The average Loan Officer in the United States can expect to rake in roughly $45K annually. The final incomes of Loan Officers generally vary between $29K and $77K; higher pay grades include potential for bonuses, profit sharing, and commissions as high as $14K, $10K, and $70K, respectively. Geography is the biggest factor affecting pay for this group, followed by the specific employer and tenure. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 52 percent. Most report receiving medical coverage from their employers and a majority collect dental insurance. Most workers in this position report high levels of job satisfaction.

$30,219 - $77,560
$30K
$45K
$78K
MEDIAN: $44,663
10%
50%
90%

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$11.26 - $21.59
$11
$16
$22
MEDIAN: $15.81
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$26K$52K$78K
Salary
$30,219 - $77,560  
   
Bonus
$500 - $14,194  
Profit Sharing
$0.00 - $10,165  
Commission
$1,210 - $70,069  
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).
)
$28,742 - $76,843  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 1,069
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$13$26$39
Hourly Rate
$11.26 - $21.59  
   
Overtime
$14.59 - $34.15  
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$26K$52K$78K
Bonus
$500 - $14,194  
   
Commission
$1,210 - $70,069  
Profit Sharing
$0.00 - $10,165  
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).
)
$28,742 - $76,843  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 541

Find Out Exactly What You Should Be Paid

United States (change)

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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

  • 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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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. Loan Officers typically move into roles as Banking Branch Managers or Commercial Loan Officers, and those positions pay $9K more and $23K more, respectively.

Loan Officer Job Listings

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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. Loan Officers flock to Farm Credit for generous paychecks, where average earnings of $65K lead the pack in compensation; however, Farm Credit also provides employees with a wide spectrum of compensation ranging from $35K at one end to $93K at the other end.

With a median salary of only $34K (about half the top paying employer's rate), Federal Credit Union lags significantly in the earnings department.

Popular Skills for Loan Officer


Survey participants wield an impressively varied skill set on the job. Most notably, skills in Commercial Loans, Mortgage Loans, Financial Analysis, and Residential Loans are correlated to pay that is above average, with boosts between 8 percent and 17 percent. At the other end of the pay range are skills like Loan Processing, Customer Service, and bill collections. Those educated in Consumer Loans tend to be well versed 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.


For Loan Officers, more experience in the field does not usually mean bigger paychecks. Although individuals who have less than five years' experience earn $40K on average, people with five to 10 years benefit from a notably larger average of $47K. People with 10 to 20 years of experience make an average of about $49K in this role. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $50K.

Pay Difference by Location

National Average: $43,043

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

Loan Officers will find that Irvine offers an impressive pay rate, one which exceeds the national average by 113 percent. Loan Officers can also look forward to large paychecks in cities like Washington (+45 percent), Chicago (+44 percent), New York (+37 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 26 percent less than the national average.

Related Job Salaries

Key Stats for Loan Officer

Gender

Female
52 %
Male
48 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 221 votes.
042
Less than 1 year
6%
1-4 years
43%
5-9 years
20%
10-19 years
21%
20 years or more
9%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Officer Salaries




National Average
$43,000


Skills That Affect Loan Officer Salaries

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 221 votes.

Gender

Female
52 %
Male
48 %

Years of Experience

Less than 1 year
6%
1-4 years
43%
5-9 years
20%
10-19 years
21%
20 years or more
9%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 67%
vision benefits
Vision: 55%
dental benefits
None: 13%
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