Loan Officer, Consumer Salary

Consumer Loan Officers in the United States can expect only a modest salary, with average pay of just $39K per year. With bonuses occasionally running north of $5K, profit sharing proceeds sometimes surpassing $3K, and a few commissions as high as $10K, total income for Consumer Loan Officers can range between $27K and $54K according to individual performance. The majority of Consumer Loan Officers (62 percent) who took the survey are female. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The majority of workers are highly satisfied with their job. Respondents to the PayScale salary survey provided the data for this report.

$28,130 - $53,373
(Median)
$28K
$39K
$53K
MEDIAN: $39,370
10%
50%
90%

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$12.17 - $20.51
(Median)
$12
$15
$21
MEDIAN: $15.00
10%
50%
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
$28,130 - $53,373  
   
Bonus
$0.00 - $5,156  
Profit Sharing
$502 - $3,109  
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).
)
$27,468 - $53,705  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 199
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$11$22$33
Hourly Rate
$12.17 - $20.51  
   
Overtime
$18.72 - $32.72  
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$22K$44K$66K
Bonus
$0.00 - $5,156  
   
Commission
$0.00 - $10,304  
Profit Sharing
$502 - $3,109  
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).
)
$27,468 - $53,705  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 136
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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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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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Consumer Loan Officers report a focused set of job skills. Loan Underwriting and Mortgage Loans are considered valuable skills and can increase employee pay by 16 percent and 7 percent, respectively. Experience with Consumer Loans is often linked with knowledge of Loan Underwriting.

Pay by Experience Level for Loan Officer, Consumer

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


Consumer Loan Officers with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Survey participants with less than five years' experience report a median income of $35K, and earnings aren't much higher for respondents who have five to 10 years under their belts; respondents in the latter group report a median of just $38K. Consumer Loan Officers see a median salary of $42K after reaching one to two decades on the job. Consumer Loan Officers who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $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 8%

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 69 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: 49% employee benefits None: 9%
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