Business & Finance Rochester, MN Pop. 121,395

Loan Officer Salary in Rochester, Minnesota

The median loan officer salary in Rochester, MN is $65,740 per year, which is 0.0% above the national median and 1.0% above the Minnesota state average.

City Median
$65,740
vs State Avg
+$657
vs National
+$0
Cost of Living
98%

Loan Officer Salary in Rochester by Experience

In Rochester, an entry-level loan officer earns around $38,000, while experienced professionals earn up to $130,000 per year. The local cost of living index is 98% of the national average.

Entry Level (0-2 yrs)
$38,000
+$0 vs national
Mid Level (3-7 yrs)
$66,000
+$0 vs national
Senior Level (8+ yrs)
$130,000
+$0 vs national

Salary Percentiles in Rochester, MN

Percentile Rochester
10th Percentile $35,200
25th Percentile $45,400
Median (50th) $65,740
75th Percentile $100,000
90th Percentile $153,800

Loan Officer Salary in Other Minnesota Cities

Minneapolis, MN
$70,342
Pop. 429,954
Bloomington, MN
$68,370
Pop. 89,987
Saint Paul, MN
$67,055
Pop. 311,527
Duluth, MN
$60,481
Pop. 90,884

How to Become a Loan Officer in Rochester

Education

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