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Loan Officer Salary Information in Minnesota

The average annual and hourly salaries for loan officers in the state of Minnesota are shown in Table 1 and Table 2, respectively. The comparison of the salary statistics of loan officers amongst Minnesota 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 Minnesota

Percentile BracketAverage Annual Salary
10th Percentile Wage
$40,470
25th Percentile Wage
$51,100
50th Percentile Wage
$70,820
75th Percentile Wage
$98,100
90th Percentile Wage
$126,900

Table 1 shows the average annual salary for loan officers in Minnesota in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $126,900. The median (50th percentile) annual salary is $70,820. The average annual salary for the bottom 10 percent is $40,470.

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
$70,820
-0.73% 14.11%
2016
$71,340
1.53% -
2015
$70,250
3.74% -
2014
$67,620
6.67% -
2013
$63,110
3.61% -
2012
$60,830
- -

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

Table 3 shows the median annual salary of loan officers in some Minnesota cities and metropolitan areas. We note that the median annual salary of loan officers in state of Minnesota ranges from $48,510 to $71,220. The highest paying area for loan officers in Minnesota is Northwest Minnesota nonmetropolitan area with a median annual salary of $71,220. The second highest paying city/area in Minnesota State is Mankato-North Mankato (mean annual salary $70,390). The lowest paying area is Northeast Minnesota nonmetropolitan area with a median annual salary of $48,510.

Cities/Areas Median Annual Salary
Northwest Minnesota nonmetropolitan area
$71,220
Mankato-North Mankato
$70,390
Southeast Minnesota nonmetropolitan area
$69,190
Southwest Minnesota nonmetropolitan area
$69,060
St Cloud
$60,990
Rochester
$59,090
Northeast Minnesota nonmetropolitan area
$48,510




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