Loan Officer Salary Information

The salary statistics of loan officers are shown in Table 1. In the next few tables we compare the average salaries of loan officers within different industry sectors and in the 50 states of the United States. The loan officers annual salary statistics are from the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2017 and published in April 2018 [1].

Table 1. Loan Officer Salary in the United States

Percentile BracketAverage Annual Salary
10th Percentile Wage
$32,670
25th Percentile Wage
$45,660
50th Percentile Wage
$64,660
75th Percentile Wage
$94,150
90th Percentile Wage
$135,590

Table 1 shows the average annual salary for loan officers. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) loan officers is $135,590. The median annual salary (50th percentile) is $64,660. The average annual salary for the bottom 10 percent is $32,670. We note that in the United States, the annual salary of the 90th percentile (the top 10 percent of the highest paid) is almost 315% higher than that of the bottom 10 percent.

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
$64,660
1.56% 7.49%
2016
$63,650
0.35% -
2015
$63,430
1.28% -
2014
$62,620
1.92% -
2013
$61,420
2.61% -
2012
$59,820
- -

Table 2. Loan Officer Salary by Industry Sector

The average salaries of loan officers in 14 major industry sectors are shown in Table 2. We note that the salaries vary considerably within different industry sectors. The highest paying industry sector for loan officers occupations is the retail trade sector with an annual salary $83,460. The lowest paying sector is the health care and social assistance sector (annual salary $49,380).

Industry Sector Median Annual Salary
Retail Trade
$83,460
Federal, State, and Local Government
$73,240
Management of Companies and Enterprises
$68,740
Professional, Scientific, and Technical Services
$65,910
Information
$65,710
Finance and Insurance
$63,660
Real Estate and Rental and Leasing
$61,250
Administrative and Support and Waste Management and Remediation Services
$60,230
Wholesale Trade
$58,460
Other Services (except Federal, State, and Local Government)
$53,250
Construction
$51,770
Educational Services
$51,700
Transportation and Warehousing
$51,020
Health Care and Social Assistance
$49,380

Table 3. Median Annual Wage of Loan Officers by States

From the above tables we note that not only loan officers salaries vary considerably based on one's education and experience, and the industry sectors, they also change considerably from state to state. In the following table we compare the median salary of loan officers in all 50 states of the United States. We note that the median annual salaries range from $27,780 to $100,970. The highest paying state for loan officers is District of Columbia with a median annual salary of $100,970. The lowest paying state is Puerto Rico with a median annual salary of $27,780. For more salary information of loan officers profession in a specific state, use the links in the table.

State Name Median Annual Salary
District of Columbia
$100,970
New York
$86,680
Connecticut
$76,790
Nebraska
$76,740
New Jersey
$73,280
Massachusetts
$72,420
Kansas
$72,170
Minnesota
$70,820
New Hampshire
$70,370
Texas
$70,330
Florida
$69,760
Oregon
$69,070
Virginia
$68,870
Illinois
$68,250
California
$66,190
North Dakota
$66,120
Maryland
$65,820
Ohio
$65,510
Missouri
$65,400
Delaware
$65,380
Iowa
$64,220
Arizona
$63,840
Nevada
$63,650
North Carolina
$63,490
Kentucky
$63,100
Maine
$62,130
Washington
$61,740
Wisconsin
$61,400
Colorado
$61,010
Mississippi
$60,390
Tennessee
$60,320
Arkansas
$60,210
South Dakota
$60,180
Montana
$60,140
Hawaii
$59,460
Rhode Island
$59,280
Alabama
$59,080
Wyoming
$58,720
South Carolina
$58,060
Oklahoma
$57,910
Georgia
$57,820
Alaska
$57,740
Pennsylvania
$57,360
Vermont
$56,880
Indiana
$56,020
Idaho
$55,320
New Mexico
$53,710
Utah
$50,780
Michigan
$49,520
Louisiana
$48,130
West Virginia
$47,570
Guam
$44,140
Virgin Islands
$37,120
Puerto Rico
$27,780



Related:

💰 Highest paying states for loan officers

💰 Highest paying cities for loan officers

💰 Highest paying industries for loan officers.