries to those in higher-end positions like Loan Officer.

Loan Officer, Consumer Job Listings

Popular Skills for Loan Officer, Consumer


Survey results suggest that Consumer Loan Officers put a wide range of professional skills to use. Most notably, skills in Loan Underwriting, Customer Service, Consumer Loans, and Sales are correlated to pay that is above average. Skills that seem to negatively impact pay include Loan Processing, Mortgage Loans, and Sales. Most people skilled in Consumer Loans are similarly competent in Mortgage Loans. Skill sets containing Loan Underwriting also tend to include Customer Service.

Pay by Experience Level for Loan Officer, Consumer

Pay by Experience for a Loan Officer, Consumer has a positive trend. An entry-level Loan Officer, Consumer with less than 5 years of experience can expect to earn an average total compensation of $38,000 based on 76 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Officer, Consumer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $42,000 based on 35 salaries. An experienced Loan Officer, Consumer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $45,000 based on 41 salaries. A Loan Officer, Consumer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $54,000 based on 15 salaries.

Related Job Salaries

Key Stats for Loan Officer, Consumer

Gender

Female
47 %
Male
53 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 25 votes.
Less than 1 year
2%
1-4 years
45%
5-9 years
17%
10-19 years
26%
20 years or more
10%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Officer, Consumer Salaries

▲30%

▲9%

▲1%

National Average
$41,000

▼7%

Skills That Affect Loan Officer, Consumer Salaries


National Average
$41,000

Customer Service
▼2%


Sales
▼3%

Mortgage Loans
▼4%

Loan Processing
▼12%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 25 votes.

Gender

Female
47 %
Male
53 %

Years of Experience

Less than 1 year
2%
1-4 years
45%
5-9 years
17%
10-19 years
26%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 71%
vision benefits
Vision: 63%
no benefits
None: 14%
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