Loan Officer Salary

Loan Officers in the United States pull down an average of $42K per year. Overall cash earnings for Loan Officers stretch from $27K on the lower end to $76K near the top, and the heftiest packages can encompass around $10K from bonuses and $9K from profit sharing. Compensation for this group is mainly affected by the specific employer, but the particular city and years of experience are influential factors as well. Women Loan Officers who took the survey just slightly outnumber men. Job satisfaction is reported as high by the vast majority of workers. Medical benefits are awarded to a large number, and more than half earn dental coverage. Respondents to the PayScale salary survey provided the data for this report.

$28,026 - $72,178
(Median)
$28K
$42K
$72K
MEDIAN: $41,642
10%
50%
90%

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$10.33 - $19.89
(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
$28,026 - $72,178  
   
Bonus
$0.00 - $10,059  
Profit Sharing
$495.96 - $8,833  
Commission
$0.00 - $97,748  
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).
)
$26,530 - $75,538  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 1,485
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
$10.33 - $19.89  
   
Overtime
$13.85 - $30.84  
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 - $10,059  
   
Commission
$0.00 - $97,748  
Profit Sharing
$495.96 - $8,833  
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).
)
$26,530 - $75,538  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 539
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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 transition into a Bank VP or Branch Manager role may receive large pay increases as the latter position pays an average $71K per year. It is quite typical for Loan Officers to transition into roles as Banking Branch Managers or Commercial Loan Officers, where reported median earnings are $11K and $25K higher per year.

Loan Officer Job Listings

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Popular Employer Salaries for Loan Officer


Just about half of the top paying company's median, Federal Credit Union offers a median salary of just $34K, consistently last on the pay scale ladder by far.

Popular Skills for Loan Officer


Survey results show that Loan Officers use a fair number of 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 44 percent, 22 percent, and 12 percent, respectively. At the other end of the pay range are skills like Loan Processing, Customer Service, and Consumer Loans. Most people who know Consumer Loans also 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 with a lot of experience do not necessarily enjoy more money. Survey participants with less than five years' experience pocket $37K on average, but those with five to 10 years of experience enjoy a much bigger median of $44K. Loan Officers with one to two decades of relevant experience report an average salary of approximately $49K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $52K.

Pay Difference by Location


For those looking to make money, Loan Officers in Los Angeles enjoy an exceptional pay rate, 39 percent above the national average. Loan Officers will also find cushy salaries in Chicago (+36 percent), San Antonio (+24 percent), New York (+19 percent), and Indianapolis (+18 percent). Trailing the national average by 15 percent, Denver is the market with the smallest paychecks. Nashville and San Diego are a couple other places where companies are known to pay below the median — salaries are 11 percent lower and 4 percent lower, respectively.

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Experience Affects Loan Officer Salaries




National Average
$41,000


Skills That Affect Loan Officer Salaries

Residential Loans
up arrow 44%





Loan Underwriting
up arrow 4%

Sales
0%

National Average
$41,000




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 385 votes.

Gender

Female
50 %
Male
50 %

Years of Experience

Less than 1 year
6%
1-4 years
40%
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: 50% employee benefits None: 13%
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