Business & Finance Chicago, IL Pop. 2,693,976

Loan Officer Salary in Chicago, Illinois

The median loan officer salary in Chicago, IL is $74,286 per year, which is 13.0% above the national median and 11.9% above the Illinois state average.

City Median
$74,286
vs State Avg
+$7,889
vs National
+$8,546
Cost of Living
107%

Loan Officer Salary in Chicago by Experience

In Chicago, an entry-level loan officer earns around $42,940, while experienced professionals earn up to $146,900 per year. The local cost of living index is 107% of the national average.

Entry Level (0-2 yrs)
$42,940
+$4,940 vs national
Mid Level (3-7 yrs)
$74,580
+$8,580 vs national
Senior Level (8+ yrs)
$146,900
+$16,900 vs national

Salary Percentiles in Chicago, IL

Percentile Chicago
10th Percentile $39,776
25th Percentile $51,302
Median (50th) $74,286
75th Percentile $113,000
90th Percentile $173,794

Loan Officer Salary in Other Illinois Cities

Naperville, IL
$74,944
Pop. 149,540
Aurora, IL
$66,397
Pop. 197,757
Springfield, IL
$59,823
Pop. 114,394
Rockford, IL
$57,851
Pop. 148,655

How to Become a Loan Officer in Chicago

Education

Most loan officer positions require a bachelor's degree. Chicago and the surrounding Illinois area have institutions offering relevant programs.

Key Skills

Credit AnalysisMortgage LendingCustomer ServiceRegulatory ComplianceSalesFinancial Software

Job Outlook

Nationally, loan officer employment is projected to grow 3% over the next decade (as fast as average). Demand in Chicago may vary based on local industry and population growth.

Find Loan Officer Jobs in Chicago

Browse open loan officer positions in Chicago, IL:

Indeed → LinkedIn → ZipRecruiter → Glassdoor →

Frequently Asked Questions: Loan Officer Salary in Chicago

How much does a Loan Officer make in Chicago, IL? ▼
The median loan officer salary in Chicago, Illinois is $74,286 per year, which is 13.0% above the national median of $65,740. Salaries range from $39,776 (10th percentile) to $173,794 (90th percentile).
How much does a Loan Officer make per hour in Chicago? ▼
Based on the median annual salary of $74,286, a loan officer in Chicago earns approximately $36 per hour assuming a standard 2,080-hour work year.
How does Chicago compare to the Illinois state average for loan officer pay? ▼
Chicago's median loan officer salary of $74,286 is 11.9% above the Illinois state average of $66,397. The local cost of living index is 107% of the national average.
What is the cost of living in Chicago, IL? ▼
Chicago has a cost of living index of 107% compared to the national average. This means a loan officer salary of $74,286 in Chicago has less purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Chicago? ▼
Most loan officer positions in Chicago require a bachelor's degree. Key skills include Credit Analysis, Mortgage Lending, Customer Service, Regulatory Compliance. The job market is projected to grow 3% nationally over the next decade.