Loan Officer Salary
Loan Officer Salary Estimate
$45,817
How much does a Loan Officer make?
The average salary for a loan officer in the United States is $45,817. Loan officer salaries typically range between $30,000 and $69,000 a year. The average hourly rate for loan officers is $22.03 per hour.
Location, education, and experience impacts how much a loan officer can expect to make. Loan officers make the most in New York, New Mexico, Arkansas, Maine, and North Carolina.
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The average salary for a loan officer is $45,817 in the US. -
The average loan officer salary ranges between $30,000 and $69,000 in the US. -
Hourly rates for loan officers in the US typically range between $14 and $33 an hour. -
The average loan officer salary is $59,699 in New York, $58,667 in New Mexico, and $57,632 in Arkansas. These are the three highest-paying states for loan officers in the US. -
Bangor Savings Bank has the highest average salary for loan officers. -
Finance is the highest-paying industry for loan officers in the US.
Highest Paying States For Loan Officers
- State View
- County View
Loan Officer average salary by State
| Rank | State | Avg. Salary | Hourly Rate | Job Count |
|---|---|---|---|---|
| 1 | New Mexico | $58,667 | $28.21 | 227 |
| 2 | Maine | $57,334 | $27.56 | 155 |
| 3 | Rhode Island | $54,195 | $26.06 | 169 |
| 4 | South Dakota | $56,776 | $27.30 | 124 |
| 5 | Arkansas | $57,632 | $27.71 | 293 |
| 6 | New York | $59,699 | $28.70 | 1,425 |
| 7 | North Carolina | $57,184 | $27.49 | 975 |
| 8 | Vermont | $52,792 | $25.38 | 96 |
| 9 | Maryland | $55,216 | $26.55 | 761 |
| 10 | Massachusetts | $54,687 | $26.29 | 1,011 |
| 11 | Connecticut | $54,999 | $26.44 | 346 |
| 12 | Pennsylvania | $54,105 | $26.01 | 1,169 |
| 13 | Missouri | $52,052 | $25.02 | 637 |
| 14 | Minnesota | $49,272 | $23.69 | 818 |
| 15 | Wisconsin | $48,722 | $23.42 | 660 |
| 16 | New Jersey | $53,245 | $25.60 | 918 |
| 17 | North Dakota | $46,365 | $22.29 | 133 |
| 18 | Texas | $50,432 | $24.25 | 2,137 |
| 19 | Wyoming | $49,929 | $24.00 | 31 |
| 20 | Virginia | $48,823 | $23.47 | 1,332 |
| 21 | Michigan | $49,778 | $23.93 | 736 |
| 22 | Iowa | $45,896 | $22.07 | 476 |
| 23 | Nevada | $45,459 | $21.86 | 338 |
| 24 | Kansas | $48,314 | $23.23 | 311 |
| 25 | Oklahoma | $46,604 | $22.41 | 350 |
| 26 | Ohio | $48,150 | $23.15 | 1,019 |
| 27 | West Virginia | $46,076 | $22.15 | 161 |
| 28 | New Hampshire | $49,350 | $23.73 | 168 |
| 29 | Georgia | $43,774 | $21.05 | 1,348 |
| 30 | Montana | $48,210 | $23.18 | 47 |
| 31 | Hawaii | $52,428 | $25.21 | 41 |
| 32 | Indiana | $44,693 | $21.49 | 702 |
| 33 | Washington | $44,655 | $21.47 | 857 |
| 34 | Oregon | $46,684 | $22.44 | 414 |
| 35 | District of Columbia | $50,917 | $24.48 | 27 |
| 36 | Florida | $47,043 | $22.62 | 761 |
| 37 | Illinois | $41,921 | $20.15 | 1,540 |
| 38 | Kentucky | $44,698 | $21.49 | 366 |
| 39 | Arizona | $39,004 | $18.75 | 1,036 |
| 40 | Colorado | $40,643 | $19.54 | 882 |
| 41 | Alabama | $38,385 | $18.45 | 560 |
| 42 | Nebraska | $41,574 | $19.99 | 250 |
| 43 | Louisiana | $42,912 | $20.63 | 321 |
| 44 | South Carolina | $41,025 | $19.72 | 497 |
| 45 | Mississippi | $37,680 | $18.12 | 308 |
| 46 | California | $46,587 | $22.40 | 960 |
| 47 | Idaho | $32,486 | $15.62 | 355 |
| 48 | Tennessee | $39,617 | $19.05 | 605 |
| 49 | Alaska | $38,104 | $18.32 | 32 |
| 50 | Delaware | $40,375 | $19.41 | 51 |
| 51 | Utah | $33,138 | $15.93 | 146 |
Highest Paying Cities For Loan Officers
| Rank | City | Avg. Salary | Hourly Rate | Job Count |
|---|---|---|---|---|
| 1 | New York, NY | $59,863 | $28.78 | 18 |
| 2 | Raleigh, NC | $57,614 | $27.70 | 16 |
| 3 | Baltimore, MD | $55,533 | $26.70 | 18 |
| 4 | Boston, MA | $54,738 | $26.32 | 4 |
| 5 | Philadelphia, PA | $54,599 | $26.25 | 22 |
| 6 | Urban Honolulu, HI | $52,416 | $25.20 | 4 |
| 7 | Saint Louis, MO | $52,331 | $25.16 | 7 |
| 8 | Washington, DC | $50,984 | $24.51 | 5 |
| 9 | San Antonio, TX | $50,883 | $24.46 | 14 |
| 10 | Troy, MI | $50,069 | $24.07 | 7 |
| 11 | Austin, MN | $49,582 | $23.84 | |
| 12 | Milwaukee, WI | $48,904 | $23.51 | 5 |
| 13 | Miami, FL | $47,733 | $22.95 | 20 |
| 14 | San Francisco, CA | $47,465 | $22.82 | 14 |
| 15 | Cincinnati, OH | $46,954 | $22.57 | 11 |
Here Are The Five Most In Demand Cities Right Now:
Loan Officer Salary by Years of Experience
Loan Officer Salary By Experience Level
| Experience Level | Avg. Salary | Hourly Rate |
|---|---|---|
| Entry Level | $29,800 | $14.33 |
| Mid Level | $49,000 | $23.57 |
| Senior Level | $87,500 | $42.08 |
Loan Officers Salary Details
What is a Loan Officer's Salary?
| 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 |
Highest Paying Types of Loan Officers
| 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 |
Here are the five companies hiring the most now:
Which Companies Pay Loan Officers The Most?
| Rank | Company | Average Salary | Hourly Rate | Job Openings |
|---|---|---|---|---|
| 1 | Bangor Savings Bank | $66,316 | $31.88 | 3 |
| 2 | American Airlines | $57,348 | $27.57 | 2 |
| 3 | Mutual of Omaha | $56,047 | $26.95 | 75 |
| 4 | Cardinal Financial | $55,823 | $26.84 | 1 |
| 5 | Lower Lake High School | $55,538 | $26.70 | 2 |
| 6 | Home Bancshares Inc. | $55,071 | $26.48 | |
| 7 | University Credit Union | $55,012 | $26.45 | 1 |
| 8 | Nefcu | $53,663 | $25.80 | 5 |
| 9 | Bankers Healthcare Group | $53,601 | $25.77 | |
| 10 | Westerra Credit Union | $53,303 | $25.63 | 2 |
| 11 | Desert Schools Federal Credit Union | $52,948 | $25.46 | 1 |
| 12 | Carolina Farm Credit | $52,562 | $25.27 | |
| 13 | 1st Advantage Federal Credit Union | $52,320 | $25.15 | |
| 14 | Territorial Savings Bank | $51,986 | $24.99 | 1 |
| 15 | Idaho Central Credit Union | $51,884 | $24.94 | 6 |
| 16 | DFCU Financial | $51,687 | $24.85 | 5 |
| 17 | Morgan Financial Corp. | $51,651 | $24.83 | 6 |
| 18 | MRI The Boston Group | $50,801 | $24.42 | |
| 19 | BancorpSouth | $50,374 | $24.22 | |
| 20 | Navy Federal Credit Union | $50,371 | $24.22 | 1 |
Loan Officer Pay Trends
Average Loan Officer Salary Over Time
Compare salaries for individual cities or states with the national average.
Loan Officer Salary By Year
| Year | Avg. Salary | Hourly Rate | % Change |
|---|---|---|---|
| 2023 | $45,800 | $22.03 | +1.1% |
| 2022 | $45,300 | $21.79 | +0.4% |
| 2021 | $45,200 | $21.71 | -2.6% |
| 2020 | $46,300 | $22.27 | +1.6% |
| 2019 | $45,600 | $21.92 | +0.3% |
Recently Added Loan Officer Salaries
| Company | Job | Location | Date Added | Salary |
|---|---|---|---|---|
| PNC Financial Services Group | Mortgage Loan Officer-Denver, Colorado Area | Denver, CO | 05/02/2023 | $37,440 |
| Western Alliance Bank | Loan Officer | Irvine, CA | 05/02/2023 | $33,392 |
| O Bee Credit Union | Mortgage Loan Officer | Tacoma, WA | 05/01/2023 | $53,829 |
| Trinity Oaks Mortgage | Mortgage Loan Officer | Red Oak, TX | 05/01/2023 | $85,000 |
| Sc Community Loan Fund | Community Development & Nmtc (NEW Market Tax Credit) Loan Officer | Charleston, SC | 05/01/2023 | $70,000 |
| Home Field Lending | Mortgage Loan Officer Partner | Las Vegas, NV | 05/01/2023 | $48,000 |
| Pennymac | Mortgage Loan Officer | Franklin, TN | 04/30/2023 | $30,000 |
| Zillow | Mortgage Loan Officer | Seattle, WA | 04/30/2023 | $27,048 |
| State Employees Credit Union | Loan Officer-Multi-Location | Santa Fe, NM | 04/30/2023 | $41,679 |
| State Street | Bank Loans, Officer | Indianapolis, IN | 04/29/2023 | $70,000 |
Loan Officer Salaries FAQs
What State Pays Loan Officers The Most?
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.
How Do I Know If I'm Being Paid Fairly As A Loan Officer?
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.
What Is A Good Starting Salary For A Loan Officer?
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.
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.
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.
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.
Who Is The Highest-paid Loan Officer?
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.
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