Salary for Loan Officer Jobs

Updated: 29 Jan 2012
United States » Job » Loan Officer Overview » Loan Officer Salary
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National Salary Data

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$50K$100K$150K
Salary$26,168 - $80,035  
   
Bonus$308.57 - $10,284  
Profit Sharing$515 - $6,904  
Commission$1,208 - $102,868  
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).
)
$25,885 - $92,895  
PayScale
Country: United States | Currency: USD | Updated: 29 Jan 2012 | Individuals Reporting: 1,478
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Companies and Industries for Loan Officer Jobs

Popular Employers

Salary Range

Bank of America Corp. (BOFA)$29,402 - $81,094
J.P. Morgan Chase & Co. (JPMCC)$24,511 - $98,337
Federal Credit Union$26,963 - $45,000
Wells Fargo Bank$34,000 - $70,500
Farm CreditNot enough data
Popular Industries

Salary Range

Banking$26,662 - $72,465
Mortgage Lending / Loans / Credit Products$27,332 - $87,253
Financial Services$27,758 - $81,667
Credit Union$25,628 - $58,157
Mortgage Broker$26,210 - $116,817

key statistics
Key Statistics for Loan Officer Jobs

Gender
Female
51%
female alumni
 
Male
49%
male alumni
Salary:$31,040 - $49,111 $32,705 - $54,006
Years of Experience
Less than 1 year
7%
1-4 years
41%
5-9 years
26%
10-19 years
20%
20 years or more
6%
Most Common Health Benefits
medical benefits Medical: 81% dental benefits Dental: 63%
vision benefits Vision: 44% employee benefits None: 16%

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career path
Career Path for Loan Officer Jobs

Common Past Jobs
Common Future Jobs

Loan Officer

Salary Range

$25,885 - $92,895
payscale
Bank Teller
$17,367 - $28,760
Customer Service Representative (CSR)
$19,283 - $42,571
Loan Processor
$21,516 - $48,687
 
Common Future Jobs

Loan Officer

Salary Range

$25,885 - $92,895
payscale
Branch Manager, Banking
$34,392 - $79,688
Loan Officer, Commercial
$39,693 - $126,353
Personal Banker
$24,886 - $52,780
 

career path
Salary Map for Loan Officer Jobs

Highest Salaries By City for Loan Officer Jobs

Top Cities by Popularity for Loan Officer Jobs

Highest Salaries By City Top Cities by Popularity

sample job description
Loan Officer Job Description

People with the job title Loan Officer typically fall into one of the following PayScale standard occupations.

Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

See Sample Job Descriptions for All Jobs

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FAQs on Salaries for Loan Officer Jobs

Researching Loan Officer Salaries

For many consumers, a loan is so much more than a business arrangement. It can mean the achievement of lifelong dreams such as owning a house, starting a business or getting an advanced education. A loan officer carries a lot of the responsibility for keeping our lending system running smoothly. He or she has a responsibility to consumers - finding the loans that will be the best fit for them - and also to lending institutions, ensuring that those who receive loans are qualified and capable of paying them back. Getting a loan can be a confusing and stressful time for consumers, but a skillful and confident loan officer can alleviate much of the stress involved. Many of the factors that affect loans, such as location and industry, also affect loan officer salaries, so it stands to reason that regular salary research should be an important part of any loan officer's career.

Loan Officer Salary Data

If you're a loan officer and thinking about relocating, you may be interested in the Loan Officer Salary by City chart. It shows a big difference in median loan officer salaries between cities such as Chicago and Dallas. Of course, cost of living can be wildly different from city to city. Check out the PayScale Cost of Living calculator to compare Cost of Living and Loan Officer Salary Data in Chicago, Dallas and other cities. Between Chicago and Dallas, you'll find a 46 percent difference in the cost of housing. Measuring Loan Officer Salary by Industry, we can see that mortgage brokers currently offer the highest loan officer average salary. In some states, loan officers need special certification to work for mortgage brokers, which could contribute to high loan officer salaries in that industry. No specific degree is required to become a loan officer, although many institutions will be on the lookout for degrees in finance or economics. There are certainly more than a few successful loan officers who have started from the bottom and worked their way up, learning as they go. The more experience a loan officer has, the higher the loan officer's salary; the Loan Officer Salary by Years of Experience chart shows a direct relationship between experience and salary.

Loan Officer Average Salary

If you've got a loan officer's keen attention to detail, chances are you've noticed that PayScale measures median loan officer salaries rather than a loan officer average salary. To find out why, "what is the median loan officer salary" is a better question than, "what is a loan officer's average salary," read "Why is Median Better than Mean for a Typical Salary?" by PayScale's own Dr. Salary.

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More Charts for Loan Officer Jobs

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The latest career advice from people with this job:

Loan Officer Jobs

Balance
Loan Officer - (City withheld for privacy), Hawaii, United States
Life is about balance. Physically, mentally, and spiritually. One with the other, or one heavier than the other will cause a reaction of unbalanced lifestyle. Work is just an element of life. Some use there physical well being to work, some don't know any better, but if one, just one person could impact there life someway, somehow and share there positive attributes towards life, collectively one individual may gain so much. Not just gain financially, because money is just an element of lif...
Posted in Work Life Balance on 5 Jun 2007
Slow but steady
Loan Officer - (City withheld for privacy), Illinois, United States
Loyalty, and steady progress towards your goal. I've gone from a "representative" to an Asst. VP in 5 years on those principals. Good reviews, eagerness to take on new responsibilities, and supperior performance don't hurt, either.
Posted in 5 Years Ago on 9 Apr 2007
Stay Free of the Net
Loan Officer - (City withheld for privacy), Virginia, United States
Unless you are doing a search for your job stay away from personal sites during work hours even if you've completed your work and your co-workers work. It will bite you in the long run.
Posted in I Was Fired on 17 Aug 2006
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