The average salary for a Loan Officer with Commercial Loans skills is $53,138.
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$37k - $85k
$1k - $14k
$1k - $6k
$503 - $50k
$35k - $90k
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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. 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.
The top respondents for the job title Loan Officer are from the companies Farm Credit, First Bank and The FIrst State Bank. Reported salaries are highest at Farm Credit where the average pay is $55,389. The FIrst State Bank pays the lowest at around $40,800.
Loan Officer Job Listings
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Popular Skills for Loan Officer
Skills that pay less than market rate include Loan Underwriting, Mortgage Loans, Loan Processing, Customer Service and Consumer Loans.
Pay by Experience Level for Loan Officer
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 $44,668 based on 7 salaries. An early career Loan Officer with 1-4 years of experience earns an average total compensation of $48,259 based on 158 salaries. A mid-career Loan Officer with 5-9 years of experience earns an average total compensation of $56,428 based on 92 salaries. An experienced Loan Officer with 10-19 years of experience earns an average total compensation of $65,433 based on 66 salaries. In their late career (20 years and higher), employees earn an average total compensation of $73,234.
Pay Difference by Location
Learn more about cost of living by city.
Employees with Loan Officer in their job title in Denver, Colorado earn an average of 45.7% more than the national average. These job titles also find higher than average salaries in Huntsville, Alabama (41.1% more) and Chicago, Illinois (35.3% more). The lowest salaries can be found in Austin, Texas (24.7% less) and Los Angeles, California (5.0% less).
Years of Experience
This data is based on 365 survey responses.
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