Updated April 6, 2023

Loan Officer Salary Estimate


$22.03 hourly

Entry level Salary
$30,000 yearly

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.

Research Summary.
  • 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

If both location and money are important to you, then you might want to check out moving to New York, New Mexico and Arkansas, as these three states offer the highest salaries throughout the U.S. for loan officers. Quite opposite of that list is the lowest paying states, which are Arizona, Alabama, and Alaska.
  • State View
  • County View
Average Salary:

Loan Officer average salary by State

RankStateAvg. SalaryHourly RateJob Count
1New Mexico$58,667$28.21227
3Rhode Island$54,195$26.06169
4South Dakota$56,776$27.30124
6New York$59,699$28.701,425
7North Carolina$57,184$27.49975
16New Jersey$53,245$25.60918
17North Dakota$46,365$22.29133
27West Virginia$46,076$22.15161
28New Hampshire$49,350$23.73168
35District of Columbia$50,917$24.4827
44South Carolina$41,025$19.72497

Highest Paying Cities For Loan Officers

RankCityAvg. SalaryHourly RateJob Count
1New York, NY$59,863$28.7818
2Raleigh, NC$57,614$27.7016
3Baltimore, MD$55,533$26.7018
4Boston, MA$54,738$26.324
5Philadelphia, PA$54,599$26.2522
6Urban Honolulu, HI$52,416$25.204
7Saint Louis, MO$52,331$25.167
8Washington, DC$50,984$24.515
9San Antonio, TX$50,883$24.4614
10Troy, MI$50,069$24.077
11Austin, MN$49,582$23.84
12Milwaukee, WI$48,904$23.515
13Miami, FL$47,733$22.9520
14San Francisco, CA$47,465$22.8214
15Cincinnati, OH$46,954$22.5711

Here Are The Five Most In Demand Cities Right Now:

  1. New York, NY
  2. Raleigh, NC
  3. Baltimore, MD
  4. Boston, MA
  5. Philadelphia, PA

Loan Officer Salary by Years of Experience

The salary for a loan officer can vary depending on the years of experience that a person has, from entry level to senior level. An accountant with 0-2 years of experience earns an average salary of $29,803, a mid-career professional with 3-6 years of experience makes $45,817 a year on average, and a senior level accountant with 7-12 years of experience enjoys an average annual salary of $87,517. Data on how experience level affects total compensation is provided by the Bureau of Labor Statistics (BLS) as part of their National Compensation Survey, which is based on factors such as knowledge, complexity, contacts, and environment.

Loan Officer Salary By Experience Level

Experience LevelAvg. SalaryHourly Rate
Entry Level$29,800$14.33
Mid Level$49,000$23.57
Senior Level$87,500$42.08

Loan Officers Salary Details

Average Loan Officer Salary Graph
Average Loan Officer Salary Graph, Trends, and Summary

What is a Loan Officer's Salary?

PercentileAnnual SalaryMonthly SalaryHourly Rate
90th Percentile$69,000$5,750$33
75th Percentile$57,000$4,750$27
25th Percentile$36,000$3,000$17
10th Percentile$30,000$2,500$14

Highest Paying Types of Loan Officers

Job TitleAnnual SalaryMonthly SalaryHourly RateJob Openings
Personal Lines Underwriter$69,706$5,809$33.5119,754
Mortgage Consultant$38,934$3,245$18.7224,057
Mortgage Banker$27,331$2,278$13.1424,297
Loan Consultant$38,876$3,240$18.6923,448

Here are the five companies hiring the most now:

  1. Navy Federal Credit Union Jobs (175)
  2. PNC Jobs (145)
  3. Citi Jobs (149)
  4. Chase Jobs (108)
  5. JPMorgan Chase & Co. Jobs (438)

Which Companies Pay Loan Officers The Most?

According to our most recent salary estimates, Bangor Savings Bank and American Airlines are the highest paying companies for loan officers.

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

    YearAvg. SalaryHourly Rate% Change

    Recently Added Loan Officer Salaries

    CompanyJobLocationDate AddedSalary
    PNC Financial Services GroupMortgage Loan Officer-Denver, Colorado AreaDenver, CO05/02/2023$37,440
    Western Alliance BankLoan OfficerIrvine, CA05/02/2023$33,392
    O Bee Credit UnionMortgage Loan OfficerTacoma, WA05/01/2023$53,829
    Trinity Oaks MortgageMortgage Loan OfficerRed Oak, TX05/01/2023$85,000
    Sc Community Loan FundCommunity Development & Nmtc (NEW Market Tax Credit) Loan OfficerCharleston, SC05/01/2023$70,000
    Home Field LendingMortgage Loan Officer PartnerLas Vegas, NV05/01/2023$48,000
    PennymacMortgage Loan OfficerFranklin, TN04/30/2023$30,000
    ZillowMortgage Loan OfficerSeattle, WA04/30/2023$27,048
    State Employees Credit UnionLoan Officer-Multi-LocationSanta Fe, NM04/30/2023$41,679
    State StreetBank Loans, OfficerIndianapolis, IN04/29/2023$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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