The highest-paying states for loan officers (ranked by average annual salary) are listed in Table 1. The entry level salary (as measured by the salary of the lowest 10% paid earners) and the number of employment of loan officers in those states are also shown in the table. As shown in the table, with an annual salary of $93,430, District of Columbia is the highest paying state for loan officers. It is followed by New York (average annual salary $81,610). The salary and employment information is computed from data published by U.S. Bureau of Labor Statistics (BLS) in April 2023 [1]. For more salary information of loan officers in a specific state, use the links in the table.
| Rank | State | Average Salary i | Entry Level Salary i |
# of Empl. i |
|---|---|---|---|---|
| 1 | District of Columbia | $93,430 |
$35,730 | 580 |
| 2 | New York | $81,610 |
$46,180 | 13,850 |
| 3 | New Jersey | $80,790 |
$36,790 | 7,060 |
| 4 | Massachusetts | $80,400 |
$45,420 | 5,410 |
| 5 | North Dakota | $79,110 |
$46,290 | 1,350 |
| 6 | Michigan | $79,000 |
$24,940 | 13,140 |
| 7 | Minnesota | $78,850 |
$37,870 | 8,020 |
| 8 | Rhode Island | $78,640 |
$35,640 | 1,720 |
| 9 | Iowa | $78,100 |
$48,920 | 3,550 |
| 10 | Virginia | $77,910 |
$39,760 | 10,090 |
| 11 | Nebraska | $77,230 |
$46,850 | 3,250 |
| 12 | Delaware | $77,230 |
$38,790 | 1,010 |
| 13 | Kansas | $77,180 |
$38,390 | 4,500 |
| 14 | Oregon | $76,270 |
$35,420 | 5,090 |
| 15 | Wisconsin | $76,030 |
$42,320 | 5,970 |
| 16 | Illinois | $75,990 |
$36,210 | 11,750 |
| 17 | North Carolina | $75,530 |
$37,080 | 13,880 |
| 18 | Pennsylvania | $74,910 |
$39,550 | 9,360 |
| 19 | Colorado | $73,980 |
$30,620 | 5,780 |
| 20 | Arkansas | $71,560 |
$37,280 | 3,240 |
| 21 | Missouri | $71,130 |
$33,960 | 10,700 |
| 22 | South Dakota | $70,640 |
$49,470 | 1,890 |
| 23 | New Hampshire | $69,400 |
$37,740 | 1,090 |
| 24 | Maryland | $68,960 |
$32,580 | 5,180 |
| 25 | Georgia | $67,770 |
$38,200 | 10,280 |
| 26 | Hawaii | $66,370 |
$33,190 | 1,230 |
| 27 | Texas | $66,290 |
$31,200 | 28,560 |
| 28 | Maine | $66,100 |
$47,040 | 1,340 |
| 29 | Nevada | $65,880 |
$30,410 | 2,720 |
| 30 | Connecticut | $65,450 |
$45,580 | 2,770 |
| 31 | Indiana | $64,930 |
$36,070 | 5,370 |
| 32 | Vermont | $64,690 |
$38,010 | 430 |
| 33 | Washington | $63,950 |
$35,240 | 8,380 |
| 34 | Kentucky | $63,330 |
$40,290 | 3,610 |
| 35 | California | $63,250 |
$31,200 | 38,380 |
| 36 | Tennessee | $63,250 |
$38,910 | 5,540 |
| 37 | Wyoming | $63,120 |
$37,670 | 880 |
| 38 | Ohio | $62,300 |
$31,570 | 12,740 |
| 39 | Oklahoma | $62,070 |
$37,570 | 5,100 |
| 40 | Alaska | $61,220 |
$28,910 | 640 |
| 41 | Montana | $60,890 |
$40,100 | 1,530 |
| 42 | South Carolina | $60,550 |
$35,880 | 5,120 |
| 43 | New Mexico | $60,540 |
$35,460 | 1,510 |
| 44 | Alabama | $60,210 |
$36,450 | 5,790 |
| 45 | Arizona | $60,190 |
$28,140 | 14,650 |
| 46 | Florida | $59,530 |
$32,610 | 26,910 |
| 47 | Louisiana | $58,700 |
$30,070 | 3,000 |
| 48 | Idaho | $58,400 |
$34,910 | 2,760 |
| 49 | Virgin Islands | $57,960 |
$28,070 | 40 |
| 50 | West Virginia | $50,810 |
$37,060 | 910 |
| 51 | Utah | $49,980 |
$32,090 | 5,040 |
| 52 | Mississippi | $47,650 |
$29,710 | 2,940 |
| 53 | Guam | $46,480 |
$29,990 | 70 |
| 54 | Puerto Rico | $30,010 |
$23,630 | 1,990 |