Loan Officer Salary in the United States
Based on 291K+ data points from BLS and H-1B filings
Median Annual Salary
$73,485
$35.329/hr
▲ 4.0% vs 2023Salary Range
$56K – $219K
10th – 90th percentile
Total Employed
291K
workers nationwide
The median Loan Officer salary in the United States is $73,485 per year, reflecting compensation for professionals who evaluate, authorize, and manage loans across banks, credit unions, and lending institutions. With approximately 290,810 workers employed in this role nationwide, loan officers represent a significant portion of the financial services workforce, playing a crucial role in lending decisions and customer relationships.
Loan Officer salary in the United States varies considerably based on factors including experience level, geographic location, employer type, and individual performance metrics. Compensation typically ranges from $55,910 to $218,960 annually, with variations driven by commission structures, loan volume, educational credentials, and whether professionals work for large financial institutions or smaller independent lenders. Specialized expertise and a strong track record of successful loan placements can significantly impact earning potential.
Salary Distribution — Loan Officer
| Percentile | Annual Salary |
|---|---|
| 10th percentile | $55,910 |
| 25th percentile | $78,590 |
| Median (50th percentile) | $73,485 |
| 75th percentile | $139,390 |
| 90th percentile | $218,960 |
Loan Officer Salary by State
Top 10 Highest-Paying States for Loan Officer
| # | State | Median Salary | vs National | Employed |
|---|---|---|---|---|
| 1 | District of Columbia | $102,200 | +39.1% | 420 |
| 2 | New York | $98,940 | +34.6% | 12K |
| 3 | New Jersey | $95,090 | +29.4% | 6K |
| 4 | Massachusetts | $93,430 | +27.1% | 4K |
| 5 | Vermont | $86,490 | +17.7% | 440 |
| 6 | Minnesota | $84,480 | +15.0% | 7K |
| 7 | North Dakota | $82,990 | +12.9% | 1K |
| 8 | Kansas | $82,540 | +12.3% | 4K |
| 9 | Delaware | $80,760 | +9.9% | 1K |
| 10 | Iowa | $80,070 | +9.0% | 3K |
Historical Salary Trend — Loan Officer
| Year | Median Salary (United States) |
|---|---|
| 2022 | $68,453 |
| 2023 | $70,692 |
| 2024 | $73,485 |
Loan Officer Salary by Experience Level
Frequently Asked Questions
How much do loan officers make per hour in the United States?
- The median hourly wage for loan officers in the United States is $35 per hour, which translates to an annual salary of $73,485. However, hourly rates can vary significantly depending on experience, location, and employer.
What city pays loan officers the most?
- The District of Columbia offers the highest salary for loan officers at $102,200 per year, which is approximately $28,715 more than the national median salary of $73,485.
What is the salary range for loan officers?
- Loan officer salaries in the United States range from $55,910 at the lower end to $218,960 at the upper end, representing significant earning potential as professionals gain experience and expertise in the field.
How many loan officers are employed in the US?
- There are approximately 290,810 loan officers currently employed across the United States, making it a substantial profession in the financial services industry.