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Loan Officer Salary

Median pay for Loan Officers in the United States lies in the neighborhood of $42K annually. Bonuses, profit sharing, and commission all factor into final incomes for Loan Officers. Ranging between $27K near the bottom and $76K near the top, total earnings can include up to $10K from bonuses and up to $9K from profit sharing, with a high-performing minority reaping commissions of $98K. This group's pay is mainly influenced by the particular firm, followed by geography and tenure. The majority of Loan Officers claim high levels of job satisfaction. Women are just slightly outnumbered, with male Loan Officers making up 50 percent of survey respondents. Most enjoy medical while a majority get dental coverage. Vision coverage is also available to approximately half. The data in this summary comes from the PayScale salary survey.

$28,071 - $72,349
(Median)
$28K
$42K
$72K
MEDIAN: $41,522
10%
50%
90%

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$10.31 - $19.70
(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
$28,071 - $72,349  
   
Bonus
$0.00 - $10,061  
Profit Sharing
$496.65 - $8,795  
Commission
$0.00 - $97,647  
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).
)
$26,612 - $75,764  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 1,482
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
$10.31 - $19.70  
   
Overtime
$13.61 - $30.12  
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 - $10,061  
   
Commission
$0.00 - $97,647  
Profit Sharing
$496.65 - $8,795  
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).
)
$26,612 - $75,764  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 523

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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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Loan Officers may progress into high-paying roles like Bank VP or Branch Manager, where median compensation is $71K annually. A common career progression for a Loan Officer is to become a Banking Branch Manager or a Commercial Loan Officer. Compared to Loan Officers, the first group earns $11K more on average, and the second group earns $25K more.

Loan Officer Job Listings

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Popular Employer Salaries for Loan Officer


Federal Credit Union pays significantly less than other places with a median salary of $34K, less than half of the top paying company's rate.

Popular Skills for Loan Officer


Survey results suggest that Loan Officers use a fairly large toolkit of professional 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 13 percent, respectively. Skills that seem to negatively impact pay include Loan Processing, Customer Service, and Consumer Loans. Most people skilled in Consumer Loans are similarly competent in 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.


Loan Officers with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Survey participants with less than five years' experience pocket $36K on average, but those with five to 10 years of experience enjoy a much bigger median of $44K. People with 10 to 20 years of experience make an average of about $50K 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 $53K.

Pay Difference by Location


With a pay rate for Loan Officers that is 41 percent greater than the national average, Los Angeles offers a comfortable salary for those in this profession. Loan Officers can also look forward to large paychecks in cities like Chicago (+36 percent), San Antonio (+25 percent), New York (+20 percent), and Indianapolis (+19 percent). With compensation 20 percent below the national average, Phoenix is not known for hefty paychecks and actually represents the lowest-paying market. Two other places where employers offer below-median salaries are Denver (14 percent less) and San Diego (6 percent less).

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 7%

Loan Underwriting
up arrow 4%

National Average
$40,000




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 393 votes.

Gender

Female
50 %
Male
50 %

Years of Experience

Less than 1 year
6%
1-4 years
40%
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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