Loan Officer Salary
Loan Officer - View salary data across all locations
Average Salary
$70,636
across all locations
Highest Paying
$98,920
San Jose, CA
Locations Covered
50
metro areas
Top 10 Highest Paying Cities for Loan Officers
See which cities pay Loan Officers the most, from $98,920 down to the #10 spot.
Loan Officer Salary by Location
| Location | Annual Salary | Hourly Rate | Employed |
|---|---|---|---|
| San Jose, CA | $98,920 | $47.56 | 352 |
| San Francisco, CA | $94,469 | $45.42 | 412 |
| Seattle, WA | $86,576 | $41.62 | 399 |
| New York, NY | $85,524 | $41.12 | 491 |
| Boston, MA | $84,248 | $40.50 | 312 |
| Washington, DC | $82,555 | $39.69 | 389 |
| San Diego, CA | $77,693 | $37.35 | 280 |
| Los Angeles, CA | $77,503 | $37.26 | 393 |
| Denver, CO | $76,308 | $36.69 | 247 |
| Austin, TX | $74,498 | $35.82 | 268 |
| Minneapolis, MN | $74,037 | $35.59 | 314 |
| Hartford, CT | $73,175 | $35.18 | 319 |
| Portland, OR | $72,970 | $35.08 | 286 |
| Miami, FL | $72,861 | $35.03 | 306 |
| Providence, RI | $71,174 | $34.22 | 295 |
| Sacramento, CA | $70,927 | $34.10 | 259 |
| Chicago, IL | $70,812 | $34.04 | 382 |
| Dallas, TX | $70,728 | $34.00 | 349 |
| Baltimore, MD | $70,201 | $33.75 | 295 |
| Riverside, CA | $70,198 | $33.75 | 240 |
| Houston, TX | $70,090 | $33.70 | 319 |
| Philadelphia, PA | $69,974 | $33.64 | 278 |
| Raleigh, NC | $69,379 | $33.36 | 304 |
| Detroit, MI | $69,088 | $33.22 | 293 |
| Charlotte, NC | $68,786 | $33.07 | 320 |
| Salt Lake City, UT | $68,695 | $33.03 | 299 |
| Tampa, FL | $68,571 | $32.97 | 253 |
| Richmond, VA | $68,472 | $32.92 | 319 |
| Orlando, FL | $68,449 | $32.91 | 318 |
| Atlanta, GA | $67,924 | $32.66 | 376 |
| Nashville, TN | $67,762 | $32.58 | 305 |
| Phoenix, AZ | $67,483 | $32.44 | 311 |
| Milwaukee, WI | $67,451 | $32.43 | 300 |
| Jacksonville, FL | $66,832 | $32.13 | 284 |
| Columbus, OH | $65,929 | $31.70 | 251 |
| Cincinnati, OH | $65,792 | $31.63 | 279 |
| Pittsburgh, PA | $65,598 | $31.54 | 282 |
| Las Vegas, NV | $65,076 | $31.29 | 308 |
| Indianapolis, IN | $64,627 | $31.07 | 302 |
| Cleveland, OH | $64,525 | $31.02 | 284 |
| St. Louis, MO | $64,456 | $30.99 | 259 |
| Louisville, KY | $63,621 | $30.59 | 316 |
| Kansas City, MO | $63,567 | $30.56 | 276 |
| Oklahoma City, OK | $63,410 | $30.49 | 248 |
| San Antonio, TX | $63,198 | $30.38 | 289 |
| Birmingham, AL | $62,650 | $30.12 | 260 |
| Memphis, TN | $62,324 | $29.96 | 264 |
| New Orleans, LA | $61,199 | $29.42 | 249 |
| Tucson, AZ | $61,155 | $29.40 | 279 |
| El Paso, TX | $60,353 | $29.02 | 270 |
About Loan Officer Careers
This professional role involves specialized skills and knowledge to perform essential job duties across various industries and organizations. Professionals in this field contribute to organizational success through their expertise and dedication to quality work.
Based on Bureau of Labor Statistics data, the average loan officer salary across all U.S. metropolitan areas is $70,636 per year. Salaries range from $60,353 in El Paso, TX to $98,920 in San Jose, CA, reflecting significant variation based on location, cost of living, and local demand. There are approximately 15,283 professionals employed as loan officers across the metro areas we track.
What Does a Loan Officer Do?
Loan Officers perform a variety of essential duties in their daily work:
- Perform core job responsibilities with attention to quality and detail
- Collaborate with team members and stakeholders
- Stay current with industry trends and best practices
- Meet performance targets and organizational goals
- Maintain professional standards and ethical conduct
- Contribute to process improvements and efficiency gains
- Document work and maintain accurate records
Education Requirements
Qualifications for this role typically include relevant education, training, and experience. Many employers value a combination of formal education and practical experience. Professional certifications and continuing education can enhance career prospects and earning potential.
Key Skills for Loan Officers
Factors That Affect Loan Officer Salary
Several factors influence how much a loan officer earns:
Career Path & Advancement
Career advancement typically involves gaining experience, developing specialized expertise, and taking on increased responsibility. Opportunities may include senior-level positions, management roles, or specialized technical tracks.
Job Outlook
Employment in this field is influenced by economic conditions, industry trends, and technological developments. Professionals who stay current with industry changes and continuously develop their skills will have better career prospects.
Work Environment
Work environments vary based on industry and specific role requirements. Many positions offer opportunities for professional growth and development in supportive workplace settings.
Frequently Asked Questions About Loan Officer Salaries
What is the average loan officer salary in the United States?
The average loan officer salary across U.S. metropolitan areas is approximately $70,636 per year. However, salaries vary significantly by location, with some areas paying up to $98,920.
Where do loan officers earn the most money?
San Jose, CA offers the highest average salary for loan officers at $98,920 per year. Other high-paying areas can be found on our top paying cities for loan officers page.
How can I increase my salary as a loan officer?
To increase your earning potential as a loan officer, consider gaining additional certifications, specializing in high-demand areas, relocating to higher-paying metropolitan areas, negotiating salary during job transitions, and continuously developing your skills. Experience and demonstrated results also significantly impact earning potential.
What is the hourly rate for loan officers?
The average hourly rate for loan officers is approximately $33.96 per hour (based on a standard 2,080-hour work year). Hourly rates range from $29.02 to $47.56 depending on location.