Loan Officer Salary

Median pay for Loan Officers in the United States lies in the neighborhood of $45K annually. Overall incomes of Loan Officers — including $14K bonuses, $10K profit sharing proceeds, and $80K commissions on the more lucrative end — generally ranges between $29K and $78K. The most influential factor affecting pay for this group is geography, though the specific employer and tenure have a (lesser) impact as well. Most workers in this position report high levels of job satisfaction. Most enjoy medical while a majority get dental coverage. Vision coverage is also available to more than half. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 54 percent. The figures in this rundown are based on the results of PayScale's salary questionnaire.

$30,264 - $77,331
$30K
$45K
$77K
MEDIAN: $45,236
10%
50%
90%

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$11.67 - $21.93
$12
$16
$22
MEDIAN: $16.14
10%
50%
90%

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$0$78K
Salary $30,264 - $77,331
Bonus $484.20 - $12,231
Profit Sharing $0.00 - $7,603
Commission $981 - $78,614
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).
)
$28,940 - $77,344
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 1,085
Hourly Data $0$34
Hourly Rate $11.67 - $21.93
Overtime $14.90 - $34.13
Annual Data $0$78K
Bonus $484.20 - $12,231
Commission $981 - $78,614
Profit Sharing $0.00 - $7,603
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).
)
$28,940 - $77,344
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 573

Find Out Exactly What You Should Be Paid

United States (change)

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

  • 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.

Common Career Paths for Loan Officer


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Though some Loan Officers move into positions like Bank VP or Branch Manager (where the average salary is $71K), this progression is not the norm. Typical career progression for a Loan Officer involves becoming a Banking Branch Manager or a Commercial Loan Officer, roles that pay $8K more and $22K more on average.

Loan Officer Job Listings

Popular Employer Salaries for Loan Officer


Well-known firms with a reputation for hiring numerous Loan Officers include Federal Credit Union, Farm Credit, Usaa Insurance, Wells Fargo & Co., and Wells Fargo Bank. Although Farm Credit leads the field in pay with a median salary of $64K, employees there receive a wide spread of salaries, from $35K on the low end all the way up to $92K at the top.

Considering that the median salary at Federal Credit Union is a shallow $34K, it is not surprising that this employer ranks last in compensation relative to (and far behind) other companies in the same line of work — their median pay is about half the top paying employer's rate.

Popular Skills for Loan Officer


Loan Officers seem to require a rather large skill set. Most notably, skills in Commercial Loans, Mortgage Loans, Residential Loans, and Financial Analysis are correlated to pay that is above average, with boosts between 7 percent and 15 percent. Skills that pay less than market rate include Loan Processing, bill collections, and Customer Service. It is often found that people who know Consumer Loans are also skilled in Loan Processing and Loan Underwriting.

Pay by Experience Level for Loan Officer

Pay by Experience for a Loan Officer has a positive trend. An entry-level Loan Officer with less than 5 years of experience can expect to earn an average total compensation of $40,000 based on 902 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $46,000 based on 419 salaries. An experienced Loan Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $49,000 based on 405 salaries. A Loan Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $50,000 based on 151 salaries.

Pay Difference by Location

National Average: $43,604

Larger city markers indicate a job is popular in that location.

For Loan Officers, busy Irvine offers a higher-than-average pay rate, 110 percent above the national average. Loan Officers can also look forward to large paychecks in cities like Denver (+72 percent), Washington (+44 percent), Chicago (+42 percent), and Kansas City (+29 percent). Loan Officers in Tulsa earn salaries far below the national average by 27 percent, proving that geography overwhelmingly affects the pay scale for those in this field.

Loan Officer Reviews

Q: What is it like working as a Loan Officer?

Loan Officer in Fort Worth:
"Work status."
Pros: I most like the city culture and cost of living.
Cons: I least like the traffic/commute.

Loan Officer in Idaho Falls:
"Loan processor."
Pros: Helping people save money.
Cons: Very stressful and too much multi tasking.

Loan Officer in Omaha:
"Financial life."
Pros: Helping people get loans to purchase new cars, consolidate debt etc.
Cons: Declining people for loans and how you get treated at times.

Loan Officer in Morganton:
Pros: Helping people save money.
Cons: Do not get paid enough for what I do.

Loan Officer in Morganton:
Pros: Helping people save money.
Cons: Do not get paid enough for what I do.

Loan Officer in Marion:
"Occassionally satisfying."
Pros: Personal interaction with members. Providing information that is beneficial in helping our members reach their financial goals.
Cons: Turning people down for credit when they desperately need help.

Loan Officer in Presque Isle:
"Stressful."
Pros: Helping other to achieve their dreams.
Cons: Having to deny someone their dream.

Related Job Salaries

Key Stats for Loan Officer

Gender

Female
53 %
Male
47 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 285 votes.
Less than 1 year
6%
1-4 years
43%
5-9 years
19%
10-19 years
22%
20 years or more
10%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Officer Salaries

▲14%

▲12%

▲6%

National Average
$44,000

▼9%

Skills That Affect Loan Officer Salaries



Residential Loans
▲7%




National Average
$44,000

▼4%





Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 285 votes.

Gender

Female
53 %
Male
47 %

Years of Experience

Less than 1 year
6%
1-4 years
43%
5-9 years
19%
10-19 years
22%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 68%
vision benefits
Vision: 56%
no benefits
None: 13%
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