Loan Officer Salary in Minneapolis, MN: $74,037 (2024)

The median loan officer salary in Minneapolis, MN is $74,037 per year ($35.59/hour) as of 2026. This is based on official U.S. Bureau of Labor Statistics data. Salaries range from $48,415 for entry-level positions to $106,563 for experienced professionals in the top 10%.

Entry-level loan officers in Minneapolis, MN typically start at around $48,415 per year ($23.28/hour), representing the 10th percentile. New graduates and those with less than 2 years of experience fall into this range. With experience and skill development, salaries can progress to the median of $74,037 within 3-5 years.

Loan Officers in Minneapolis, MN earn a median hourly wage of $35.59 per hour. Hourly rates range from $23.28/hour at entry-level (10th percentile) to $51.23/hour for top earners (90th percentile). Based on a standard 2,080-hour work year, this translates to annual salaries between $48,415 and $106,563.

The median loan officer salary of $74,037 in Minneapolis, MN is above the national median of $69,990 (5.8% higher). This salary places you at the 50th percentile, meaning half of loan officers in the area earn more and half earn less.

Loan Officers in Minneapolis, MN earn above the national average. The local median salary of $74,037 is 5.8% higher than the national median of $69,990. When adjusted for cost of living, the effective salary is approximately $71,741.

The top 10% of loan officers in Minneapolis, MN earn $106,563 or more per year ($51.23/hour). These top earners typically have 10+ years of experience, advanced certifications, specialized expertise, or hold senior/management positions. The 75th percentile earns $87,290, which is a realistic goal for mid-career professionals.

Key skills that can boost loan officer salary in Minneapolis, MN include: Strong communication and interpersonal abilities, Problem-solving and critical thinking, Technical proficiency relevant to the field, Attention to detail and organizational skills. Professionals with these skills often earn above the median of $74,037, potentially reaching the 75th percentile ($87,290) or higher. Years of relevant experience

Minneapolis, MN has a specialized job market for loan officers, with approximately 314 professionals employed in the area. The median salary of $74,037 is above the national average. Job seekers should consider both salary and local industry demand when evaluating opportunities.

Compare your loan officer salary to these Minneapolis, MN benchmarks: 10th percentile (entry-level): $48,415, 25th percentile: $60,717, 50th percentile (median): $74,037, 75th percentile: $87,290, 90th percentile (top earners): $106,563. If you earn more than $74,037, you're above average for the area.

Beyond the $74,037 median base salary, loan officers in Minneapolis, MN typically receive comprehensive benefits including health insurance (medical, dental, vision), retirement plans (401k with employer matching), paid time off (15-25 days), and potentially bonuses or profit-sharing. Total compensation including benefits typically adds 25-40% to base salary value.

Experienced loan officers with 5-10 years in Minneapolis, MN typically earn $87,290 (75th percentile) to $106,563 (90th percentile) per year. Senior professionals with 10+ years, certifications, or management roles can reach the top 10% at $106,563. Mid-career professionals (3-5 years) usually earn around the median of $74,037.

Loan Officers in Minneapolis, MN can see significant salary growth over their careers. Entry-level ($48,415) to median ($74,037) typically takes 3-5 years. Reaching the 90th percentile ($106,563) may take 10+ years and often requires specialized skills, certifications, or leadership experience. That's a potential growth of $58,148 over a career.