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 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
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.