Loan Officer Salary

Pay for Loan Officers in the United States sits in the ballpark of $42K annually. With bonuses occasionally running north of $10K, profit sharing proceeds sometimes surpassing $9K, and a few commissions as high as $98K, total income for Loan Officers can range between $27K and $76K according to individual performance. The most influential factor affecting pay for this group is the company, though geography and years of experience have a (lesser) impact as well. Most enjoy medical while the larger part get dental coverage. Vision coverage is also available to one-half. Women Loan Officers who took the survey just slightly outnumber men. The majority of workers are highly satisfied with their job. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$28,185 - $72,494
(Median)
$28K
$42K
$72K
MEDIAN: $41,747
10%
50%
90%

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$10.33 - $19.83
(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
$28,185 - $72,494  
   
Bonus
$0.00 - $10,073  
Profit Sharing
$481.02 - $8,721  
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 - $75,761  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 1,481
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
$10.33 - $19.83  
   
Overtime
$14.00 - $30.77  
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 - $10,073  
   
Commission
$0.00 - $97,647  
Profit Sharing
$481.02 - $8,721  
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 - $75,761  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 546
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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

  • 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 experience a large salary bump if they progress into a role such as Bank VP or Branch Manager. The latter position pays an average of $71K annually. Banking Branch Managers or Commercial Loan Officers are common next-step roles for Loan Officers moving up in their careers; annual pay for Banking Branch Managers is $11K higher on average, and it's $25K higher for Commercial Loan Officers.

Loan Officer Job Listings

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Popular Employer Salaries for Loan Officer


Relative to other names in the field, compensation is very low at Federal Credit Union — the median salary comes to just $34K, about half the top paying employer's rate.

Popular Skills for Loan Officer


Survey results suggest that Loan Officers put a wide range of professional skills to use. Most notably, facility with Residential Loans, Commercial Loans, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 44 percent, 22 percent, and 12 percent, respectively. Skills that seem to negatively impact pay include Loan Processing, Customer Service, and Consumer Loans. Most people who know Consumer Loans also know 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.


Experience and pay tend to be weakly linked for Loan Officers — those with more experience do not necessarily bring in higher earnings. Relatively untried employees who have less than five years' experience make $37K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $44K. Loan Officers see a median salary of $49K after reaching one to two decades on the job. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $52K on average.

Pay Difference by Location


Home to some of the best pay for Loan Officers, Los Angeles offers exceptional salaries, 37 percent above the national average. Loan Officers can also look forward to large paychecks in cities like Chicago (+36 percent), San Antonio (+24 percent), Indianapolis (+18 percent), and New York (+18 percent). The lowest-paying market is Denver, which sits 15 percent below the national average. A couple other locations with smaller-than-average paychecks include Nashville (11 percent lower) and San Diego (4 percent lower).

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Experience Affects Loan Officer Salaries




National Average
$41,000


Skills That Affect Loan Officer Salaries

Residential Loans
up arrow 44%





Loan Underwriting
up arrow 4%

Sales
up arrow 1%

National Average
$41,000




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 381 votes.

Gender

Female
51 %
Male
49 %

Years of Experience

Less than 1 year
6%
1-4 years
40%
5-9 years
24%
10-19 years
21%
20 years or more
9%

Common Health Benefits

medical benefits Medical: 85% dental benefits Dental: 66%
vision benefits Vision: 50% employee benefits None: 12%
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