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Loan Officer Salary Information in Illinois

The average annual and hourly salaries for loan officers in the state of Illinois are shown in Table 1 and Table 2, respectively. The comparison of the salary statistics of loan officers among Illinois areas is shown in Table 3. The salary statistics are based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2017 and published in April 2018 [1].

Table 1 & 2. Annual & Hourly Salary of Loan Officers in Illinois

Percentile BracketAverage Annual Salary
10th Percentile Wage
$34,690
25th Percentile Wage
$48,280
50th Percentile Wage
$68,250
75th Percentile Wage
$97,560
90th Percentile Wage
$145,010

Table 1 shows the average annual salary for loan officers in Illinois in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $145,010. The median (50th percentile) annual salary is $68,250. The average annual salary for the bottom 10 percent is $34,690.

Salary Trend (2012 to 2017)

The table and chart below show the trend of the median salary of loan officers from 2012 to 2017.

YearMedian SalaryYearly Growth5-Year Growth
2017
$68,250
9.38% 5.32%
2016
$61,850
-6.48% -
2015
$65,860
0.61% -
2014
$65,460
-2.15% -
2013
$66,870
3.36% -
2012
$64,620
- -

Table 3. Median Annual Salary of Loan Officers in Illinois Cities

Table 3 shows the median annual salary of loan officers in some Illinois cities and metropolitan areas. We note that the median annual salary of loan officers in state of Illinois ranges from $45,870 to $75,360. The highest paying area for loan officers in Illinois is Springfield with a median annual salary of $75,360. The second highest paying city/area in Illinois State is Chicago-Joliet-Naperville (IL Metropolitan Division) (mean annual salary $74,530). The lowest paying area is Kankakee-Bradley with a median annual salary of $45,870.

Cities/Areas Median Annual Salary
Springfield
$75,360
Chicago-Joliet-Naperville (IL Metropolitan Division)
$74,530
Chicago-Joliet-Naperville (IL-IN-WI Area)
$71,580
South Illinois nonmetropolitan area
$67,390
Peoria
$64,540
Danville
$63,560
East Central Illinois nonmetropolitan area
$61,270
Champaign-Urbana
$60,710
Rockford
$56,470
Northwest Illinois nonmetropolitan area
$55,970
West Central Illinois nonmetropolitan area
$54,290
Decatur
$53,400
Bloomington-Normal
$48,040
Kankakee-Bradley
$45,870




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