Business & Finance Memphis, TN Pop. 633,104

Loan Officer Salary in Memphis, Tennessee

The median loan officer salary in Memphis, TN is $56,536 per year, which is 14% below the national median and 3.4% below the Tennessee state average.

City Median
$56,536
vs State Avg
$-1,973
vs National
$-9,204
Cost of Living
86%

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

Memphis offers a median loan officer salary of $56,536, which is $1,973 below the Tennessee state average of $58,509. Compared to the national median of $65,740, Memphis pays below the national benchmark for this role.

One of Memphis's biggest advantages is its low cost of living at 86% of the national average. This means the $56,536 salary stretches further here — equivalent to roughly $65,740 in an average-cost city. This makes Memphis an attractive option for loan officers seeking strong real-dollar compensation.

The salary range for loan officers in Memphis spans from $30,272 at the 10th percentile to $132,268 at the 90th percentile — a $101,996 spread. Entry-level professionals start around $32,680, while senior loan officers with 8+ years of experience can earn up to $111,800. As a major metro area with a population of 633,104, Memphis typically offers more job opportunities and employer competition, which can drive salaries higher.

Loan Officer Salary in Memphis by Experience

In Memphis, an entry-level loan officer earns around $32,680, while experienced professionals earn up to $111,800 per year. The local cost of living index is 86% of the national average.

Entry Level (0-2 yrs)
$32,680
$-5,320 vs national
Mid Level (3-7 yrs)
$56,760
$-9,240 vs national
Senior Level (8+ yrs)
$111,800
$-18,200 vs national

Salary Percentiles in Memphis, TN

Percentile Memphis
10th Percentile $30,272
25th Percentile $39,044
Median (50th) $56,536
75th Percentile $86,000
90th Percentile $132,268

Loan Officer Salary in Other Tennessee Cities

Nashville, TN
$65,740
Pop. 689,447
Murfreesboro, TN
$60,481
Pop. 152,769
Knoxville, TN
$57,851
Pop. 190,740
Chattanooga, TN
$57,851
Pop. 181,099

How to Become a Loan Officer in Memphis

Education

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

Find Loan Officer Jobs in Memphis

Browse open loan officer positions in Memphis, TN:

Indeed → LinkedIn → ZipRecruiter → Glassdoor →

Frequently Asked Questions: Loan Officer Salary in Memphis

How much does a Loan Officer make in Memphis, TN? ▼
The median loan officer salary in Memphis, Tennessee is $56,536 per year, which is 14% below the national median of $65,740. Salaries range from $30,272 (10th percentile) to $132,268 (90th percentile).
How much does a Loan Officer make per hour in Memphis? ▼
Based on the median annual salary of $56,536, a loan officer in Memphis earns approximately $27 per hour assuming a standard 2,080-hour work year.
How does Memphis compare to the Tennessee state average for loan officer pay? ▼
Memphis's median loan officer salary of $56,536 is 3.4% below the Tennessee state average of $58,509. The local cost of living index is 86% of the national average.
What is the cost of living in Memphis, TN? ▼
Memphis has a cost of living index of 86% compared to the national average. This means a loan officer salary of $56,536 in Memphis has more purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Memphis? ▼
Most loan officer positions in Memphis 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.