Median pay for Loan Officers in the United States is around $45K annually. Cash earnings for Loan Officers — which occasionally include more than $14K from bonuses and more than $10K from profit sharing — stretch from around $29K to approximately $77K. The most important factor affecting compensation for this group is location, followed by the specific employer and years of experience. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 53 percent. Job satisfaction is reported as high by the vast majority of workers. Most report receiving medical coverage from their employers and the greater part collect dental insurance.

$30,216 - $77,071
(Median)
$30K
$45K
$77K
MEDIAN: $44,619
10%
50%
90%

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$11.27 - $21.38
(Median)
$11
$16
$21
MEDIAN: $15.00
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$26K$52K$78K
Salary
$30,216 - $77,071  
   
Bonus
$505 - $14,404  
Profit Sharing
$0.00 - $9,863  
Commission
$1,350 - $77,023  
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).
)
$28,581 - $76,856  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 1,052
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$13$26$39
Hourly Rate
$11.27 - $21.38  
   
Overtime
$13.59 - $32.78  
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$26K$52K$78K
Bonus
$505 - $14,404  
   
Commission
$1,350 - $77,023  
Profit Sharing
$0.00 - $9,863  
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).
)
$28,581 - $76,856  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 519
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Job Description for Loan Officer

A loan officer often works at a lending or financial institution. The loan officer will sometimes work with individual applicants or companies, depending on the position. Customer service is important, so that the client feels at ease and chooses the company for their loan needs on an ongoing basis. In some jobs, the loan officer will have sales goals that need to be attained.

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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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At the upper end, Loan Officers who move into a Bank VP or Branch Manager role can end up with a hefty increase in pay. The average income for Bank VPs & Branch Managers is a much higher $71K per year. Loan Officers most often move into positions as Banking Branch Managers or Commercial Loan Officers; those groups report median salaries that are $9K higher and $23K higher, respectively.

Loan Officer Job Listings

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Popular Employer Salaries for Loan Officer


Federal Credit Union, Farm Credit, Usaa Insurance, Wells Fargo Bank, and Dollar Bank are leaders in the field that employ a large number of Loan Officers. Farm Credit offers the largest salaries in town ($67K on average), but the considerable range in workers' salaries creates a rather varied pay scale that stretches from $35K to $105K.

With a median employee salary of $34K, Federal Credit Union pays significantly less than its competitors (about half the top paying employer's rate).

Popular Skills for Loan Officer


Loan Officers seem to require a rather large skill set. Most notably, skills in Commercial Loans, Mortgage Loans, Financial Analysis, and Residential Loans are correlated to pay that is above average, with boosts between 7 percent and 17 percent. Skills that seem to negatively impact pay include Loan Processing, bill collections, and Customer Service. Those educated in Consumer Loans tend to be well versed in Loan Processing and Loan Underwriting.

Pay by Experience Level for Loan Officer

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


Loan Officers do not generally earn higher incomes from more experience in the field. Salaries for the relatively untried average out to around $39K, but survey participants with five to 10 years of experience earn a significantly higher median of $46K. The average pay reported by folks with 10 to 20 years of experience is around $49K. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; a Loan Officer with more than 20 years of experience can earn $52K on average.

Pay Difference by Location

National Average: $42,780

Larger city markers indicate a job is popular in that location.

Home to some of the best pay for Loan Officers, Irvine offers exceptional salaries, 114 percent above the national average. Loan Officers can also look forward to large paychecks in cities like Chicago (+66 percent), Denver (+47 percent), New York (+31 percent), and Kansas City (+28 percent). Loan Officers in Tulsa make 26 percent less than the national average, proving that location is a major factor in pay. Two other places where employers offer below-median salaries are Pittsburgh (5 percent less) and Columbus (4 percent less).

Related Job Salaries

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Experience Affects Loan Officer Salaries




National Average
$43,000


Skills That Affect Loan Officer Salaries




Residential Loans
up arrow 6%

Loan Underwriting
up arrow 2%

Customer Relationship Management (CRM)
up arrow 1%

National Average
$43,000

Sales
up arrow 1%





Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 210 votes.

Gender

Female
53 %
Male
47 %

Years of Experience

Less than 1 year
6%
1-4 years
42%
5-9 years
21%
10-19 years
21%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 67%
medical benefits
Vision: 55%
dental benefits
None: 12%
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