Business & Finance Paterson, NJ Pop. 159,732

Loan Officer Salary in Paterson, New Jersey

The median loan officer salary in Paterson, NJ is $74,286 per year, which is 13.0% above the national median and 8.1% below the New Jersey state average.

City Median
$74,286
vs State Avg
$-6,574
vs National
+$8,546
Cost of Living
105%

Loan Officer Salary in Paterson by Experience

In Paterson, 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 105% 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 Paterson, NJ

Percentile Paterson
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 New Jersey Cities

Jersey City, NJ
$89,406
Pop. 292,449
Edison, NJ
$80,860
Pop. 107,588
Newark, NJ
$78,888
Pop. 311,549
Elizabeth, NJ
$76,258
Pop. 137,298

How to Become a Loan Officer in Paterson

Education

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

Find Loan Officer Jobs in Paterson

Browse open loan officer positions in Paterson, NJ:

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Frequently Asked Questions: Loan Officer Salary in Paterson

How much does a Loan Officer make in Paterson, NJ? ▼
The median loan officer salary in Paterson, New Jersey is $74,286 per year, which is 13.0% above the national median of $65,740. Salaries range from $39,776 (10th percentile) to $173,794 (90th percentile).
How much does a Loan Officer make per hour in Paterson? ▼
Based on the median annual salary of $74,286, a loan officer in Paterson earns approximately $36 per hour assuming a standard 2,080-hour work year.
How does Paterson compare to the New Jersey state average for loan officer pay? ▼
Paterson's median loan officer salary of $74,286 is 8.1% below the New Jersey state average of $80,860. The local cost of living index is 105% of the national average.
What is the cost of living in Paterson, NJ? ▼
Paterson has a cost of living index of 105% compared to the national average. This means a loan officer salary of $74,286 in Paterson has less purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Paterson? ▼
Most loan officer positions in Paterson 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.