Business & Finance Minneapolis, MN Pop. 429,954

Loan Officer Salary in Minneapolis, Minnesota

The median loan officer salary in Minneapolis, MN is $70,342 per year, which is 7.0% above the national median and 8.1% above the Minnesota state average.

City Median
$70,342
vs State Avg
+$5,259
vs National
+$4,602
Cost of Living
105%

Loan Officer Salary in Minneapolis by Experience

In Minneapolis, an entry-level loan officer earns around $40,660, while experienced professionals earn up to $139,100 per year. The local cost of living index is 105% of the national average.

Entry Level (0-2 yrs)
$40,660
+$2,660 vs national
Mid Level (3-7 yrs)
$70,620
+$4,620 vs national
Senior Level (8+ yrs)
$139,100
+$9,100 vs national

Salary Percentiles in Minneapolis, MN

Percentile Minneapolis
10th Percentile $37,664
25th Percentile $48,578
Median (50th) $70,342
75th Percentile $107,000
90th Percentile $164,566

Loan Officer Salary in Other Minnesota Cities

Bloomington, MN
$68,370
Pop. 89,987
Saint Paul, MN
$67,055
Pop. 311,527
Rochester, MN
$65,740
Pop. 121,395
Duluth, MN
$60,481
Pop. 90,884

How to Become a Loan Officer in Minneapolis

Education

Most loan officer positions require a bachelor's degree. Minneapolis and the surrounding Minnesota 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 Minneapolis may vary based on local industry and population growth.

Find Loan Officer Jobs in Minneapolis

Browse open loan officer positions in Minneapolis, MN:

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Frequently Asked Questions: Loan Officer Salary in Minneapolis

How much does a Loan Officer make in Minneapolis, MN? ▼
The median loan officer salary in Minneapolis, Minnesota is $70,342 per year, which is 7.0% above the national median of $65,740. Salaries range from $37,664 (10th percentile) to $164,566 (90th percentile).
How much does a Loan Officer make per hour in Minneapolis? ▼
Based on the median annual salary of $70,342, a loan officer in Minneapolis earns approximately $34 per hour assuming a standard 2,080-hour work year.
How does Minneapolis compare to the Minnesota state average for loan officer pay? ▼
Minneapolis's median loan officer salary of $70,342 is 8.1% above the Minnesota state average of $65,083. The local cost of living index is 105% of the national average.
What is the cost of living in Minneapolis, MN? ▼
Minneapolis has a cost of living index of 105% compared to the national average. This means a loan officer salary of $70,342 in Minneapolis has less purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Minneapolis? ▼
Most loan officer positions in Minneapolis 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.