Loan Officer Salary

Loan Officers in the United States take home an average $41K annually. With bonuses occasionally running north of $10K, profit sharing proceeds sometimes surpassing $9K, and a few commissions as high as $97K, total income for Loan Officers can range between $26K and $75K according to individual performance. Compensation for this group is mainly affected by the particular firm, but geography and experience level are influential factors as well. Job satisfaction is reported as high by the vast majority of workers. Women Loan Officers who took the survey just slightly outnumber men. Most enjoy medical while more than half get dental coverage. Vision coverage is also available to around half.

$27,865 - $72,395
(Median)
$28K
$41K
$72K
MEDIAN: $41,400
10%
50%
90%

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$10.32 - $19.57
(Median)
$10
$15
$20
MEDIAN: $14.00
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$33K$66K$99K
Salary
$27,865 - $72,395  
   
Bonus
$0.00 - $9,998  
Profit Sharing
$505 - $8,953  
Commission
$0.00 - $96,635  
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).
)
$26,331 - $75,431  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 1,455
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$17$34$51
Hourly Rate
$10.32 - $19.57  
   
Overtime
$13.87 - $30.12  
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$50K$100K$150K
Bonus
$0.00 - $9,998  
   
Commission
$0.00 - $96,635  
Profit Sharing
$505 - $8,953  
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).
)
$26,331 - $75,431  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 527

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Job Description for Loan Officer

Loan officers work for lenders such as financial institutions or banks as well as other agencies specializing in loans. They work to help borrowers obtain money they may need for financial ventures such as mortgaging a home, starting a new business, or buying a car. Loan officers must also work to minimize the risk to their place of employment in terms of what loans may be given and to whom.

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Loan Officer Tasks

  • Track and maintain credit and loan data.
  • Work directly with clients to review agreements, explain programs, and negotiate loans and terms.
  • Obtain and compile financial information to evaluate loan applications and their risk.
  • Generate new clients and referrals through strong relationship building.

Common Career Paths for Loan Officer


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Loan Officers may experience a large salary bump if they progress into a role such as Bank VP or Branch Manager. The latter position pays an average of $71K annually. The most common next step for a Loan Officer is to become a Banking Branch Manager or a Commercial Loan Officer. The former position pays an additional $11K per year on average, and the latter position pays $25K more per year.

Loan Officer Job Listings

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Popular Employer Salaries for Loan Officer


Federal Credit Union offers the lowest pay in the industry by far, with a median salary about half the top paying employer's rate ($34K).

Popular Skills for Loan Officer


Loan Officers report using a pretty varied skill set on the job. Most notably, facility with Residential Loans, Commercial Loans, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 47 percent, 23 percent, and 15 percent, respectively. At the other end of the pay range are skills like Loan Processing, Customer Service, and Consumer Loans. Those familiar with Consumer Loans also tend to know Customer Service and Loan Underwriting.

Pay by Experience Level for Loan Officer

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


Experience and pay tend to be weakly linked for Loan Officers — those with more experience do not necessarily bring in higher earnings. The average beginner in this position makes around $36K, but folks who have been around for five to 10 years see a markedly higher median salary of $44K. People with 10 to 20 years of experience make an average of about $49K in this role. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $53K on average.

Pay Difference by Location


With a pay rate for Loan Officers that is 38 percent greater than the national average, Los Angeles offers a comfortable salary for those in this profession. Loan Officers can also look forward to large paychecks in cities like San Antonio (+25 percent), New York (+22 percent), Columbus (+19 percent), and Philadelphia (+18 percent). In Phoenix, salaries are 20 percent below the national average and represent the lowest-paying market. Denver and San Diego are a couple other places where companies are known to pay below the median — salaries are 14 percent lower and 6 percent lower, respectively.

Related Job Salaries

United States (change)

Experience Affects Loan Officer Salaries




National Average
$40,000


Skills That Affect Loan Officer Salaries

Residential Loans
up arrow 47%





Loan Underwriting
up arrow 4%

Sales
up arrow 3%

National Average
$40,000




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 401 votes.

Gender

Female
50 %
Male
50 %

Years of Experience

Less than 1 year
7%
1-4 years
41%
5-9 years
24%
10-19 years
21%
20 years or more
9%

Common Health Benefits

medical benefits Medical: 85% dental benefits Dental: 66%
vision benefits Vision: 49% employee benefits None: 13%