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Loan Officer Salary

Loan Officers in the United States can expect to earn an average of $41K per year. Total cash compensation to Loan Officers bottoms out near $27K and approaches $76K on the high end; the biggest paychecks include approximately $10K from bonuses and almost $9K from profit sharing. The particular firm is the main element affecting pay for this group — the particular city and tenure are driving factors as well. Men make up a slight majority of Loan Officers (50 percent) who responded to the survey. A large number report receiving medical coverage from their employers and the greater part collect dental insurance. Job satisfaction is high and work is enjoyable for most Loan Officers. This overview is based on answers to PayScale's salary questionnaire.

$28,065 - $72,494
(Median)
$28K
$41K
$72K
MEDIAN: $41,487
10%
50%
90%

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$10.33 - $19.67
(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
$28,065 - $72,494  
   
Bonus
$0.00 - $10,024  
Profit Sharing
$495.96 - $8,833  
Commission
$0.00 - $97,543  
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).
)
$26,502 - $75,720  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 1,469
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 - $19.67  
   
Overtime
$13.70 - $30.03  
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 - $10,024  
   
Commission
$0.00 - $97,543  
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).
)
$26,502 - $75,720  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 530

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United States (change)


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Job Description for Loan Officer

Loan officers work for lenders such as financial institutions or banks as well as other agencies specializing in loans. They work to help borrowers obtain money they may need for financial ventures such as mortgaging a home, starting a new business, or buying a car. Loan officers must also work to minimize the risk to their place of employment in terms of what loans may be given and to whom.

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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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For Loan Officers, progressing to a Bank VP or Branch Manager role may result in a significant raise. On average, a Bank VP or Branch Manager can earn $71K annually. Loan Officers most often move into positions as Banking Branch Managers or Commercial Loan Officers; those groups report median salaries that are $11K higher and $25K higher, respectively.

Loan Officer Job Listings

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Popular Employer Salaries for Loan Officer


The lowest pay by far can be found at Federal Credit Union — this employer offers a median salary of $34K, less than half of the top paying employer's rate.

Popular Skills for Loan Officer


Loan Officers seem to require a number of specific 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 46 percent, 22 percent, and 14 percent, respectively. Skills that pay less than market rate include Loan Processing, Customer Service, and Consumer Loans. For most people, competency in Consumer Loans indicates knowledge of 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.


For many Loan Officers, extensive experience does not lead to significantly more money. Workers in their first five years can expect to earn $36K, but people who have been around for five to 10 years earn a noticeably bigger sum of $44K. Loan Officers see a median salary of $49K after reaching one to two decades on the job. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $53K.

Pay Difference by Location


With a pay rate for Loan Officers that is 40 percent greater than the national average, Los Angeles offers a comfortable salary for those in this profession. Loan Officers will also find cushy salaries in Chicago (+36 percent), San Antonio (+25 percent), New York (+20 percent), and Philadelphia (+17 percent). The lowest-paying market is Phoenix, which sits 20 percent below the national average. Not at the bottom but still paying below the median are employers in Denver and Nashville (14 percent lower and 8 percent lower, respectively).

Related Job Salaries

United States (change)

Experience Affects Loan Officer Salaries




National Average
$40,000


Skills That Affect Loan Officer Salaries

Residential Loans
up arrow 46%





Sales
up arrow 9%

Loan Underwriting
up arrow 4%

National Average
$40,000




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 395 votes.

Gender

Female
50 %
Male
50 %

Years of Experience

Less than 1 year
7%
1-4 years
41%
5-9 years
23%
10-19 years
21%
20 years or more
9%

Common Health Benefits

medical benefits Medical: 85% dental benefits Dental: 66%
vision benefits Vision: 49% employee benefits None: 12%
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