Loan Officer Salary

Loan Officers in the United States can expect to earn an average of $43K annually. Individual bonuses, profit sharing and commission for Loan Officers — as high as $11K, $10K and $99K, respectively — each contribute to the degree of variation within overall compensation, ranging from $27K to $79K. The most important factor affecting compensation for this group is the particular firm, followed by geography and years of experience. For the most part, Loan Officers enjoy their work and report high levels of job satisfaction. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 51 percent. Most enjoy medical while a majority get dental coverage. Vision coverage is also available to a little more than half. The information for this rundown comes from respondents who completed 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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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. Typical career progression for a Loan Officer involves becoming a Banking Branch Manager or a Commercial Loan Officer, roles that pay $10K more and $24K more on average.

Loan Officer Job Listings

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Popular Employer Salaries for Loan Officer


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

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 Mortgage Loans are correlated to pay that is significantly above average, leading to increases of 40 percent, 21 percent, and 12 percent, respectively. At the other end of the pay range are skills like Loan Processing, Customer Service, and Consumer Loans. It is often found that people who know Consumer Loans are 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 does not seem to be a strong driver of pay increase in this role. The average beginner in this position makes around $38K, but folks who have been around for five to 10 years see a markedly higher median salary of $45K. The average pay reported by folks with 10 to 20 years of experience is around $49K. Loan Officers with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $52K.

Pay Difference by Location

National Average: $41,518

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

For those looking to make money, Loan Officers in Phoenix enjoy an exceptional pay rate, 38 percent above the national average. Loan Officers can also look forward to large paychecks in cities like Los Angeles (+30 percent), San Antonio (+29 percent), Philadelphia (+20 percent), and New York (+19 percent). Nashville is the lowest-paying area, 17 percent south of the national average. A couple other locations with smaller-than-average paychecks include Denver (13 percent lower) and San Diego (7 percent lower).

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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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