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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 among 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 2016 and published in April 2017 [1].

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

Percentile BracketAverage Annual Salary
10th Percentile Wage
$38,300
25th Percentile Wage
$50,960
50th Percentile Wage
$71,340
75th Percentile Wage
$99,380
90th Percentile Wage
$124,880

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 $124,880. The median (50th percentile) annual salary is $71,340. The average annual salary for the bottom 10 percent is $38,300.

Percentile BracketAverage Hourly Salary
10th Percentile Wage
$18.41
25th Percentile Wage
$24.50
50th Percentile Wage
$34.29
75th Percentile Wage
$47.78
90th Percentile Wage
$60.04

Table 2 shows the average hourly salary for loan officers in Minnesota in 5 percentile scales. The average hourly salary for the 90th percentile is $60.04. The median hourly salary is $34.29. The average hourly salary for the bottom 10 percent is $18.41.

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
201671,3401.53%14.73%
201570,2503.74%-
201467,6206.67%-
201363,1103.61%-
201260,830--

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 $45,210 to $74,390. The highest paying area for loan officers in Minnesota is Southeast Minnesota nonmetropolitan area with a median annual salary of $74,390. The second highest paying city/area in Minnesota State is Northwest Minnesota nonmetropolitan area (mean annual salary $66,470). The lowest paying area is Northeast Minnesota nonmetropolitan area with a median annual salary of $45,210.

Cities/Areas Median Annual Salary
Southeast Minnesota nonmetropolitan area
$74,390
Northwest Minnesota nonmetropolitan area
$66,470
Southwest Minnesota nonmetropolitan area
$63,440
Mankato-North Mankato
$63,160
St Cloud
$55,230
Rochester
$53,260
Northeast Minnesota nonmetropolitan area
$45,210


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