How Much Do Loan Officers Make in 2021 (including Starting Salary)

Stan T.Career, SalaryLeave a Comment

2021 Annual Salary, Salary Range, and Highest Paying States and Industries

Loan Officers

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, loan underwriters, and payday loan officers.

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Table of contents
  1. Average salary
  2. Starting salary
  3. Salary rank
  4. Salary range
  5. Highest paying states
  6. Highest paying industries

Average salary

Annual salary
$76930 per year
Hourly wage
$37 per hour

Starting salary

Entry-level annual salary
$33,650 to $45,540 per year
Entry-level hourly wage
$16 to $22 per hour

Entry-level Loan Officers with little to no experience can expect to make anywhere between $33,650 to $45,540 per year or $16 to $22 per hour. Similar to any other job, their salary will increase as they gain experience.

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Salary rank

Salary rank

We wanted to make it easy for our readers to compare the salary of Loan Officers to all the other careers out there. So we created Salary Rank. We compared the salary of all careers then we gave them a rank of A, B, C, or D depending on where their average salary sit in comparison to other careers.

Salary range

Level Hourly Annual
Highest (Top 10%) $64 $133,850
Senior (Top 25%) $45 $93,490
Middle (Mid 50%) $31 $63,960
Junior (Bottom 25%) $22 $45,540
No experience (Bottom 10%) $16 $33,650

Highest paying states

State Hourly Annual
NY $50 $104,400
MD $44 $92,060
HI $44 $91,880
GA $41 $86,200
MO $40 $82,880
MA $40 $82,820
NH $40 $82,790
TX $39 $82,130
PA $39 $81,370
DC $39 $81,280

Another simple way to increase your salary as a Loan Officer is to move to a higher paying state. However moving to a higher paying state like NY doesn’t guarantee that you will make more because the expenses at NY might be much higher than where you are currently living at right now.

According to BLS, the highest paid Loan Officers are in the states of NY, MD, HI, GA and MO.

Highest paying industries

Salary by industry Annual Hourly
Automobile Dealers $98020 $47.13
Other Motor Vehicle Dealers $93860 $45.13
Securities, Commodity Contracts, and Other Financial Investments and Related Activities $92910 $44.67
Data Processing, Hosting, and Related Services $89510 $43.03
Real Estate $89160 $42.87
Rental and Leasing Services $87360 $42.00
Grantmaking and Giving Services $86560 $41.62
Agencies, Brokerages, and Other Insurance Related Activities $84650 $40.70
Motor Vehicle and Motor Vehicle Parts and Supplies Merchant Wholesalers $83450 $40.12
Management of Companies and Enterprises $78530 $37.75
Other Investment Pools and Funds $77510 $37.26
Employment Services $77090 $37.06
Credit Intermediation and Related Activities $76420 $36.74
Management, Scientific, and Technical Consulting Services $75680 $36.39
Nondepository Credit Intermediation $75360 $36.23
Residential Building Construction $73420 $35.30
Federal Executive Branch $73160 $35.17
Accounting, Tax Preparation, Bookkeeping, and Payroll Services $72560 $34.89
Legal Services $70590 $33.94
Insurance Carriers $70370 $33.83
State Government $70180 $33.74
Local Government $65740 $31.61
Computer Systems Design and Related Services $65360 $31.43
Social Advocacy Organizations $61300 $29.47
Colleges, Universities, and Professional Schools $60200 $28.94
Community Food and Housing, and Emergency and Other Relief Services $55820 $26.84
Individual and Family Services $54100 $26.01
Other Professional, Scientific, and Technical Services $53180 $25.57
Junior Colleges $52670 $25.32
Business, Professional, Labor, Political, and Similar Organizations $50930 $24.48

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