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 2016 and published in April 2017 [1].

Table 1. Loan Officer Salary in the United States

Percentile BracketAverage Annual Salary
10th Percentile Wage
$32,820
25th Percentile Wage
$45,100
50th Percentile Wage
$63,650
75th Percentile Wage
$92,610
90th Percentile Wage
$132,290

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 $132,290. The median annual salary (50th percentile) is $63,650. The average annual salary for the bottom 10 percent is $32,820. Notice that in the United States, the annual salary of the 90th percentile (the top 10 percent of the highest paid) is almost 303% higher than that of the bottom 10 percent.

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
201663,6500.35%6.02%
201563,4301.28%-
201462,6201.92%-
201361,4202.61%-
201259,820--

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 $84,310. The lowest paying sector is the health care and social assistance sector (annual salary $49,180).

Industry Sector Median Annual Salary
Retail Trade
$84,310
Information
$73,890
Federal, State, and Local Government
$72,730
Management of Companies and Enterprises
$68,340
Professional, Scientific, and Technical Services
$64,980
Real Estate and Rental and Leasing
$62,570
Finance and Insurance
$62,410
Administrative and Support and Waste Management and Remediation Services
$60,770
Construction
$60,350
Wholesale Trade
$57,830
Educational Services
$51,180
Transportation and Warehousing
$51,020
Other Services (except Federal, State, and Local Government)
$50,990
Health Care and Social Assistance
$49,180

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 $28,200 to $79,660. The highest paying state for loan officers is New York with a median annual salary of $79,660. The lowest paying state is Puerto Rico with a median annual salary of $28,200. For more salary information of loan officers profession in a specific state, use the links in the table.

State Name Median Annual Salary
New York
$79,660
District of Columbia
$76,900
Massachusetts
$75,670
New Jersey
$74,560
New Hampshire
$73,230
Oregon
$72,030
Minnesota
$71,340
Connecticut
$71,290
Nebraska
$71,050
Florida
$70,530
California
$69,720
Kansas
$69,130
Texas
$68,590
Colorado
$66,390
Delaware
$65,780
North Dakota
$65,540
Nevada
$64,780
Iowa
$64,190
Virginia
$64,140
Missouri
$63,460
Washington
$63,310
Kentucky
$63,170
North Carolina
$62,740
Arizona
$62,240
Wyoming
$61,920
Illinois
$61,850
South Dakota
$61,770
Ohio
$61,530
Wisconsin
$61,530
Alaska
$59,920
Rhode Island
$59,810
Montana
$59,580
Maryland
$59,010
Georgia
$58,810
Pennsylvania
$58,750
Tennessee
$58,590
Vermont
$58,320
South Carolina
$56,820
Arkansas
$56,810
Indiana
$56,660
Mississippi
$56,400
Alabama
$56,240
Maine
$55,700
Hawaii
$55,430
Idaho
$54,350
Oklahoma
$53,280
Utah
$50,740
Michigan
$49,520
New Mexico
$47,440
West Virginia
$46,970
Louisiana
$46,720
Guam
$41,850
Virgin Islands
$37,120
Puerto Rico
$28,200



Related:

Highest paying states for loan officers

Highest paying cities for loan officers

Highest paying industries for loan officers.