The annual salary statistics of loan officers in Springfield, Massachusetts is shown in Table 1. The wage information of loan officers in Springfield is based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2022 and published in April 2023 [1].
| Percentile Bracket | Average Annual Salary |
|---|---|
| 10th Percentile Wage | $31,460 |
| 25th Percentile Wage | $48,800 |
| 50th Percentile Wage | $75,140 |
| 75th Percentile Wage | $98,810 |
| 90th Percentile Wage | $147,960 |
Table 1 shows the average annual salary for loan officers in Springfield, Massachusetts in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $147,960. The median (50th percentile) annual salary is $75,140. The average annual salary for the bottom 10 percent earners is $31,460.
The table and chart below show the trend of the median salary of loan officers from 2012 to 2022.
| Year | Median Salary | Yearly Growth | 10-Year Growth |
|---|---|---|---|
| 2022 | $75,140 | -2.95% | -8.14% |
| 2021 | $77,360 | -1.91% | - |
| 2020 | $78,840 | 14.16% | - |
| 2019 | $67,680 | 16.71% | - |
| 2018 | $56,370 | 3.53% | - |
| 2017 | $54,380 | 7.34% | - |
| 2016 | $50,390 | -29.73% | - |
| 2015 | $65,370 | -8.61% | - |
| 2014 | $71,000 | -5.28% | - |
| 2013 | $74,750 | -8.71% | - |
| 2012 | $81,260 | - | - |
From Table 3 we note that the median annual salary of $75,140 in Springfield is in the middle of salary range for loan officers in state of Massachusetts. In comparison, the annual salary of loan officers in Springfield is 7.1 percent (7.1%) lower than that in the highest paying Boston-Cambridge-Quincy and 22.3 percent (22.3%) higher than that in the lowest paying Northwest Massachusetts nonmetropolitan area.