Q: Do loan officers get commission?

Yes, some loan officers get commission. However, most of a loan officer's compensation is based on a flat salary or hourly rate and any bonus compensation. Some loan officers do not get commission and only receive a flat salary and any additional compensation, excluding commissions.

Q: Do loan officers have a base salary?

No, most loan officers do not have a base salary. Most loan officers make a commission based on the sale of the loan or are paid through the settlement costs. A mortgage loan officer represents a bank, credit union, or other financial institution that assists borrowers in the application process. Most loan officers also work with individuals and small businesses on various other loans.

Q: Do loan officers make good money?

Yes, loan officers can make good money. The mean salary for loan officers is around $63,000 a year, but the actual amount a person will earn depends on their level of experience and ability.

Q: How are loan officers paid?

Loan officers are paid in a variety of ways. However, their compensation is usually a mixture of base salary, commissions, and performance bonuses. It is important to note that the specifics of this answer will vary depending on each particular employer. Here is a closer look at the ways most loan officers are paid:

Question 1

How much does a loan officer make?

Accepted Answer

The average loan officer salary in the United States is $45,817. Loan officer salaries typically range between $30,000 and $69,000 yearly. The average hourly rate for loan officers is $22.03 per hour.

Loan officer salary is impacted by location, education, and experience. Loan officers earn the highest average salary in New York.

Question 2

What state pays Loan Officers the most?

Accepted Answer

New York pays Loan Officers the most in the United States, with an average salary of $59,699 per year, or $28.70 per hour.

Question 3

How do I know if I'm being paid fairly as a loan officer?

Accepted Answer

You know if you are being paid fairly as a loan officer if your pay is close to the average pay for the state you live in. For example, if you live in New Mexico you should be paid close to $58,667 per year.

Question 4

What is a good starting salary for a Loan Officer?

Accepted Answer

A good starting salary for a loan officer is $28,000 in the United States. That puts you in the 10th percentile of annual income for a loan officer in the U.S., which is about what you would expect if you were new to the field. The average salary for loan officers is $44,874, but that normally requires some level of experience to achieve. Furthermore, a good starting salary for a loan officer can vary by state.

Question 5

Do loan officers get commission?

Accepted Answer

Yes, some loan officers get commission. However, most of a loan officer's compensation is based on a flat salary or hourly rate and any bonus compensation.

Some loan officers do not get commission and only receive a flat salary and any additional compensation, excluding commissions.

Question 6

Do loan officers have a base salary?

Accepted Answer

No, most loan officers do not have a base salary. Most loan officers make a commission based on the sale of the loan or are paid through the settlement costs.

A mortgage loan officer represents a bank, credit union, or other financial institution that assists borrowers in the application process. Most loan officers also work with individuals and small businesses on various other loans.

Question 7

Do loan officers make good money?

Accepted Answer

Yes, loan officers can make good money. The mean salary for loan officers is around $63,000 a year, but the actual amount a person will earn depends on their level of experience and ability.

Question 8

How are loan officers paid?

Accepted Answer

Loan officers are paid in a variety of ways. However, their compensation is usually a mixture of base salary, commissions, and performance bonuses. It is important to note that the specifics of this answer will vary depending on each particular employer. Here is a closer look at the ways most loan officers are paid:

Question 9

Who is the highest-paid loan officer?

Accepted Answer

The highest-paid loan officers work for NEXA Mortgage and Geneva Financial. These mortgage loan officers make over $200,000 in a year.

However, the mean salary for loan officers is around $63,000 a year, and the actual amount a person will earn depends on their level of experience and ability.

Experience level	Avg. salary	Hourly rate
Entry-level loan officer	$29,800	$14.33
Mid-level loan officer	$49,000	$23.57
Senior-level loan officer	$87,500	$42.08

Rank	State	Avg. salary	Hourly rate
1	New Mexico	$58,667	$28.21
2	Maine	$57,334	$27.56
3	Rhode Island	$54,195	$26.06
4	South Dakota	$56,776	$27.30
5	Arkansas	$57,632	$27.71
6	New York	$59,699	$28.70
7	North Carolina	$57,184	$27.49
8	Vermont	$52,792	$25.38
9	Maryland	$55,216	$26.55
10	Massachusetts	$54,687	$26.29
11	Connecticut	$54,999	$26.44
12	Pennsylvania	$54,105	$26.01
13	Missouri	$52,052	$25.02
14	Minnesota	$49,272	$23.69
15	Wisconsin	$48,722	$23.42
16	New Jersey	$53,245	$25.60
17	North Dakota	$46,365	$22.29
18	Texas	$50,432	$24.25
19	Wyoming	$49,929	$24.00
20	Virginia	$48,823	$23.47
21	Michigan	$49,778	$23.93
22	Iowa	$45,896	$22.07
23	Nevada	$45,459	$21.86
24	Kansas	$48,314	$23.23
25	Oklahoma	$46,604	$22.41
26	Ohio	$48,150	$23.15
27	West Virginia	$46,076	$22.15
28	New Hampshire	$49,350	$23.73
29	Georgia	$43,774	$21.05
30	Montana	$48,210	$23.18
31	Hawaii	$52,428	$25.21
32	Indiana	$44,693	$21.49
33	Washington	$44,655	$21.47
34	Oregon	$46,684	$22.44
35	District of Columbia	$50,917	$24.48
36	Florida	$47,043	$22.62
37	Illinois	$41,921	$20.15
38	Kentucky	$44,698	$21.49
39	Arizona	$39,004	$18.75
40	Colorado	$40,643	$19.54
41	Alabama	$38,385	$18.45
42	Nebraska	$41,574	$19.99
43	Louisiana	$42,912	$20.63
44	South Carolina	$41,025	$19.72
45	Mississippi	$37,680	$18.12
46	California	$46,587	$22.40
47	Idaho	$32,486	$15.62
48	Tennessee	$39,617	$19.05
49	Alaska	$38,104	$18.32
50	Delaware	$40,375	$19.41
51	Utah	$33,138	$15.93

Rank	City	Avg. salary	Hourly rate
1	New York, NY	$59,863	$28.78
2	Raleigh, NC	$57,614	$27.70
3	Baltimore, MD	$55,533	$26.70
4	Boston, MA	$54,738	$26.32
5	Philadelphia, PA	$54,599	$26.25
6	Urban Honolulu, HI	$52,416	$25.20
7	Saint Louis, MO	$52,331	$25.16
8	Washington, DC	$50,984	$24.51
9	San Antonio, TX	$50,883	$24.46
10	Troy, MI	$50,069	$24.07
11	Austin, MN	$49,582	$23.84
12	Milwaukee, WI	$48,904	$23.51
13	Miami, FL	$47,733	$22.95
14	San Francisco, CA	$47,465	$22.82
15	Cincinnati, OH	$46,954	$22.57
16	Albany, OR	$46,745	$22.47
17	Bellevue, WA	$44,644	$21.46
18	Indianapolis, IN	$44,604	$21.44
19	Atlanta, GA	$43,808	$21.06
20	Chicago, IL	$41,977	$20.18

Percentile	Annual salary	Monthly salary	Hourly rate
90th Percentile	$69,000	$5,750	$33
75th Percentile	$57,000	$4,750	$27
Average	$45,817	$3,818	$22
25th Percentile	$36,000	$3,000	$17
10th Percentile	$30,000	$2,500	$14

Job title	Annual salary	Monthly salary	Hourly rate	Job openings
Personal Lines Underwriter	$69,706	$5,809	$33.51	19,754
Mortgage Consultant	$38,934	$3,245	$18.72	24,057
Underwriter	$61,751	$5,146	$29.69	8,510
Closer	$29,291	$2,441	$14.08	7,560
Mortgage Banker	$27,331	$2,278	$13.14	24,297
Loan Consultant	$38,876	$3,240	$18.69	23,448

Loan officer salary

Average loan officer salary

$45,817

Understanding Loan Officer Salaries

Factors Affecting Salary

Where to Find Higher Salaries

Where can a Loan Officer earn more?

Loan officer salaries by experience level