Avg. Base Salary (USD)
The average salary for a Loan Officer is $48,775
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 $43,101 based on 111 salaries. An early career Loan Officer with 1-4 years of experience earns an average total compensation of $46,149 based on 753 salaries. A mid-career …Read more
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 …Read more
- 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.