Loan Officer Salary (United States)

A Loan Officer earns an average salary of $41,104 per year. Most people with this job move on to other positions after 20 years in this career. The highest paying skills associated with this job are Residential Loans, Commercial Loans, Financial Analysis, and Customer Relationship Management (CRM).
Loan Officer Total Pay (?
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.
)
$26,996 - $74,798
(Median)
27K
41K
55K
75K
MEDIAN: $41,104
10%
50%
75%
90%
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Loan Officer Total Pay (?
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.
)
$10.29 - $19.80
(Median)
10
13
15
17
20
MEDIAN: $14.00
10%
25%
50%
75%
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$34K$68K$102K
Salary
$26,996 - $74,798  
   
Bonus
$0.00 - $10,045  
Profit Sharing
$894 - $7,341  
Commission
$0.00 - $99,253  
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).
)
$26,540 - $79,947  
PayScale
Country: United States | Currency: USD | Updated: 5 Aug 2014 | Individuals Reporting: 2,116
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
$10.29 - $19.80  
   
Overtime
$13.47 - $30.53  
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 - $10,045  
   
Commission
$0.00 - $99,253  
Profit Sharing
$894 - $7,341  
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).
)
$26,540 - $79,947  
PayScale
Country: United States | Currency: USD | Updated: 5 Aug 2014 | Individuals Reporting: 2,116
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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.
Read More...
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 Officer Job Listings

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Popular Employer Salaries for Loan Officer

Popular Skills for Loan Officer

Pay by Experience Level for Loan Officer

Median of all compensation (including tips, bonus, and overtime) by years of experience.

Pay Difference By Location

Chicago
up arrow 60%
Philadelphia
up arrow 42%
New York
up arrow 33%
Indianapolis
up arrow 32%
San Antonio
up arrow 26%
Salt Lake City
up arrow 13%
Dallas
up arrow 5%
Atlanta
up arrow 1%
Houston
0%
San Diego
0%
Minneapolis
0%
Oklahoma City
0%
National Average
$41,000
Nashville
up arrow 2%
Denver
up arrow 17%
Larger circles over a city indicate a job is popular in that location.

Related Job Salaries

Experience Affects Loan Officer Salaries

National Average
$41,000

Skills That Affect Loan Officer Salaries

Residential Loans
up arrow 47%
Loan Underwriting
up arrow 3%
National Average
$41,000

Job Satisfaction

Extremely satisfied Image
Extremely satisfied
Rated 5 out of 5 based on 462 votes.

Gender

Female
49%
female alumni
 
Male
51%
male alumni

Years of Experience

Less than 1 year
7%
1-4 years
39%
5-9 years
24%
10-19 years
21%
20 years or more
8%

Common Health Benefits

medical benefits Medical: 84% dental benefits Dental: 66%
vision benefits Vision: 47% employee benefits None: 14%
Find Out Exactly What You Should Be Paid
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