Browse Categories

Loan Officer Salary

The average Loan Officer in the United States can expect to rake in roughly $41K per year. Overall cash earnings of Loan Officers stretch from $26K near the bottom to $78K at the top, and the heftiest packages can encompass around $10K each from bonuses and profit sharing. This group's pay is mainly influenced by geography, followed by the company and years of experience. Medical benefits are awarded to a large number, and the greater part earn dental coverage. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 50 percent. Most workers in this position report high levels of job satisfaction.
$27,319 - $73,793
(Median)
27K
33K
41K
55K
74K
MEDIAN: $41,105
10%
25%
50%
75%
90%

Add this chart to your site: 640px    300px

$10.23 - $19.54
(Median)
10
12
15
17
20
MEDIAN: $14.00
10%
25%
50%
75%
90%

Add this chart to your site: 640px    300px

Show Annual Salary Show Hourly Rate

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$34K$68K$102K
Salary
$27,319 - $73,793  
   
Bonus
$0.00 - $10,044  
Profit Sharing
$502 - $9,696  
Commission
$0.00 - $99,762  
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).
)
$26,404 - $78,223  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 1,494
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
$10.23 - $19.54  
   
Overtime
$14.06 - $30.40  
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 - $10,044  
   
Commission
$0.00 - $99,762  
Profit Sharing
$502 - $9,696  
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).
)
$26,404 - $78,223  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 522
United States (change)

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.

Read More...

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


Add this chart to your site:   640px 640px    300px 300px


Loan Officers who go on to become Bank VPs & Branch Managers may see their salaries climb quite a bit. Median pay for Bank VPs & Branch Managers is $71K annually. Loan Officers typically move into roles as Banking Branch Managers or Commercial Loan Officers, and those positions pay $11K more and $25K more, respectively.

Loan Officer Job Listings

Search for more jobs:

Popular Employer Salaries for Loan Officer


Federal Credit Union reports the lowest median salary in the area by far — it's only $34K, 73 percent lower than the top payer.

Popular Skills for Loan Officer


Loan Officers report using a wide range of professional skills. 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, 21 percent, and 15 percent, respectively. Skills that seem to negatively impact pay include 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.


Loan Officers do not generally earn higher incomes from more experience in the field. Salaries of relatively inexperienced workers fall in the neighborhood of $36K, but folks who have racked up five to 10 years see a notably higher median of $44K. Loan Officers see a median salary of $49K after reaching one to two decades on the job. Loan Officers who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $53K.

Pay Difference by Location


Chicago offers some of the highest pay in the country for Loan Officers, 61 percent above the national average. Loan Officers will also find cushy salaries in Los Angeles (+37 percent), San Antonio (+27 percent), New York (+24 percent), and Columbus (+19 percent). Compared to the national average, Tulsa Loan Officers have considerably lower salaries, 21 percent below the national average to be exact. Location appears to be a major driving force in pay for those in this profession. Denver and San Diego are a couple other places where companies are known to pay below the median — salaries are 13 percent lower and 4 percent lower, respectively.

Related Job Salaries

Experience Affects Loan Officer Salaries




National Average
$40,000


Skills That Affect Loan Officer Salaries

Residential Loans
up arrow 47%





Loan Underwriting
up arrow 2%

National Average
$40,000




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 408 votes.

Gender

Female
50 %
Male
50 %

Years of Experience

Less than 1 year
7%
1-4 years
40%
5-9 years
24%
10-19 years
21%
20 years or more
9%

Common Health Benefits

medical benefits Medical: 84% dental benefits Dental: 66%
vision benefits Vision: 48% employee benefits None: 13%