Loan Officer Salary

For Loan Officers, yearly average wages total $42K annually. Including potential for bonuses, profit sharing and commission — peaking near $10K, $9K, and $98K, respectively — total cash payment to Loan Officers can bottom out near $27K or top out at around $76K. Compensation for this group is mainly affected by the company, but geography and years of experience are influential factors as well. Most workers in this position report high levels of job satisfaction. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 51 percent. Most report receiving medical coverage from their employers and a majority collect dental insurance. This report is based on responses to the PayScale salary survey.

$28,392 - $72,455

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$10.58 - $19.87

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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$33K$66K$99K
Salary
$28,392 - $72,455  
   
Bonus
$0.00 - $10,073  
Profit Sharing
$482.45 - $8,682  
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).
)
$26,803 - $75,638  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 1,484
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$17$34$51
Hourly Rate
$10.58 - $19.87  
   
Overtime
$14.53 - $30.75  
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$50K$100K$150K
Bonus
$0.00 - $10,073  
   
Commission
$0.00 - $97,647  
Profit Sharing
$482.45 - $8,682  
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).
)
$26,803 - $75,638  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 554
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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 who transition into a Bank VP or Branch Manager role may receive large pay increases as the latter position pays an average $71K per year. 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 $11K per year on average, and the latter position pays $25K more per year.

Loan Officer Job Listings

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Popular Employer Salaries for Loan Officer


Federal Credit Union reports the lowest median salary in the area by far — it's only $34K, about half the top paying employer's rate.

Popular Skills for Loan Officer


Loan Officers report using a diverse set of skills on the job. Most notably, facility with Residential Loans, Commercial Loans, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 43 percent, 22 percent, and 12 percent, respectively. Skills that seem to negatively impact pay include Loan Processing, Customer Service, and Consumer Loans. It is often found that people who know Consumer Loans are also skilled 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.


Experience does not seem to be a strong driver of pay increase in this role. Survey participants with less than five years' experience pocket $37K 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 $49K in this role. Loan Officers who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $52K.

Pay Difference by Location


For Loan Officers, busy Chicago offers a higher-than-average pay rate, 59 percent above the national average. Loan Officers can also look forward to large paychecks in cities like Los Angeles (+37 percent), Indianapolis (+18 percent), New York (+18 percent), and Orlando (+13 percent). Trailing the national average by 15 percent, Nashville is the market with the smallest paychecks. Denver and San Diego are a couple other places where companies are known to pay below the median — salaries are 15 percent lower and 4 percent lower, respectively.

Related Job Salaries

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Experience Affects Loan Officer Salaries




National Average
$41,000


Skills That Affect Loan Officer Salaries

Residential Loans
up arrow 43%





Loan Underwriting
up arrow 3%

Sales
up arrow 1%

National Average
$41,000




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 380 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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