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Average Loan Officer Salary

$47,224
Avg. SalaryShow Hourly Rate
$2,983
Bonus
$6,805
Commission
$2,040
Profit Sharing
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The average salary for a Loan Officer is $47,224.
10%
$32k
MEDIAN
$47k
90%
$75k
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Salary
$32k - $75k
Bonus
$497 - $12k
Profit Sharing
$299 - $7k
Commission
$1k - $75k
Total Pay
$30k - $77k
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What Do Loan Officers Do?

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

3.8 out of 5
(385)
Highly Satisfied
32Reviews
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.

Career Paths

Explore the most common career paths for Loan Officer. Thickness and color of lines indicates popularity of movement from one job to the next. Visit our career path planner to research other job paths.
Loan Officer
More common (> 20%)
Somewhat common (8 - 20%)
Less common (< 8%)

Loan Officer Job Listings

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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.
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.
Entry Level
6.8%
Early Career
44.0%
Mid Career
19.1%
Experienced
20.3%
Late Career
9.8%