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
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.