Loan Officers Salary 2017: How Much Money Do They Make

Stanley TanLeave a Comment



hourly pay for Loan Officers
do Loan Officers make a lot of money

Loan Officers

Other names for this job might include Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Account Executive, Branch Account Manager, Branch Banker, Branch Lending Officer, Branch Manager, Business Banker


  • $76260
    Salary
  • 74%
    Job satisfaction
  • Medium
    Becoming one
  • Medium
    Job growth
OwlGuru Rank

A



How Much Successful Loan Officers Make In 2017


In this salary guide, you will find out how much do Loan Officers make.

After reading this, you will be able to make a decision if working as a Loan Officer will suit your financial goals (e.g: buying a home, BMW or just your target salary goal).



Average salary

Annual salary
$76260 per year

Hourly wage
$36.670 per hour


1 of the most popular questions we get from our readers here at OwlGuru is how much do Loan Officers make per year and what is their hourly wage.

According to BLS, the average annual salary of Loan Officers is $76260. Their salary can also be as low as $32820 if you’re still a newbie with no experience to over $132290 if you have a ton of experience under your belt.

The typical hourly pay is $36.670 and can range from $15.780 to $63.600 which also depends if you’re a newbie or a professional.

Just like any other job, the salary of A Loan Officer will vary based on your education and experience level.

# = Over $100 per hour or $200,000 per year.
Salary rank
B

We wanted to make it easy for our readers to compare the salary of A Loan Officer to all the other careers out there. So we created Salary Rank.

This compares the salary of all careers and we give them a rank of A, B, C or D depending on how high or low is their average salary.

After comparing how much do Loan Officers make with other careers, they have a salary rank of B.



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Salary range

LevelHourlyYearly
Highest (Top 10%)$63.600$132290
Senior (Top 25%)$44.530$92610
Middle (Mid 50%)$30.600$63650
Junior (Bottom 25%)$21.680$45100
No experience (Bottom 10%)$15.780$32820


Entry-level Loan Officers who starts out at $45100 can expect to make $63650 after 3-5 years of experience in the field.

The bottom 10% makes less than $15.780 per hour while the top 10% makes over $63.600 per hour.

While the median wage is $63650 per annum or $30.600 per hour.

Depending on who you work for, you might also get overtime pay.

# = Over $100 per hour or $200,000 per year.


Highest paying industries

Industry nameHourly wageAnnual salary
Securities and Commodity Contracts Intermediation and Brokerage50.1104220
Securities, Commodity Contracts, and Other Financial Investments and Related Activities50.02104040
Other Financial Investment Activities49.94103880
Automobile Dealers45.2994210
Retail Trade45.0293640
Motor Vehicle and Parts Dealers45.0293640
Activities Related to Real Estate44.4292400
Individual and Family Services43.6990870
Rental and Leasing Services42.7888980
Insurance Agencies and Brokerages41.3285940
Accounting, Tax Preparation, Bookkeeping, and Payroll Services40.9785210
Agencies, Brokerages, and Other Insurance Related Activities40.9185100
Real Estate and Rental and Leasing39.5982350
Real Estate39.5282210
Management of Companies and Enterprises38.4780010
Grantmaking and Giving Services38.4579980
Heavy and Civil Engineering Construction38.1579350
Land Subdivision38.1579350
Lessors of Real Estate38.0979220
Other Motor Vehicle Dealers36.976760
Activities Related to Credit Intermediation36.5275960
All industries, private ownership only35.4373700
All industries35.4273670
Federal Executive Branch35.3273460
Federal government, including the US Postal Service35.3273460
Finance and Insurance34.972590
Credit Intermediation and Related Activities34.6171990
Federal, State, and Local Government34.6171990
Federal, State, and Local Government, excluding state and local schools and hospitals, and the US Postal Service34.6171990
Depository Credit Intermediation34.5871930
Federal, state, and local government, including government owned schools and hospitals, and the US Postal Service34.3171360
Offices of Real Estate Agents and Brokers34.1471010
Employment Services34.0370790
Nondepository Credit Intermediation33.9870680
Other Nondepository Credit Intermediation33.970510
Insurance Carriers and Related Activities33.8170320
Data Processing, Hosting, and Related Services33.5569780
Information33.4869640
Local Government, excluding schools and hospitals33.3269310
Construction33.1468930
Architectural, Engineering, and Related Services33.0468730
Professional, Scientific, and Technical Services32.7568130
Local government, including schools and hospitals32.7468100
Religious, Grantmaking, Civic, Professional, and Similar Organizations32.6267850
Direct Insurance (except Life, Health, and Medical) Carriers31.7666060
Business, Professional, Labor, Political, and Similar Organizations31.7165960
Insurance Carriers31.665730
Sector 56- Administrative and Support and Waste Management and Remediation Services31.2164910
Administrative and Support Services31.2164910
Other Services (except Federal, State, and Local Government)31.1264720
Construction of Buildings30.8164090
Residential Building Construction30.8164090
Other Insurance Related Activities30.7163870
Office Administrative Services30.3963200
Wholesale Trade30.0962590
Legal Services29.5461440
Educational Services, Privately owned29.1760660
Business Support Services28.3859030
Colleges, universities, and professional schools, Privately owned28.3358930
Management, Scientific, and Technical Consulting Services28.2858830
Educational Services (including private, state, and local government schools)28.0858410
Merchant Wholesalers, Durable Goods28.0258280
Social Assistance27.9858200
Colleges, Universities, and Professional Schools (including private, state, and local government schools)27.6957590
Junior colleges, Local government owned27.2656710
Computer Systems Design and Related Services27.1556460
Motor Vehicle and Motor Vehicle Parts and Supplies Merchant Wholesalers27.1156380
Educational Services, Local government owned26.7555640
State Government, excluding schools and hospitals26.2554590
Colleges, universities, and professional schools, State government owned26.1954480
State government, including schools and hospitals26.154290
Social Advocacy Organizations25.9553980
Educational Services, State government owned25.853660
Other Professional, Scientific, and Technical Services25.6853410
Health Care and Social Assistance (including private, state, and local government hospitals)25.2652540
Junior Colleges (including private, state, and local government schools)25.252420
Transportation and Warehousing24.9651920
Air Transportation24.9651920
Scheduled Air Transportation24.9651920
Telephone Call Centers22.7547320
Community Food and Housing, and Emergency and Other Relief Services22.3646510

Not all industries pay the same for Loan Officers.

1 of the easiest way to increase your salary is to change industries and find a higher paying one.



Highest paying states

StateHourlyAnnual
MA$45.66$94970
NY$45.55$94740
DC$44.61$92780
NH$43.21$89870
RI$42.22$87810
CA$40.84$84950
NJ$40.71$84680
FL$39.31$81760
CT$38.38$79830
OR$38.15$79350

Another simple way to boost your pay as A Loan Officer is to move to a higher paying state. However moving to a higher paying state like MA doesn’t mean you will make more overall. This is because the expenses at MA may be 2x higher than where you are currently living at right now.

According to the BLS, the highest paid / most successful Loan Officers are in the states of MA, NY, DC, NH and RI. The average salary in MA is $94970.



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Rank: C+
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They prepare tax returns for individuals or small businesses.
Rank: C
Salary: $38120

They interview loan applicants to elicit information; investigate applicants’ backgrounds and verify references; prepare loan request papers; and forward findings, reports, and documents to appraisal department. Review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
Rank: C
Salary: $50120

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Related to Loan Officers Salary

Loan Officers salary, how much do Loan Officers earn, Loan Officers hourly wage, Loan Officers annual pay, highest paying industries for Loan Officers, which states pay the highest for Loan Officers

Additional resources

http://www.bls.gov/OOH/business-and-financial/loan-officers.htm
http://www.aba.com/
https://www.mba.org/
http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx

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Loan Officers
Written by: Stanley Tan
Loan Officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
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