Loan officers salary
| Measure | Annual | Hourly |
|---|---|---|
| 10th percentile | $39,430 | $18.96 |
| Median (50th percentile) | $76,690 | $36.87 |
| Mean (average) | $87,790 | $42.21 |
| 90th percentile | $153,180 | $73.65 |
These wages describe everyone employed in the occupation, from new entrants to experienced workers. They are not starting salaries and not earnings of graduates from any particular program. Verified data
Loan officers pay by state and metro area
Table: median wage and employment for all 54 states and territories
| State | Median | 10th pct | 90th pct | Employment | Location quotient |
|---|---|---|---|---|---|
| Alabama | $66,710 | $42,090 | $155,660 | 5,050 | 1.35 |
| Alaska | $72,800 | $26,730 | $123,570 | 490 | 0.86 |
| Arizona | $62,160 | $35,960 | $133,890 | 10,020 | 1.75 |
| Arkansas | $70,260 | $39,210 | $136,500 | 2,610 | 1.14 |
| California | $81,770 | $37,460 | $169,040 | 25,790 | 0.8 |
| Colorado | $94,520 | $39,430 | $165,370 | 3,230 | 0.64 |
| Connecticut | $95,730 | $50,300 | $171,280 | 2,220 | 0.74 |
| Delaware | $83,130 | $45,670 | $148,210 | 1,420 | 1.66 |
| District of Columbia | $92,890 | $45,860 | $157,630 | 370 | 0.3 |
| Florida | $71,090 | $33,180 | $133,070 | 18,830 | 1.07 |
| Georgia | $68,490 | $39,490 | $138,800 | 9,540 | 1.11 |
| Guam | $45,180 | $34,460 | $83,660 | 60 | 0.54 |
| Hawaii | $63,740 | $34,150 | $131,020 | 980 | 0.88 |
| Idaho | $71,070 | $43,160 | $156,410 | 2,030 | 1.34 |
| Illinois | $79,150 | $43,020 | $137,080 | 10,890 | 1.01 |
| Indiana | $72,960 | $43,870 | $129,740 | 4,790 | 0.85 |
| Iowa | $83,670 | $51,690 | $138,150 | 2,840 | 1.03 |
| Kansas | $86,970 | $48,560 | $160,560 | 3,540 | 1.4 |
| Kentucky | $62,090 | $41,620 | $124,520 | 3,940 | 1.12 |
| Louisiana | $61,110 | $38,100 | $124,420 | 2,810 | 0.82 |
| Maine | $81,900 | $46,710 | $140,680 | 1,060 | 0.93 |
| Maryland | $73,580 | $37,470 | $159,860 | 3,850 | 0.79 |
| Massachusetts | $101,600 | $64,680 | $198,220 | 4,470 | 0.7 |
| Michigan | $74,470 | $36,830 | $135,700 | 11,340 | 1.46 |
| Minnesota | $95,170 | $57,670 | $163,350 | 6,430 | 1.24 |
| Mississippi | $60,260 | $37,030 | $131,510 | 3,450 | 1.68 |
| Missouri | $73,660 | $38,910 | $136,130 | 7,050 | 1.36 |
| Montana | $71,570 | $48,130 | $123,130 | 1,180 | 1.31 |
| Nebraska | $79,840 | $49,360 | $136,640 | 2,710 | 1.5 |
| Nevada | $64,500 | $29,640 | $163,930 | 2,580 | 0.94 |
| New Hampshire | $80,660 | $47,970 | $160,580 | 1,120 | 0.93 |
| New Jersey | $92,920 | $50,490 | $169,280 | 6,200 | 0.82 |
| New Mexico | $62,610 | $27,700 | $122,960 | 1,140 | 0.74 |
| New York | $95,710 | $49,410 | $211,350 | 10,840 | 0.63 |
| North Carolina | $75,920 | $43,270 | $130,480 | 10,700 | 1.23 |
| North Dakota | $84,650 | $58,010 | $146,640 | 1,370 | 1.81 |
| Ohio | $76,370 | $38,200 | $131,980 | 9,880 | 1.01 |
| Oklahoma | $72,990 | $36,510 | $158,710 | 4,100 | 1.36 |
| Oregon | $94,440 | $48,240 | $161,250 | 4,220 | 1.22 |
| Pennsylvania | $69,300 | $39,990 | $132,900 | 8,140 | 0.76 |
| Puerto Rico | $35,730 | $27,110 | $64,740 | 2,360 | 1.43 |
| Rhode Island | $77,250 | $50,420 | $134,950 | 1,290 | 1.45 |
| South Carolina | $63,220 | $37,080 | $142,260 | 4,140 | 1.02 |
| South Dakota | $79,920 | $58,480 | $125,080 | 1,820 | 2.26 |
| Tennessee | $62,800 | $38,240 | $113,290 | 6,510 | 1.13 |
| Texas | $66,370 | $34,150 | $135,280 | 21,200 | 0.85 |
| Utah | $59,440 | $37,790 | $128,200 | 3,990 | 1.3 |
| Vermont | $88,710 | $56,820 | $168,070 | 350 | 0.64 |
| Virgin Islands | $44,780 | $39,960 | $77,400 | 50 | 0.82 |
| Virginia | $78,320 | $40,190 | $157,070 | 8,790 | 1.21 |
| Washington | $80,120 | $39,000 | $162,240 | 6,040 | 0.96 |
| West Virginia | $57,580 | $37,830 | $114,800 | 1,290 | 1.04 |
| Wisconsin | $78,290 | $50,010 | $140,140 | 4,940 | 0.95 |
| Wyoming | $79,620 | $47,410 | $132,810 | 740 | 1.5 |
A location quotient above 1 means the occupation is more concentrated in that state than in the nation overall.
Metro areas with the most jobs
Highest paying metro areas
Job outlook for loan officers
- Average annual openings, 2025 to 2035: 17,100. Openings include new jobs plus replacement needs when workers retire or leave the occupation. Official projection
- Share of workers who are self-employed (2025): 1.4%.
- Read the official BLS Occupational Outlook Handbook profile.
These are official BLS projections. ConnectPrep does not alter them or present its own forecasts as official statistics.
Education and training for loan officers
- Typical entry education
- Bachelor's degree
- Related work experience
- Less than 5 years
- On-the-job training
- Moderate-term on-the-job training
- O*NET Job Zone
- Job Zone Four: Considerable Preparation Needed
Highest education of people working in this occupation
O*NET describes this preparation level as: Most of these occupations require a four-year bachelor's degree, but some do not.
Degrees and programs that lead to this career
Programs officially mapped to this occupation in the NCES and BLS CIP to SOC crosswalk. A mapping means the program commonly prepares students for the occupation, not that every graduate works in it. Official crosswalk
- Finance, General CIP 52.0801
- Credit Management CIP 52.0809
Skills, knowledge, and daily work
Most important skills
Most important knowledge areas
Typical tasks
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Submit applications to credit analysts for verification and recommendation.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Review and update credit and loan files.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Technology skills
- Microsoft Excel (in demand)
- Microsoft Office software (in demand)
- Microsoft Outlook (in demand)
- Microsoft Access (hot technology)
- Microsoft PowerPoint (hot technology)
- Microsoft Word (hot technology)
- Oracle PeopleSoft (hot technology)
- SAP software (hot technology)
- Zoom (hot technology)
- 1003 Uniform Residential Loan Application
- Amortization loan software
- Bankers Systems Rembrandt Lending System
- Bottom Line LoanMaster Loan Servicing
- CGI-AMS BureauLink Enterprise
- CGI-AMS CACS Enterprise
- CGI-AMS Strata
Transferable skills for career changers: Judgment and Decision Making, Social Perceptiveness, Complex Problem Solving, Time Management, Service Orientation, Coordination.
Common job titles: Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer, Financial Counselor, Loan Counselor, Loan Officer, Mortgage Loan Officer.
Is it worth it? Model the cost of getting there
Use the ROI calculator to compare the cost of the education this career usually requires against staying on your current path. It starts from the official wage distribution above, and you can change every assumption.
Frequently asked questions
How much do loan officers make?
The national median annual wage for loan officers was $76,690 in May 2025, according to the BLS Occupational Employment and Wage Statistics program. The lowest paid 10 percent earned less than $39,430 and the highest paid 10 percent earned more than $153,180. These figures cover all workers in the occupation, not only new entrants.
What education do loan officers need?
BLS lists bachelor's degree as the typical education needed to enter this occupation, with less than 5 years of related work experience and moderate-term on-the-job training on-the-job training typically needed to become competent.
Is loan officers a growing career?
BLS projects employment of loan officers to change +1.1% from 2025 to 2035, compared with +3.5% for all occupations. About 17,100 openings are projected each year on average, including openings from workers who retire or change occupations.
Which states pay loan officers the most?
By median annual wage in May 2025, the highest paying states were Massachusetts ($101,600), Connecticut ($95,730), New York ($95,710). Pay differences partly reflect differences in living costs.