How Much Do Loan Officers Make in 2020 (including Starting Salary)

Stan T.Career, SalaryLeave a Comment

Annual Salary, Salary Range, and Highest Paying States.

Average Salary

Annual salary
$76270 per year

Hourly wage
$37 per hour


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


Starting Salary

Entry-level annual salary
$31870 to $44500 per year

Entry-level hourly wage
$15 to $21 per hour


Entry-level Loan Officers with little to no experience can expect to make anywhere between $31870 to $44500 per year or $15 to $21 per hour.

Just like any other job, the salary of a Loan Officer will increase as they become more experienced.



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Salary Rank

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. We compare the salary of all careers then we give them a rank of A, B, C or D depending on where their average salary sits in comparison to other careers.

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


Salary range

LevelHourlyYearly
Highest (Top 10%)$64$132080
Senior (Top 25%)$44$92240
Middle (Mid 50%)$30$63040
Junior (Bottom 25%)$21$44500
No experience (Bottom 10%)$15$31870

Highest paying states

StateHourlyAnnual
NY$ 50$ 103,450
DC$ 46$ 95,000
MA$ 45$ 94,540
CT$ 44$ 91,730
NH$ 44$ 90,500
NJ$ 41$ 85,540
KS$ 41$ 84,320
MD$ 41$ 84,240
TX$ 40$ 83,910
NE$ 39$ 81,740

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, DC, MA, CT and NH.




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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, 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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