Avg. Base Salary (USD)
The average salary for a Loan Officer is $51,124 in 2023
What is the Pay by Experience Level for Loan Officers?
An entry-level Loan Officer with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $43,822 based on 119 salaries. An early career Loan Officer with 1-4 years of experience earns an average total compensation of $49,624 based on 621 salaries. A mid-career …Read more
What Do Loan Officers Do?
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.
It may sometimes be necessary to reach out to current and new clients to fulfill their loan needs. This may include …Read more
How do Loan Officers Rate Their Jobs?
FAQs About Loan Officers
What is the highest pay for Loan Officers?
Our data indicates that the highest pay for a Loan Officer is $79k / year
What is the lowest pay for Loan Officers?
Our data indicates that the lowest pay for a Loan Officer is $35k / year
How can Loan Officers increase their salary?
Increasing your pay as a Loan Officer is possible in different ways. Change of employer: Consider a career move to a new employer that is willing to pay higher for your skills. Level of Education: Gaining advanced degrees may allow this role to increase their income potential and qualify for promotions. Managing Experience: If you are a Loan Officer that oversees more junior Loan Officers, this experience can increase the likelihood to earn more.