Salary of a Loan Officer
Today the concept of loans, credits, interest, etc. is widespread and the facility if provided by almost any bank. It is most utilized to make our dreams come true rather than wait until we have enough money in hand. A Loan Officer is responsible to make sure that the person who is taking loan is capable of paying it back on time. He will inspect all your properties and other important documents. Here in this article we are going to see how a loan officer is remunerated. Please continue to read and leave comment at the end.
| Salary | $26,170 – $80,040 |
| Bonus | $308.60 – $10,285 |
| Profit Sharing | $520 – $6,905 |
| Commission | $1,210 – $102,870 |
| Total Pay | $25,890 – $92,900 |
Loan Officer’s average annual pay and hourly wage by experience:
| Experience | Annual Salary | Hourly Pay |
| 6months or more | $24,450 – $51,220 | $9.25 – $19.65 |
| 1-4 years | $24,915 – $62,145 | $10.10 – $16.75 |
| 5-9 years | $27,880 – $85,785 | $11.60 – $20.35 |
| 10-19 years | $28,495 – $97,915 | $11.65 – $22.70 |
| 20 years or more | $32,120 – $98,385 | $8.10 – $24.70 |
Loan Officer’s average annual pay and bonus by Employer Name:
| Employer Name | Annual Salary | Bonus |
| Bank of America Corp. | $29,405 – $81,095 | $4,9135 |
| J.P. Morgan Chase & Co. | $24,515 – $98,340 | $4,505 |
| Federal Credit Union | $26,965 – $45,005 | $200.05 |
| Wells Fargo Bank | $34,005 – $70,505 | $3,505 |
Loan Officer’s average annual pay by City:
| City | Annual Salary |
| New York, New York | $30,205 – $102,240 |
| Houston, Texas | $29,520 – $117,450 |
| Los Angeles, California | $29,735 – $99,075 |
| Dallas, Texas | $19,505 – $81,955 |
| Chicago, Illinois | $31,505 – $114,005 |
| Atlanta, Georgia | $24,515 – $176,170 |
| San Antonio, Texas | $32,005 – $73,950 |
Loan Officer’s average hourly pay by City:
| City | Hourly Pay |
| Oklahoma City, Oklahoma | $11.80 – $15.30 |
| Denver, Colorado | $12.10 – $15.60 |
| Houston, Texas | $10.05 – $15.50 |
| El Paso, Texas | $12.65 – $16.55 |
Loan Officer’s average annual pay by State:
| State | Annual Salary |
| Texas | $24,780 – $74,830 |
| California | $30,805 – $132,575 |
| Illinois | $24,215 – $87,265 |
| New York | $27,675 – $97,195 |
| Florida | $24,420 – $112,935 |
| Missouri | $26,950 – $67,875 |
| Ohio | $23,635 – $58,310 |
Loan Officer’s average hourly pay by State:
| State | Annual Salary |
| Texas | $10.35 – $17.25 |
| California | $12.65 – $21.95 |
| Michigan | $9.35 – $18.35 |
| Wisconsin | $11.25 – $19.15 |
| Tennessee | $10.70 – $16.70 |
| Colorado | $11.15 – $25.35 |
| Florida | $9.90 – $22.15 |
Loan Officer’s average annual pay by Certification:
| Certification | Annual Salary |
| Licensed Life & Disability Insurance Agent | $29,700 – $45,620 |
| Notary Public | $29,005 – $41,005 |
| Licensed Real Estate Salesperson | $44,625 – $82,545 |
| Licensed Life Insurance Agent | $31,445 – $40,700 |
| National Association of Security Dealers, Series 7 License | $39,540 – $46,085 |
| Licensed Property & Casualty Insurance Agent | $31,935 – $34,320 |
| Business Certificate | $26,505 – $54,005 |
Loan Officer’s average bonus by Certification:
| Certification | Bonus |
| Licensed Life & Disability Insurance Agent | $1,505 |
| Notary Public | $905 |
| Licensed Life Insurance Agent | $4,790 |
| Licensed Real Estate Salesperson | $11,405 |
| Licensed Insurance Agent | $1,355 |
Loan Officer’s average annual pay and hourly wage by Industry:
| Industry | Annual Salary | Hourly Wage |
| Banking | $27,760 – $62,720 | $10.20 – $19.30 |
| Mortgage Lending / Loans / Credit Products | $24,580 – $109,330 | $9.05 – $20.25 |
| Financial Services | $24,440 – $64,820 | $11.90 – $19.85 |
| Credit Union | $25,585 – $45,645 | $11.35 – $19.80 |
| Mortgage Broker | $19,730 – $150,840 | - |
| Insurance & Financial Services | $33,895 – $50,570 | - |
| Auto Lending / Financing | $38,935 – $68,785 | - |
Loan Officer’s average annual pay and hourly wage by Employer Type:
| Employer Type | Annual Salary | Hourly Wage |
| Company | $25,690 – $80,060 | $10.20 – $19.60 |
| Non-Profit Organization | $27,695 – $53,870 | $11.55 – $19.35 |
| Other Organization | $29,035 – $52,780 | $12.15 – $19.35 |
| Private Practice/Firm | $29,980 – $96,345 | - |
| Self-Employed | $23,840 – $161,035 | $9.30 – $136.05 |
| Government – State & Local | $20,005 – $71,005 | $11.05 – $20.85 |
| Government – Federal | $25,720 – $96,960 | $10.20 – $17.60 |
| Foundation / Trust | $9,665 – $75,495 | - |
| Franchise | $15,715 – $71,520 | - |
Loan Officer’s average annual pay and hourly wage by Benefits:
| Benefits | Annual Salary | Hourly Wage |
| 401(k) | $27,905 – $71,700 | $11.75 – $19.40 |
| Paid Holidays / Vacation | $28,410 – $63,450 | $11.65 – $19.60 |
| Life Insurance/Disability | $28,845 – $69,455 | $11.65 – $20.25 |
| Paid Sick Leave | $28,485 – $61,740 | $11.70 – $20.00 |
| Cell Phone | $30,605 – $84,005 | - |
| Education/Training/Tuition | $29,080 – $59,775 | $12.50 – $20.85 |
| Company Pension Plan | $30,885 – $77,420 | $12.25 – $20.45 |
