Loan Officer, Consumer Salary

Consumer Loan Officers in the United States pull down an average of $42K annually. Total cash compensation to Consumer Loan Officers approaches anywhere from $30K on the lower end to $55K on the higher end; in exceptional cases, this can include more than $10K from bonuses and upwards of $5K from profit sharing. Most Consumer Loan Officers report high levels of job satisfaction. Women are just slightly outnumbered, with male Consumer Loan Officers making up 50 percent of survey respondents. Women Consumer Loan Officers who took the survey just slightly outnumber men. Medical benefits are awarded to most, and the larger part earn dental coverage. The numbers in this rundown were provided by PayScale's salary survey participants.

$30,010 - $55,960
$30K
$42K
$56K
MEDIAN: $41,542
10%
50%
90%

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$13.17 - $22.90
$13
$17
$23
MEDIAN: $17.39
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
$30,010 - $55,960  
   
Bonus
$483.39 - $9,807  
Profit Sharing
$0.00 - $4,848  
Commission
$450.00 - $11,000  
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).
)
$29,891 - $55,485  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 80
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
$13.17 - $22.90  
   
Overtime
$19.44 - $31.57  
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
$483.39 - $9,807  
   
Commission
$450.00 - $11,000  
Profit Sharing
$0.00 - $4,848  
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).
)
$29,891 - $55,485  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 68

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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

  • 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

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Popular Skills for Loan Officer, Consumer


Consumer Loan Officers seem to require a number of specific skills. Most notably, skills in Loan Underwriting, Customer Service, Consumer Loans, and Sales are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Loan Processing, Mortgage Loans, and Sales. Those educated in Consumer Loans tend to be well versed in Mortgage Loans. Those familiar with Loan Underwriting tend to be well versed in 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
50 %
Male
50 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 24 votes.
Less than 1 year
2%
1-4 years
47%
5-9 years
17%
10-19 years
24%
20 years or more
10%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Officer, Consumer Salaries

▲31%

▲10%

▲1%

National Average
$41,000

▼6%

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 24 votes.

Gender

Female
50 %
Male
50 %

Years of Experience

Less than 1 year
2%
1-4 years
47%
5-9 years
17%
10-19 years
24%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 69%
vision benefits
Vision: 61%
no benefits
None: 13%
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