Business & Finance Newark, NJ Pop. 311,549

Loan Officer Salary in Newark, New Jersey

The median loan officer salary in Newark, NJ is $78,888 per year, which is 20.0% above the national median and 2.4% below the New Jersey state average.

City Median
$78,888
vs State Avg
$-1,972
vs National
+$13,148
Cost of Living
112%

Loan Officer Pay in Newark: What to Expect (2026)

Newark offers a median loan officer salary of $78,888, which is $1,972 below the New Jersey state average of $80,860. Compared to the national median of $65,740, Newark pays above average for this role.

However, Newark's cost of living index is 112%, significantly above the national average. After adjusting for local costs, the $78,888 salary has an effective purchasing power of approximately $70,436. Housing, transportation, and food costs in Newark should be factored into any relocation or job-change decision.

The salary range for loan officers in Newark spans from $42,240 at the 10th percentile to $184,560 at the 90th percentile — a $142,320 spread. Entry-level professionals start around $45,600, while senior loan officers with 8+ years of experience can earn up to $156,000. With a population of 311,549, Newark is a mid-sized metro with a growing job market.

Loan Officer Salary in Newark by Experience

In Newark, an entry-level loan officer earns around $45,600, while experienced professionals earn up to $156,000 per year. The local cost of living index is 112% of the national average.

Entry Level (0-2 yrs)
$45,600
+$7,600 vs national
Mid Level (3-7 yrs)
$79,200
+$13,200 vs national
Senior Level (8+ yrs)
$156,000
+$26,000 vs national

Salary Percentiles in Newark, NJ

Percentile Newark
10th Percentile $42,240
25th Percentile $54,480
Median (50th) $78,888
75th Percentile $120,000
90th Percentile $184,560

Loan Officer Salary in Other New Jersey Cities

Jersey City, NJ
$89,406
Pop. 292,449
Edison, NJ
$80,860
Pop. 107,588
Elizabeth, NJ
$76,258
Pop. 137,298
Paterson, NJ
$74,286
Pop. 159,732

How to Become a Loan Officer in Newark

Education

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

Find Loan Officer Jobs in Newark

Browse open loan officer positions in Newark, NJ:

Indeed → LinkedIn → ZipRecruiter → Glassdoor →

Frequently Asked Questions: Loan Officer Salary in Newark

How much does a Loan Officer make in Newark, NJ? ▼
The median loan officer salary in Newark, New Jersey is $78,888 per year, which is 20.0% above the national median of $65,740. Salaries range from $42,240 (10th percentile) to $184,560 (90th percentile).
How much does a Loan Officer make per hour in Newark? ▼
Based on the median annual salary of $78,888, a loan officer in Newark earns approximately $38 per hour assuming a standard 2,080-hour work year.
How does Newark compare to the New Jersey state average for loan officer pay? ▼
Newark's median loan officer salary of $78,888 is 2.4% below the New Jersey state average of $80,860. The local cost of living index is 112% of the national average.
What is the cost of living in Newark, NJ? ▼
Newark has a cost of living index of 112% compared to the national average. This means a loan officer salary of $78,888 in Newark has less purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Newark? ▼
Most loan officer positions in Newark 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.