Salary Outlook
The pay scale for evaluating, originating, and approving loans varies broadly. The average salary for a loan officer working in 2011 was $58,030, according to the BLS. Top earners made a lucrative $115,450, while those in the bottom 10-percentile earned about $32,110. According to Donnelly, many loan officers receive their pay from commission. So their earnings could fluctuate markedly year to year. Mortgage brokers tend to be the best-compensated in the industry, as are those who process auto loans. Big cities, such as New York City and San Francisco, pay the top salaries.
| Job Salary | Year |
|---|---|
| 2002 | $57,460.00 |
| 2004 | $58,130.00 |
| 2006 | $61,900.00 |
| 2008 | $63,960.00 |
| 2010 | $65,590.00 |
Average Loan Officer Pay vs. All Business Jobs
Loan officers earned an average $58,030 in 2011, meaning their salary is mid-range compared with other business professions. Real estate agents earned somewhat less (approximately $40,030), while sales reps, accountants, and financial advisers earn slightly more.
| Job Name | Salary |
|---|---|
| Sales Manager | $101,640.00 |
| Financial Adviser | $66,580.00 |
| Accountant | $62,850.00 |
| Loan Officer | $58,030.00 |
| Sales Representative | $53,540.00 |
| Real Estate Agent | $39,070.00 |
See Complete List of Best Business Jobs
Best Paying Cities for Loan Officers
The highest paid in the loan officer profession work in the metropolitan areas of New York City, NY, San Francisco, CA, and Salinas, CA. The Peabody, MA area also pays well, as does the city of Bethesda, MD.
New York City, NY
Average Salary: $127,630 | See Job Openings
The annual median wage of a loan officer working in New York City, NY is $127,630, which is $69,600 more than the average pay in the profession.
San Francisco, CA
Average Salary: $95,840 | See Job Openings
The annual median wage of a loan officer working in San Francisco, CA is $95,840, which is $37,810 more than the average pay in the profession.
Salinas, CA
Average Salary: $93,820 | See Job Openings
The annual median wage of a loan officer working in Salinas, CA is $93,820, which is $35,790 more than the average pay in the profession.
Peabody, MA
Average Salary: $92,330 | See Job Openings
The annual median wage of a loan officer working in Peabody, MA is $92,330, which is $34,300 more than the average pay in the profession.
Bethesda, MD
Average Salary: $92,290 | See Job Openings
The annual median wage of a loan officer working in Bethesda, MD is $92,290, which is $34,260 more than the average pay in the profession.
