$46,089
Avg. Salary
$16.24
Avg. Hourly Rate

Average additional compensation:

$3,007

Bonus

$1,937

Profit Sharing

$7,717

Commission

What am I worth?
How should I pay?

The average pay for a Loan Officer is $16.24 per hour.

The average pay for a Loan Officer is $46,089 per year.

10%
$11.92
10%
$16.24
50%
$22.06
90%
90%
MEDIAN $16.24
10%
$31k
10%
$46k
50%
$76k
90%
90%
MEDIAN $46,088
$30,599 - $76,200
$31K
$46K
$76K
MEDIAN: $46,088
10%
50%
90%

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$11.92 - $22.06
$12
$16
$22
MEDIAN: $16.24
10%
50%
90%

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$0$77K
Salary $30,599 - $76,200
Bonus $496 - $12,281
Profit Sharing $0.00 - $10,021
Commission $1,174 - $76,524
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).
)
$29,567 - $77,688
  • Country: United States
  • Currency: USD
  • Updated: 16 Apr 2019
  • Individuals Reporting: 1,774
Hourly Data $0$35
Hourly Rate $11.92 - $22.06
Hourly Tips $0.00
Overtime $16.09 - $35.19
Annual Data $0$77K
Bonus $496 - $12,281
Commission $1,174 - $76,524
Profit Sharing $0.00 - $10,021
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).
)
$29,567 - $77,688
  • Country: United States
  • Currency: USD
  • Updated: 16 Apr 2019
  • Individuals Reporting: 949

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.

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


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.

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 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

20%

10%

7%

7%

National Average: $43,911

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.

Related Job Salaries

Key Stats for Loan Officer

Gender

Female
53 %
Male
47 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 460 votes.
Less than 1 year
6%
1-4 years
44%
5-9 years
20%
10-19 years
21%
20 years or more
9%

Experience Affects Loan Officer Salaries

▲13%

▲11%

▲5%

National Average
$44,000

▼10%

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 460 votes.

Gender

Female
53 %
Male
47 %

Years of Experience

Less than 1 year
6%
1-4 years
44%
5-9 years
20%
10-19 years
21%
20 years or more
9%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 68%
vision benefits
Vision: 57%
no benefits
None: 14%