Research Summary. After extensive research by the Zippia data science team, we identified these details of loan officer salary by state for the United States:
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New York has the highest loan officer salary of $59,699
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Idaho has the lowest loan officer salary of $32,486
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The national average salary for loan officers is $45,817
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The national hourly pay for loan officers is $22.03
You can read more on the specific methodology.
Background
Without fail, in surveys across basically every demographic, the number one most important aspect of a job for most people is the salary — how much do loan officers get paid where I live?
And while there are many things to go into how much you, specifically, can expect to make, there’s really good data for average salaries for loan officer by state across America broken down by seniority level. So while your city may be slightly different than the state average, these averages give you a rough sense of what to expect for your salary.
The state with the best salary for loan officers after this adjustment? That would be New York.
Here’s a quick snapshot of the top ten states for loan officer salaries:
Let’s take a look at how we got here and a full ranking of all the states.
Highest-Paid Loan Officers By State
| Rank | State | Average Loan Officer Salary | 10th Percentile | 90th Percentile |
|---|---|---|---|---|
| 1 | New York | $59,699 | $39,000 | $90,000 |
| 2 | New Mexico | $58,667 | $39,000 | $87,000 |
| 3 | Arkansas | $57,632 | $38,000 | $86,000 |
| 4 | Maine | $57,334 | $39,000 | $82,000 |
| 5 | North Carolina | $57,184 | $37,000 | $88,000 |
| 6 | South Dakota | $56,776 | $41,000 | $77,000 |
| 7 | Maryland | $55,216 | $36,000 | $84,000 |
| 8 | Connecticut | $54,999 | $36,000 | $82,000 |
| 9 | Massachusetts | $54,687 | $36,000 | $81,000 |
| 10 | Rhode Island | $54,195 | $36,000 | $81,000 |
| 11 | Pennsylvania | $54,105 | $35,000 | $82,000 |
| 12 | New Jersey | $53,245 | $34,000 | $81,000 |
| 13 | Vermont | $52,792 | $36,000 | $75,000 |
| 14 | Hawaii | $52,428 | $43,000 | $63,000 |
| 15 | Missouri | $52,052 | $35,000 | $75,000 |
| 16 | Texas | $50,432 | $32,000 | $77,000 |
| 17 | Wyoming | $49,929 | $36,000 | $68,000 |
| 18 | Michigan | $49,778 | $34,000 | $71,000 |
| 19 | New Hampshire | $49,350 | $33,000 | $72,000 |
| 20 | Minnesota | $49,272 | $36,000 | $66,000 |
| 21 | Virginia | $48,823 | $31,000 | $75,000 |
| 22 | Wisconsin | $48,722 | $34,000 | $68,000 |
| 23 | Kansas | $48,314 | $33,000 | $69,000 |
| 24 | Montana | $48,210 | $36,000 | $63,000 |
| 25 | Ohio | $48,150 | $32,000 | $71,000 |
| 26 | Florida | $47,043 | $29,000 | $74,000 |
| 27 | Oregon | $46,684 | $34,000 | $63,000 |
| 28 | Oklahoma | $46,604 | $31,000 | $69,000 |
| 29 | California | $46,587 | $31,000 | $69,000 |
| 30 | North Dakota | $46,365 | $35,000 | $61,000 |
| 31 | West Virginia | $46,076 | $30,000 | $69,000 |
| 32 | Iowa | $45,896 | $32,000 | $64,000 |
| 33 | Nevada | $45,459 | $30,000 | $67,000 |
| 34 | Kentucky | $44,698 | $29,000 | $66,000 |
| 35 | Indiana | $44,693 | $30,000 | $65,000 |
| 36 | Washington | $44,655 | $33,000 | $58,000 |
| 37 | Georgia | $43,774 | $28,000 | $67,000 |
| 38 | Louisiana | $42,912 | $27,000 | $66,000 |
| 39 | Illinois | $41,921 | $29,000 | $59,000 |
| 40 | Nebraska | $41,574 | $29,000 | $58,000 |
| 41 | South Carolina | $41,025 | $26,000 | $63,000 |
| 42 | Colorado | $40,643 | $28,000 | $57,000 |
| 43 | Delaware | $40,375 | $26,000 | $61,000 |
| 44 | Tennessee | $39,617 | $26,000 | $60,000 |
| 45 | Arizona | $39,004 | $26,000 | $58,000 |
| 46 | Alabama | $38,385 | $24,000 | $59,000 |
| 47 | Alaska | $38,104 | $33,000 | $43,000 |
| 48 | Mississippi | $37,680 | $24,000 | $57,000 |
| 49 | Utah | $33,138 | $23,000 | $46,000 |
| 50 | Idaho | $32,486 | $23,000 | $44,000 |
Methodology: Loan Officer Salary By State
To better understand loan officer pay by state, Zippia has aggregated data across a multitude of channels including the BLS, FLC, and OPM. We then supplement that data with actual listed salaries from job posts. Finally, the data science team calculates a weighted average of these inputs to create an average pay for loan officers by state.
We took the average annual salary data for loan officers from these estimates and ranked every state on this criteria with the state with the highest salary ranking as highest average salary for loan officers.
Loan Officer Salary By State FAQs
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What is the highest-paid state for loan officers?
The highest-paid state for loan officers is New York with an average salary of $59,699 per year.
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What city pays loan officers the most?
New York, NY pays loan officers the most with an average salary of $59,863 per year.
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What is the worst state for loan officers?
The worst state for loan officers is Idaho with an average salary of $32,486 per year.
Author
Chris Kolmar is a co-founder of Zippia and the editor-in-chief of the Zippia career advice blog. He has hired over 50 people in his career, been hired five times, and wants to help you land your next job. His research has been featured on the New York Times, Thrillist, VOX, The Atlantic, and a host of local news. More recently, he's been quoted on USA Today, BusinessInsider, and CNBC.
