The average salary for a Loan Officer is $47,224.
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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 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.
Job Satisfaction for Loan Officer
Popular Employer Salaries for Loan Officer
The top respondents for the job title Loan Officer are from the companies Farm Credit, Bank of America Corp. (BOFA) and Wells Fargo & Co.. Reported salaries are highest at Wells Fargo & Co. where the average pay is $71,834. Other companies that offer high salaries for this role include Agcountry Farm Credit Services and Farm Credit, earning around $59,665 and $57,037, respectively. Usaa Insurance pays the lowest at around $44,219. First Bank and Wells Fargo Bank also pay on the lower end of the scale, paying $45,097 and $50,000, respectively.
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Somewhat common (8 - 20%)
Loan Officer Job Listings
What Are Popular Skills for Loan Officers?
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.
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 $41,020 based on 144 salaries. An early career Loan Officer with 1-4 years of experience earns an average total compensation of $44,281 based on 933 salaries. A mid-career Loan Officer with 5-9 years of experience earns an average total compensation of $49,655 based on 406 salaries. An experienced Loan Officer with 10-19 years of experience earns an average total compensation of $49,201 based on 431 salaries. In their late career (20 years and higher), employees earn an average total compensation of $55,398.
Pay Difference by Location
Employees with Loan Officer in their job title in Denver, Colorado earn an average of 34.3% more than the national average. These job titles also find higher than average salaries in Los Angeles, California (12.1% more) and Dallas, Texas (6.8% more). The lowest salaries can be found in Birmingham, Alabama (26.2% less), Phoenix, Arizona (11.7% less) and Houston, Texas (10.0% less).
Years of Experience
This data is based on 2,122 survey responses.