Loan Officer Salary

Loan Officers in the United States pull down an average of $45K annually. Total cash compensation to Loan Officers approaches anywhere from $29K on the lower end to $78K on the higher end; in exceptional cases, this can include more than $14K from bonuses and upwards of $10K from profit sharing. Compensation for this group is mainly affected by location, but the specific employer and tenure are influential factors as well. Most enjoy medical while a majority get dental coverage. Vision coverage is also available to the larger part. Most Loan Officers report high levels of job satisfaction. Women Loan Officers who took the survey just slightly outnumber men. This snapshot results from replies to PayScale's salary survey.

$30,252 - $77,919
$30K
$45K
$78K
MEDIAN: $45,050
10%
50%
90%

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$11.60 - $21.89
$12
$16
$22
MEDIAN: $16.04
10%
50%
90%

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$0$78K
Salary $30,252 - $77,919
Bonus $482.10 - $14,071
Profit Sharing $0.00 - $9,759
Commission $1,206 - $76,025
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).
)
$28,839 - $78,383
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 1,074
Hourly Data $0$34
Hourly Rate $11.60 - $21.89
Overtime $15.03 - $34.63
Annual Data $0$78K
Bonus $482.10 - $14,071
Commission $1,206 - $76,025
Profit Sharing $0.00 - $9,759
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).
)
$28,839 - $78,383
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 557

Find Out Exactly What You Should Be Paid

United States (change)

Employers: Start Here »

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

  • Obtain and compile financial information to evaluate loan applications and their risk.
  • Generate new clients and referrals through strong relationship building.
  • Track and maintain credit and loan data.
  • Work directly with clients to review agreements, explain programs, and negotiate loans and terms.

Common Career Paths for Loan Officer


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Loan Officers sometimes assume positions such as Bank VPs & Branch Managers. That role pays $71K per year on average. Banking Branch Managers or Commercial Loan Officers are common next-step roles for Loan Officers moving up in their careers; annual pay for Banking Branch Managers is $8K higher on average, and it's $23K higher for Commercial Loan Officers.

Loan Officer Job Listings

Popular Employer Salaries for Loan Officer


Federal Credit Union, Farm Credit, Usaa Insurance, Wells Fargo & Co., and Wells Fargo Bank are all popular places to work. For Loan Officers, comfortable salaries can be found at Farm Credit; in fact, average earnings are around $64K, the highest in the area, though the difference in the company's lowest and highest employee paychecks ($35K versus $92K) is great.

Known for its small paychecks, Federal Credit Union actually ranks last in the field for salary, reporting a median income of $34K — about half the top paying employer's rate.

Popular Skills for Loan Officer


Survey results imply that Loan Officers deploy a substantial tool kit of skills at work. Most notably, skills in Commercial Loans, Mortgage Loans, Residential Loans, and Financial Analysis are correlated to pay that is above average, with boosts between 8 percent and 15 percent. Skills that are correlated to lower pay, on the other hand, include Loan Processing, bill collections, and Customer Service. Most people experienced in Consumer Loans also know Loan Processing and Loan Underwriting.

Pay by Experience Level for Loan Officer

Pay by Experience for a Loan Officer has a positive trend. An entry-level Loan Officer with less than 5 years of experience can expect to earn an average total compensation of $40,000 based on 902 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $46,000 based on 419 salaries. An experienced Loan Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $49,000 based on 405 salaries. A Loan Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $50,000 based on 151 salaries.

Pay Difference by Location

National Average: $43,505

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

For Loan Officers, Irvine provides a pay rate that is 111 percent greater than the national average. Loan Officers can also look forward to large paychecks in cities like Denver (+72 percent), Washington (+44 percent), Chicago (+43 percent), and Kansas City (+29 percent). Place of residence plays a huge part in a Loan Officer's salary, with Tulsa Loan Officers earning salaries that are 27 percent less than the national average.

Loan Officer Reviews

Q: What is it like working as a Loan Officer?

Loan Officer in Fort Worth:
"Work status."
Pros: I most like the city culture and cost of living.
Cons: I least like the traffic/commute.

Loan Officer in Idaho Falls:
"Loan processor."
Pros: Helping people save money.
Cons: Very stressful and too much multi tasking.

Loan Officer in Omaha:
"Financial life."
Pros: Helping people get loans to purchase new cars, consolidate debt etc.
Cons: Declining people for loans and how you get treated at times.

Loan Officer in Morganton:
Pros: Helping people save money.
Cons: Do not get paid enough for what I do.

Loan Officer in Morganton:
Pros: Helping people save money.
Cons: Do not get paid enough for what I do.

Loan Officer in Marion:
"Occassionally satisfying."
Pros: Personal interaction with members. Providing information that is beneficial in helping our members reach their financial goals.
Cons: Turning people down for credit when they desperately need help.

Loan Officer in Presque Isle:
"Stressful."
Pros: Helping other to achieve their dreams.
Cons: Having to deny someone their dream.

Related Job Salaries

Key Stats for Loan Officer

Gender

Female
53 %
Male
47 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 260 votes.
Less than 1 year
6%
1-4 years
43%
5-9 years
19%
10-19 years
22%
20 years or more
10%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Officer Salaries

▲14%

▲12%

▲6%

National Average
$44,000

▼9%

Skills That Affect Loan Officer Salaries



Residential Loans
▲8%




National Average
$44,000

▼4%





Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 260 votes.

Gender

Female
53 %
Male
47 %

Years of Experience

Less than 1 year
6%
1-4 years
43%
5-9 years
19%
10-19 years
22%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 67%
vision benefits
Vision: 56%
no benefits
None: 14%
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