Loan Officer Salary
Loan officers evaluate, authorize, and recommend approval of loan applications for individuals and businesses, working primarily in banking and mortgage lending.
Loan Officer Salary by Experience Level
Entry-level loan officers earn around $38,000 per year, while mid-career professionals earn $66,000. Senior-level loan officers can earn $130,000 or more.
Salary Percentile Breakdown
The salary range for loan officers varies significantly. The bottom 10% earn $35,200, while the top 10% earn $153,800.
| Percentile | Annual Salary |
|---|---|
| 10th Percentile | $35,200 |
| 25th Percentile | $45,400 |
| 50th Percentile (Median) | $65,740 |
| 75th Percentile | $100,000 |
| 90th Percentile | $153,800 |
Loan Officer Salary by State
Loan Officer salaries vary significantly by state due to cost of living, demand, and industry concentration. The highest paying state is Hawaii at $111,758, while Mississippi offers the lowest at $54,564.
| State | Median | |
|---|---|---|
| #1 Hawaii | $111,758 | Details → |
| #2 Massachusetts | $93,351 | Details → |
| #3 California | $90,721 | Details → |
| #4 New York | $88,092 | Details → |
| #5 Alaska | $81,518 | Details → |
| #6 New Jersey | $80,860 | Details → |
| #7 Connecticut | $78,888 | Details → |
| #8 Maryland | $75,601 | Details → |
| #9 Washington | $75,601 | Details → |
| #10 Oregon | $72,314 | Details → |
| #11 Virginia | $71,657 | Details → |
| #12 New Hampshire | $70,342 | Details → |
| #13 Rhode Island | $70,342 | Details → |
| #14 Delaware | $69,684 | Details → |
| #15 Colorado | $69,027 | Details → |
| #16 Illinois | $66,397 | Details → |
| #17 Vermont | $66,397 | Details → |
| #18 Pennsylvania | $65,740 | Details → |
| #19 Minnesota | $65,083 | Details → |
| #20 Florida | $64,425 | Details → |
| #21 Maine | $64,425 | Details → |
| #22 Arizona | $63,768 | Details → |
| #23 Nevada | $63,768 | Details → |
| #24 Utah | $63,768 | Details → |
| #25 Georgia | $62,453 | Details → |
| #26 Montana | $62,453 | Details → |
| #27 North Carolina | $62,453 | Details → |
| #28 Idaho | $61,796 | Details → |
| #29 New Mexico | $61,138 | Details → |
| #30 Nebraska | $60,481 | Details → |
| #31 Texas | $60,481 | Details → |
| #32 Wisconsin | $60,481 | Details → |
| #33 Wyoming | $60,481 | Details → |
| #34 Louisiana | $59,823 | Details → |
| #35 Indiana | $59,166 | Details → |
| #36 Michigan | $59,166 | Details → |
| #37 North Dakota | $59,166 | Details → |
| #38 Ohio | $59,166 | Details → |
| #39 Iowa | $58,509 | Details → |
| #40 South Carolina | $58,509 | Details → |
| #41 Tennessee | $58,509 | Details → |
| #42 Missouri | $57,851 | Details → |
| #43 South Dakota | $57,851 | Details → |
| #44 Alabama | $57,194 | Details → |
| #45 Kansas | $57,194 | Details → |
| #46 Kentucky | $57,194 | Details → |
| #47 Oklahoma | $56,536 | Details → |
| #48 Arkansas | $55,222 | Details → |
| #49 West Virginia | $55,222 | Details → |
| #50 Mississippi | $54,564 | Details → |
Key Responsibilities
- ● Evaluate loan applications and creditworthiness
- ● Verify financial information and documentation
- ● Explain loan terms, rates, and repayment options
- ● Ensure compliance with lending regulations
- ● Build relationships with real estate agents and referral sources
Top Skills
Education Required
Bachelor's degree
Job Outlook
As fast as average — projected 3% growth over the next decade