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Loan Officer: Salary

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Salary Outlook

The pay scale for evaluating, originating and approving loans varies broadly. The median salary for a loan officer in 2012 was $59,820, according to the BLS. Top earners made a lucrative $119,710, while those in the bottom tenth percentile earned about $32,600. According to Donnelly, many loan officers receive their pay from commissions, so their earnings could fluctuate from year to year. Mortgage brokers tend to be the best-compensated in the industry, as are those who process auto loans. Jobs in New York City, Visalia, Calif., and Salinas, Calif., pay the top salaries.

Job Salary Year
2004 $58,130.00
2006 $61,900.00
2008 $63,960.00
2010 $65,590.00
2012 $70,350.00

Average Loan Officer Pay vs. All Business Jobs

With an average salary of $70,350 per year, loan officers are better paid than insurance sales agents ($63,400) and real estate sales agents ($51,930). However, there are other business jobs that are even more lucrative, including financial analysts ($89,410), financial advisors ($90,820) and financial managers ($123,260).
 

Job Name Salary
Sales Manager $105,260.00
Financial Advisor $67,520.00
Accountant $63,550.00
Loan Officer $59,820.00
Sales Representative $54,230.00
Real Estate Agent $39,140.00

Best Paying Cities for Loan Officers

The highest paid in the loan officer profession work in the metropolitan areas of New York City, Visalia, Calif., and Salinas, Calif. The Medford, Ore. area also pays well, as does the city of San Francisco.

New York City

Average Salary: $133,030 | See Job Openings

The annual median wage of a loan officer working in New York City is $133,030, which is $73,210 more than the average pay in the profession.

Visalia, Calif.

Average Salary: $113,710 | See Job Openings

The annual median wage of a loan officer working in Visalia, Calif. is $113,710, which is $53,890 more than the average pay in the profession.

Salinas, Calif.

Average Salary: $102,700 | See Job Openings

The annual median wage of a loan officer working in Salinas, Calif. is $102,700, which is $42,880 more than the average pay in the profession.

Medford, Ore.

Average Salary: $100,830 | See Job Openings

The annual median wage of a loan officer working in Medford, Ore. is $100,830, which is $41,010 more than the average pay in the profession.

San Francisco

Average Salary: $100,400 | See Job Openings

The annual median wage of a loan officer working in San Francisco is $100,400, which is $40,580 more than the average pay in the profession.

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Last updated by Emily Brandon.


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