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Loan Officer salary
Average loan officer salary
$45,817
How much does a loan officer make?
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.
Where can a Loan Officer earn more?
Loan Officer
A loan officer with 0-2 years of experience earns an average entry-level salary of $29,803. A mid-career loan officer with 3-6 years of experience makes $45,817 a year on average. A senior level loan officer with 7-12 years of experience enjoys an average annual salary of $87,517.
| 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 |
Loan Officer salary estimates from across the web
Average loan officer salary by state
The highest-paying states for loan officers are New York, New Mexico, and Arkansas. The lowest average loan officer salary states are Arizona, Alabama, and Alaska.
- State View
- County View
Highest paying states for loan officers
| 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 |
Highest paying cities for loan officers
The highest-paying cities for loan officers are New York, NY, Raleigh, NC, and Baltimore, MD.
| 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 |
Loan Officers are the most in-demand in these five cities:
Loan Officer salary details
A loan officer's salary ranges from $30,000 a year at the 10th percentile to $69,000 at the 90th percentile.
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 loan officer jobs
The highest paying types of loan officers are bank officer, commercial loan officer, and personal lines underwriter.
| 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 |
Top companies hiring loan officers now:
Which companies pay loan officers the most?
Loan officer salaries at Bangor Savings Bank and American Airlines are the highest-paying according to our most recent salary estimates. In addition, the average loan officer salary at companies like Mutual of Omaha and Cardinal Financial are highly competitive.
| Rank | Company | Average Salary | Hourly Rate |
|---|---|---|---|
| 1 | Bangor Savings Bank | $66,316 | $31.88 |
| 2 | American Airlines | $57,348 | $27.57 |
| 3 | Mutual of Omaha | $56,047 | $26.95 |
| 4 | Cardinal Financial | $55,823 | $26.84 |
| 5 | Lower Lake High School | $55,538 | $26.70 |
| 6 | Home Bancshares Inc. | $55,071 | $26.48 |
| 7 | University Credit Union | $55,012 | $26.45 |
| 8 | Nefcu | $53,663 | $25.80 |
| 9 | Bankers Healthcare Group | $53,601 | $25.77 |
| 10 | Westerra Credit Union | $53,303 | $25.63 |
| 11 | Desert Schools Federal Credit Union | $52,948 | $25.46 |
| 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 |
| 15 | Idaho Central Credit Union | $51,884 | $24.94 |
| 16 | DFCU Financial | $51,687 | $24.85 |
| 17 | Morgan Financial Corp. | $51,651 | $24.83 |
| 18 | MRI The Boston Group | $50,801 | $24.42 |
| 19 | BancorpSouth | $50,374 | $24.22 |
| 20 | Navy Federal Credit Union | $50,371 | $24.22 |
Wage gap by gender, race and education
Loan Officer salary trends
The average loan officer salary has risen by $4,248 over the last ten years. In 2014, the average loan officer earned $41,569 annually, but today, they earn $45,817 a year. That works out to a 0% change in pay for loan officers over the last decade.
Compare loan officer salaries for cities or states with the national average over time.
Average loan officer salary over time
Compare loan officer salaries for individual cities or states with the national average.
Loan Officer salary by year
| Year | Avg. Salary | Hourly Rate | % Change |
|---|---|---|---|
| 2024 | $45,800 | $22.03 | +1.1% |
| 2023 | $45,300 | $21.79 | +0.4% |
| 2022 | $45,200 | $21.71 | -2.6% |
| 2021 | $46,300 | $22.27 | +1.6% |
| 2020 | $45,600 | $21.92 | +0.3% |
Recently added loan officer salaries
| Company | Job | Location | Date Added | Salary |
|---|---|---|---|---|
| China Citic Bank International Limited, New York Branch | Loan Officer | New York, NY | 08/02/2023 | $74,880 |
| Real Estate Marketplace | Loan Officer | Houston, TX | 07/03/2023 | $50,000 |
| First Interstate Bancsystem, Inc. | Inside Sales Mortgage Loan Officer | Casper, WY | 07/02/2023 | $45,309 |
| First Interstate Bancsystem, Inc. | Inside Sales Mortgage Loan Officer | Shawnee, KS | 07/02/2023 | $45,309 |
| First Interstate Bancsystem, Inc. | Inside Sales Mortgage Loan Officer | Fargo, ND | 07/02/2023 | $45,309 |
| First Interstate Bancsystem, Inc. | Inside Sales Mortgage Loan Officer | Clive, IA | 07/02/2023 | $45,309 |
| First Interstate Bancsystem, Inc. | Inside Sales Mortgage Loan Officer | Omaha, NE | 07/02/2023 | $45,309 |
| First Interstate Bancsystem, Inc. | Inside Sales Mortgage Loan Officer | Chandler, AZ | 07/02/2023 | $45,309 |
| First Interstate Bancsystem, Inc. | Inside Sales Mortgage Loan Officer | Grant City, MO | 07/02/2023 | $45,309 |
| First Interstate Bancsystem, Inc. | Inside Sales Mortgage Loan Officer | Boise, ID | 07/02/2023 | $45,309 |
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