Loan Officer Salary

The average Loan Officer in the United States can expect to rake in roughly $44K per year. Overall compensation packages to Loan Officers range from $29K on the low end to $77K on the high end; this includes bonuses that peak near $14K and profit sharing that approaches $10K, with some high rollers snagging commissions as high as $77K. The most important factor affecting compensation for this group is geographic location, followed by the company and years of experience. Women Loan Officers who took the survey just slightly outnumber men. Job satisfaction for Loan Officers is high. A large number enjoy medical while more than half get dental coverage. Vision coverage is also available to more than half.

$30,193 - $77,336
$30K
$44K
$77K
MEDIAN: $44,353
10%
50%
90%

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$11.54 - $21.76
$12
$16
$22
MEDIAN: $15.96
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
$30,193 - $77,336  
   
Bonus
$503 - $14,116  
Profit Sharing
$0.00 - $10,083  
Commission
$1,210 - $76,978  
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).
)
$28,911 - $77,396  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 1,047
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
$11.54 - $21.76  
   
Overtime
$13.91 - $34.33  
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
$503 - $14,116  
   
Commission
$1,210 - $76,978  
Profit Sharing
$0.00 - $10,083  
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).
)
$28,911 - $77,396  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 529

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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There are some Loan Officers — though it's uncommon — that transition into Bank VPs & Branch Managers, where earnings are an average $71K annually. The most common next step for a Loan Officer is to become a Banking Branch Manager or a Commercial Loan Officer. The former position pays an additional $9K per year on average, and the latter position pays $23K more per year.

Loan Officer Job Listings

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Popular Employer Salaries for Loan Officer


Well-known firms with a reputation for hiring numerous Loan Officers include Federal Credit Union, Farm Credit, Usaa Insurance, Wells Fargo & Co., and Wells Fargo Bank. Although Farm Credit heads up the field in terms of compensation, offering the highest median salary at $64K, pay at this particular employer still varies considerably, running the full spectrum from $35K to $92K.

Federal Credit Union employees cannot expect much in terms of compensation — the median salary amounts to only $34K, just about half of the top paying company's median.

Popular Skills for Loan Officer


Loan Officers report using a deep pool of skills on the job. Most notably, skills in Commercial Loans, Mortgage Loans, Residential Loans, and Financial Analysis are correlated to pay that is above average, with boosts between 9 percent and 16 percent. Skills that are correlated to lower pay, on the other hand, include Loan Processing, bill collections, and Customer Service. Most people who know 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: $43,058

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

For Loan Officers, busy Irvine offers a higher-than-average pay rate, 113 percent above the national average. Loan Officers will also find cushy salaries in Denver (+74 percent), Washington (+45 percent), Chicago (+44 percent), and Kansas City (+30 percent). Loan Officers in Tulsa report much lower salaries than the rest of the country — 26 percent below the national average — proving that residence is a major factor in overall pay.

Related Job Salaries

Key Stats for Loan Officer

Gender

Female
53 %
Male
47 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 214 votes.
Less than 1 year
6%
1-4 years
42%
5-9 years
19%
10-19 years
22%
20 years or more
10%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Officer Salaries

▲15%

▲13%

▲8%

National Average
$43,000

▼8%

Skills That Affect Loan Officer Salaries



Residential Loans
▲9%




National Average
$43,000

▼3%





Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 214 votes.

Gender

Female
53 %
Male
47 %

Years of Experience

Less than 1 year
6%
1-4 years
42%
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: 55%
no benefits
None: 13%
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