Loan Officer Salary (United States)

A Loan Officer earns an average salary of $40,974 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, Regulatory Compliance, 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.
)
$27,021 - $74,425
(Median)
27K
41K
54K
74K
MEDIAN: $40,973
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.
)
$10.25 - $19.67
(Median)
10
12
15
17
20
MEDIAN: $14.00
10%
25%
50%
75%
90%
Add this chart to your site

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
$27,021 - $74,425  
   
Bonus
$0.00 - $10,077  
Profit Sharing
$891 - $7,397  
Commission
$0.00 - $98,905  
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).
)
$26,436 - $81,303  
PayScale
Country: United States | Currency: USD | Updated: 11 Jun 2014 | Individuals Reporting: 2,205
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
$10.25 - $19.67  
   
Overtime
$13.83 - $30.79  
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 - $10,077  
   
Commission
$0.00 - $98,905  
Profit Sharing
$891 - $7,397  
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).
)
$26,436 - $81,303  
PayScale
Country: United States | Currency: USD | Updated: 11 Jun 2014 | Individuals Reporting: 2,205
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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.
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.
Read more about: Credit Analysts , Loan Officers
Common Career Paths for Loan Officer

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 59%
New York
up arrow 45%
San Antonio
up arrow 25%
Indianapolis
up arrow 24%
Columbus
up arrow 18%
Fort Worth
up arrow 18%
up arrow 8%
Atlanta
up arrow 5%
Houston
up arrow 2%
Minneapolis
0%
Oklahoma City
0%
National Average
$40,000
San Diego
up arrow 2%
Phoenix
up arrow 19%
Denver
up arrow 21%
Larger circles over a city indicate a job is popular in that location.
Related Job Salaries

Experience Affects Loan Officer Salaries

National Average
$40,000

Skills That Affect Loan Officer Salaries

Residential Loans
up arrow 48%
Regulatory Compliance
up arrow 20%
Loan Underwriting
up arrow 3%
National Average
$40,000
Loan Documents
up arrow 11%
Job Satisfaction
Extremely satisfied Image
Extremely satisfied
Rated 5 out of 5 based on 474 votes.
Gender
Female
49%
female alumni
 
Male
51%
male alumni
Years of Experience
Less than 1 year
7%
1-4 years
40%
5-9 years
25%
10-19 years
21%
20 years or more
8%
Common Health Benefits
medical benefits Medical: 83% dental benefits Dental: 65%
vision benefits Vision: 47% employee benefits None: 14%
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