Loan Officer Salary

Median pay for Loan Officers in the United States is around $43K per year. With some bonuses approaching $11K and certain profit sharing proceeds approaching $10K, overall incomes of Loan Officers spread between $27K and $79K depending on individual performance. This group's pay is mainly influenced by the particular firm, followed by the particular city and experience level. Women Loan Officers who took the survey just slightly outnumber men. Job satisfaction for Loan Officers is high. A large number enjoy medical while the greater part get dental coverage. Vision coverage is also available to a little over a half. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.

$28,878 - $75,023
(Median)
$29K
$43K
$75K
MEDIAN: $42,908
10%
50%
90%

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$10.43 - $20.30
(Median)
$10
$15
$20
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$34K$68K$102K
Salary
$28,878 - $75,023  
   
Bonus
$0.00 - $10,766  
Profit Sharing
$22.50 - $10,000  
Commission
$0.00 - $99,110  
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).
)
$27,252 - $78,929  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 1,655
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$17$34$51
Hourly Rate
$10.43 - $20.30  
   
Overtime
$14.53 - $32.33  
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$50K$100K$150K
Bonus
$0.00 - $10,766  
   
Commission
$0.00 - $99,110  
Profit Sharing
$22.50 - $10,000  
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).
)
$27,252 - $78,929  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 658
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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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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. 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 $10K per year on average, and the latter position pays $24K more per year.

Loan Officer Job Listings

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Popular Employer Salaries for Loan Officer


Federal Credit Union pays significantly less than other places with a median salary of $34K, just about half of the top paying company's median.

Popular Skills for Loan Officer


Loan Officers seem to require a number of specific skills. Most notably, facility with Residential Loans, Commercial Loans, and Mortgage Loans are correlated to pay that is significantly above average, leading to increases of 40 percent, 21 percent, and 12 percent, respectively. Skills that pay less than market rate include Loan Processing, Customer Service, and Consumer Loans. Those proficient in Consumer Loans are, more often than not, also skilled 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.


Experience and pay tend to be weakly linked for Loan Officers — those with more experience do not necessarily bring in higher earnings. The average worker who claims fewer than five years of experience earns around $38K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $45K. For Loan Officers, 10 to 20 years of experience on the job amounts to an average salary of $49K. Loan Officers who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $52K on average.

Pay Difference by Location

National Average: $41,518

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

Surpassing the national average by 38 percent, Loan Officers in Phoenix receive some of the highest pay in the country. Loan Officers will also find cushy salaries in Los Angeles (+30 percent), San Antonio (+29 percent), Philadelphia (+20 percent), and New York (+19 percent). The lowest-paying market is Nashville, which sits 17 percent below the national average. Employers also pay below the national average in Denver (13 percent lower) and San Diego (7 percent lower).

Related Job Salaries

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Experience Affects Loan Officer Salaries




National Average
$42,000


Skills That Affect Loan Officer Salaries

Residential Loans
up arrow 40%




Customer Relationship Management (CRM)
up arrow 4%

Sales
up arrow 4%

Loan Underwriting
up arrow 2%

National Average
$42,000




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 406 votes.

Gender

Female
51 %
Male
49 %

Years of Experience

Less than 1 year
6%
1-4 years
40%
5-9 years
23%
10-19 years
22%
20 years or more
9%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 67%
medical benefits
Vision: 52%
dental benefits
None: 12%
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