Average Loan Officer Salary

$45,976
Avg. SalaryShow Hourly Rate
$3,032
Bonus
$7,709
Commission
$1,961
Profit Sharing
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The average salary for a Loan Officer is $45,976.
10%
$31k
10%
$46k
50%
$74k
90%
90%
MEDIAN $45,976
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United States (change)
Salary
$31k - $74k
Bonus
$499 - $12k
Profit Sharing
$515 - $10k
Commission
$1k - $73k
Total Pay
$30k - $76k

Your Market Worth Over Time

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Job Description for Loan Officer

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.
The top respondents for the job title Loan Officer are from the companies Farm Credit, Wells Fargo & Co. and Usaa Insurance. Reported salaries are highest at Wells Fargo & Co. where the average pay is $73,044. Other companies that offer high salaries for this role include Agcountry Farm Credit Services and Farm Credit, earning around $60,502 and $56,328, respectively. Dollar Bank pays the lowest at around $40,191. Usaa Insurance and Wells Fargo Bank also pay on the lower end of the scale, paying $45,000 and $47,000, respectively.

Loan Officer Job Listings

Popular Skills for Loan Officer

Skills in Mortgage Loans and Loan Underwriting are correlated to pay that is above average. Skills that pay less than market rate include Loan Processing, Customer Service and Consumer Loans.

Pay by Experience Level for Loan Officer

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 $40,962 based on 536 salaries. An early career Loan Officer with 1-4 years of experience earns an average total compensation of $42,724 based on 1,290 salaries. A mid-career Loan Officer with 5-9 years of experience earns an average total compensation of $49,270 based on 652 salaries. An experienced Loan Officer with 10-19 years of experience earns an average total compensation of $49,197 based on 594 salaries. In their late career (20 years and higher), employees earn an average total compensation of $53,827.
Employees with Loan Officer in their job title in Kansas City, Missouri earn an average of 12.5% more than the national average. These job titles also find higher than average salaries in Los Angeles, California (11.8% more) and Dallas, Texas (9.1% more). The lowest salaries can be found in Phoenix, Arizona (14.3% less) and Houston, Texas (7.6% less).

Years of Experience

This data is based on 3,295 survey responses.
Entry Level
16.3%
Early Career
39.2%
Mid Career
19.8%
Experienced
18.0%
Late Career
6.8%