Working as a Loan Officer/Loan Processor

There is more than meets the eye when it comes to being a loan officer/loan processor. For example, did you know that they make an average of $31.35 an hour? That's $65,199 a year!

Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.

What Does a Loan Officer/Loan Processor Do

There are certain skills that many loan officers/loan processor have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed math skills, communication skills and interpersonal skills.

When it comes to the most important skills required to be a loan officer/loan processor, we found that a lot of resumes listed 32.8% of loan officers/loan processor included loan applications, while 6.1% of resumes included financial status, and 4.9% of resumes included lenders. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan officer/loan processor job title. But what industry to start with? Most loan officers/loan processor actually find jobs in the finance and technology industries.

How To Become a Loan Officer/Loan Processor

If you're interested in becoming a loan officer/loan processor, one of the first things to consider is how much education you need. We've determined that 36.8% of loan officers/loan processor have a bachelor's degree. In terms of higher education levels, we found that 9.9% of loan officers/loan processor have master's degrees. Even though some loan officers/loan processor have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a loan officer/loan processor. When we researched the most common majors for a loan officer/loan processor, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on loan officer/loan processor resumes include high school diploma degrees or master's degree degrees.

You may find that experience in other jobs will help you become a loan officer/loan processor. In fact, many loan officer/loan processor jobs require experience in a role such as loan officer. Meanwhile, many loan officers/loan processor also have previous career experience in roles such as loan processor or customer service representative.

What is the right job for my career path?

Tell us your goals and we'll match you with the right jobs to get there.

Average Salary$65,199
Job Growth Rate8%

Loan Officer/Loan Processor Jobs

Loan Officer/Loan Processor Career Paths

Top Careers Before Loan Officer/Loan Processor
Show More
Top Careers After Loan Officer/Loan Processor
Show More

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Loan Officer/Loan Processor

Loan Officers/Loan Processor in America make an average salary of $65,199 per year or $31 per hour. The top 10 percent makes over $124,000 per year, while the bottom 10 percent under $34,000 per year.
Average Salary
$65,199

Best Paying Cities

City
Average Salary

Recently Added Salaries

Job TitleCompanyCompanyStart DateSalary
Loan Servicing Officer
Loan Servicing Officer
Robert Half
Robert Half
03/27/2020
03/27/2020
$35,56203/27/2020
$35,562
Commercial Loan Service Officer
Commercial Loan Service Officer
CTG
CTG
03/09/2020
03/09/2020
$35,47903/09/2020
$35,479
Loan Officer/Loan Processor
Loan Officer/Loan Processor
Wells Fargo
Wells Fargo
01/22/2020
01/22/2020
$110,60001/22/2020
$110,600
Loan Officer/Loan Processor
Loan Officer/Loan Processor
Wells Fargo
Wells Fargo
01/22/2020
01/22/2020
$110,60001/22/2020
$110,600
Loan Officer/Loan Processor
Loan Officer/Loan Processor
Wells Fargo
Wells Fargo
01/22/2020
01/22/2020
$110,60001/22/2020
$110,600
See More Recent Salaries

Calculate your salary

Use Zippia's Salary Calculator to see how your pay matches up.

Loan Officer/Loan Processor Demographics

Gender

Female

63.4 %

Male

32.5 %

Unknown

4.1 %
Ethnicity

White

58.0 %

Hispanic or Latino

18.5 %

Black or African American

11.0 %
Show More
Foreign Languages Spoken

Spanish

67.5 %

French

7.1 %

German

4.0 %
Show More

Loan Officer/Loan Processor Education

Schools

Miami Dade College

11.9 %

Kaplan University

7.3 %

Salt Lake Community College

6.4 %

Western Kentucky University

6.4 %
Show More
Majors

Business

32.7 %

Accounting

10.2 %

Finance

8.6 %

Real Estate

5.0 %
Show More
Degrees

Bachelors

36.8 %

Associate

20.1 %

High School Diploma

19.1 %

Masters

9.9 %
Show More

Entry Level Jobs For Becoming A Loan Officer/Loan Processor

Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills For a Loan Officer/Loan Processor

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 32.8% of loan officers/loan processor listed loan applications on their resume, but soft skills such as math skills and communication skills are important as well.

Best States For a Loan Officer/Loan Processor

Some places are better than others when it comes to starting a career as a loan officer/loan processor. The best states for people in this position are New Jersey, New York, Pennsylvania, and Delaware. Loan officers/loan processor make the most in New Jersey with an average salary of $75,846. Whereas in New York and Pennsylvania, they would average $74,955 and $72,945, respectively. While loan officers/loan processor would only make an average of $70,903 in Delaware, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Delaware

Total Loan Officer/Loan Processor Jobs:
47
Highest 10% Earn:
$143,000
Location Quotient:
1.93
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Rhode Island

Total Loan Officer/Loan Processor Jobs:
39
Highest 10% Earn:
$139,000
Location Quotient:
1.47
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Pennsylvania

Total Loan Officer/Loan Processor Jobs:
366
Highest 10% Earn:
$148,000
Location Quotient:
1.1
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
View Full List

Loan Officer/Loan Processor Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a loan officer/loan processor. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

At Zippia, we went through countless loan officer/loan processor resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Write a Loan Officer/Loan Processor Resume

At Zippia, we went through countless loan officer/loan processor resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Detailed Information

How Do Loan Officer/Loan Processor Rate Their Jobs?

Working as a Loan Officer/Loan Processor? Share your experience anonymously.
Rate
Do you work as a Loan Officer/Loan Processor?
Rate how you like work as Loan Officer/Loan Processor. It's anonymous and will only take a minute.
Rate

Top Loan Officer/Loan Processor Employers

1. Bank of America
4.8
Avg. Salary: 
$56,114
Loan Officer/Loan Processors Hired: 
29+
2. Wells Fargo
4.8
Avg. Salary: 
$42,050
Loan Officer/Loan Processors Hired: 
24+
3. Citi
4.9
Avg. Salary: 
$73,912
Loan Officer/Loan Processors Hired: 
18+
4. First Mortgage
4.1
Avg. Salary: 
$51,101
Loan Officer/Loan Processors Hired: 
12+
5. American Mortgage
4.0
Avg. Salary: 
$51,966
Loan Officer/Loan Processors Hired: 
11+
6. Navy Federal Credit Union
4.6
Avg. Salary: 
$35,002
Loan Officer/Loan Processors Hired: 
9+

Loan Officer/Loan Processor Videos

Recently Added Loan Officer/Loan Processor Jobs

Updated October 2, 2020