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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 amongst 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 2016 and published in April 2017 [1].

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

Percentile BracketAverage Annual Salary
10th Percentile Wage
$28,880
25th Percentile Wage
$43,340
50th Percentile Wage
$61,850
75th Percentile Wage
$89,650
90th Percentile Wage
$127,120

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 $127,120. The median (50th percentile) annual salary is $61,850. The average annual salary for the bottom 10 percent is $28,880.

Percentile BracketAverage Hourly Salary
10th Percentile Wage
$13.89
25th Percentile Wage
$20.84
50th Percentile Wage
$29.73
75th Percentile Wage
$43.10
90th Percentile Wage
$61.11

Table 2 shows the average hourly salary for loan officers in Illinois in 5 percentile scales. The average hourly salary for the 90th percentile is $61.11. The median hourly salary is $29.73. The average hourly salary for the bottom 10 percent is $13.89.

Salary Trend (2012 to 2016)

The following table and chart show the trend of the median salary of loan officers from 2012 to 2016.

YearMedian SalaryYearly Growth4-Year Growth
201661,850-6.48%-4.48%
201565,8600.61%-
201465,460-2.15%-
201366,8703.36%-
201264,620--

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 $39,670 to $65,640. The highest paying area for loan officers in Illinois is Northwest Illinois nonmetropolitan area with a median annual salary of $65,640. The second highest paying city/area in Illinois State is Chicago-Joliet-Naperville (IL Metropolitan Division) (mean annual salary $65,300). The lowest paying area is Decatur with a median annual salary of $39,670.

Cities/Areas Median Annual Salary
Northwest Illinois nonmetropolitan area
$65,640
Chicago-Joliet-Naperville (IL Metropolitan Division)
$65,300
Springfield
$63,710
Danville
$63,560
South Illinois nonmetropolitan area
$62,450
Chicago-Joliet-Naperville (IL-IN-WI Area)
$62,310
East Central Illinois nonmetropolitan area
$62,140
Champaign-Urbana
$61,470
West Central Illinois nonmetropolitan area
$53,780
Rockford
$53,700
Peoria
$50,560
Bloomington-Normal
$48,040
Kankakee-Bradley
$43,610
Decatur
$39,670


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