The average salary for a Loan Officer is $45,976.
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$31k - $74k
$499 - $12k
$515 - $10k
$1k - $73k
$30k - $76k
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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. It may sometimes be necessary to reach out to current and new clients to fulfill their loan needs. This may include cr…Read more
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.
Popular Employer Salaries for Loan Officer
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.
Pay Difference by Location
Learn more about cost of living by city.
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.
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