Loan Officer, Consumer Salary

Consumer Loan Officers aren't exactly in the most profitable line of business; these folks earn a belt-tightening average of $39K per year. The range in cash compensation to Consumer Loan Officers ($28K to $54K) includes potential earnings of $5K each from bonuses and profit sharing in exceptional cases. Female Consumer Loan Officers are more common than men among those who completed the survey; more than half (62 percent) are women. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. Most workers in this position report high levels of job satisfaction.

$28,296 - $53,440

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$12.15 - $20.56

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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$18K$36K$54K
Salary
$28,296 - $53,440  
   
Bonus
$0.00 - $5,162  
Profit Sharing
$500 - $5,250  
Commission
$0.00 - $10,304  
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).
)
$27,530 - $53,797  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 197
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$11$22$33
Hourly Rate
$12.15 - $20.56  
   
Overtime
$18.55 - $32.80  
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$22K$44K$66K
Bonus
$0.00 - $5,162  
   
Commission
$0.00 - $10,304  
Profit Sharing
$500 - $5,250  
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).
)
$27,530 - $53,797  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 134
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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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Consumer Loan Officers who responded to the survey report just a handful of professional skills. Loan Underwriting and Mortgage Loans are considered valuable skills and can increase employee pay by 15 percent and 7 percent, respectively. Consumer Loans and Loan Underwriting are also commonly seen together.

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, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Those who have worked for fewer than five years take home a median salary of $34K, and workers with five to 10 years of experience earn a higher $38K on average. People with 10 to 20 years of experience make an average of about $42K in this role. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $47K.

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Experience Affects Loan Officer, Consumer Salaries

Late-Career
up arrow 24%

Experienced
up arrow 12%

Mid-Career
up arrow 1%

National Average
$38,000

Entry-Level
up arrow 9%

Skills That Affect Loan Officer, Consumer Salaries


Mortgage Loans
up arrow 7%

Consumer Loans
up arrow 3%

National Average
$38,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 66 votes.

Gender

Female
62 %
Male
38 %

Years of Experience

Less than 1 year
3%
1-4 years
37%
5-9 years
25%
10-19 years
25%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 88% dental benefits Dental: 73%
vision benefits Vision: 48% employee benefits None: 10%
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