Loan Officer Salary in Minnesota
Based on 6K+ workers in Minnesota
Median Annual Salary (MN)
$95,170
$45.75/hr
vs National Average
$76,354
+24.6% vs national median
Salary Range (10th–90th)
$58K – $163K
6K employed in Minnesota
Loan Officer salary in Minnesota averages $95,170 annually, positioning the state well above national benchmarks. With approximately 6,430 loan officers employed across Minnesota, professionals in this role earn roughly 25% more than their national counterparts, reflecting the state's strong financial services sector and competitive labor market for skilled lending professionals.
Several factors influence Loan Officer salary in Minnesota, including years of experience, employer size, and specialization within lending sectors. Geographic location within the state, professional certifications, and individual performance metrics also play significant roles in compensation. Loan officers working for larger financial institutions or in metropolitan areas typically command higher salaries than those in smaller markets or community banks.
Salary Distribution — Loan Officer in Minnesota
| Percentile | Annual Salary |
|---|---|
| 10th percentile | $57,670 |
| 25th percentile | $73,240 |
| Median (50th percentile) | $95,170 |
| 75th percentile | $125,550 |
| 90th percentile | $163,350 |
Top-Paying Industries for Loan Officer (U.S.)
Which industries pay Loan Officers the most — nationwide figures (industry-level data is not available by state). Loan Officers in Minnesota tend to follow these industry patterns.
| Industry (U.S.) | Median Salary | Employed (U.S.) |
|---|---|---|
| Retail Trade | $103,260 | 12K |
| Real Estate and Rental and Leasing | $84,090 | 3K |
| Government (excl. schools, hospitals & USPS) | $81,330 | 6K |
| Management of Companies and Enterprises | $79,570 | 12K |
| Other Services (except Public Administration) | $77,140 | 560 |
Source: U.S. BLS OEWS National Industry-Specific estimates, May 2025. National figures (not state-specific).
Historical Salary Trend — Loan Officer in Minnesota vs National
| Year | Median Salary (Minnesota) |
|---|---|
| 2022 | $78,850 |
| 2023 | $82,330 |
| 2024 | $84,480 |
| 2025 | $95,170 |
| 2026 (projected) | $100,880 |
The latest year is a projection based on recent wage trends — BLS has not yet released that year’s data.
| Year | Minnesota Median | National Median |
|---|---|---|
| 2022 | $78,850 | $68,453 |
| 2023 | $82,330 | $70,692 |
| 2024 | $84,480 | $73,485 |
| 2025 | $95,170 | $76,354 |
| 2026 (projected) | $100,880 | $80,935 |
Loan Officer Salary by Experience Level in Minnesota
| Experience Level | Years | Median Annual Salary |
|---|---|---|
| Junior | 0-2 yrs | $73,240 |
| Mid-level | 3-5 yrs | $95,170 |
| Senior | 6-9 yrs | $125,550 |
| Staff / Lead | 10+ yrs | $163,350 |
Loan Officer Salary in Other States
Related Loan Officer Salaries in Minnesota
How other high-demand occupations in Minnesota compare to Loan Officer ($95,170 median).
| Occupation | Median Salary | vs Loan Officer | Hourly |
|---|---|---|---|
| Financial Manager in MN | $163,410 | +71.7% | $78.56/hr |
| Actuary in MN | $128,100 | +34.6% | $61.59/hr |
| Economist in MN | $105,120 | +10.5% | $50.54/hr |
| Financial Examiner in MN | $104,260 | +9.6% | $50.13/hr |
| Financial Analyst in MN | $102,990 | +8.2% | $49.51/hr |
| Personal Financial Advisor in MN | $102,660 | +7.9% | $49.36/hr |
| Budget Analyst in MN | $85,970 | -9.7% | $41.33/hr |
| Compliance Officer in MN | $85,920 | -9.7% | $41.31/hr |
| Securities Sales Agent in MN | $83,350 | -12.4% | $40.07/hr |
| Tax Examiner in MN | $83,280 | -12.5% | $40.04/hr |
| Credit Analyst in MN | $82,630 | -13.2% | $39.73/hr |
| Accountant in MN | $81,600 | -14.3% | $39.23/hr |
Frequently Asked Questions
How much do loan officers make in Minnesota?
- Loan officers in Minnesota earn a median salary of $95,170 per year, or approximately $46 per hour. This is significantly higher than the national average, representing a 24.6% premium for the role in this state.
What is the salary range for loan officers in Minnesota?
- The salary range for loan officers in Minnesota spans from $57,670 at the lower end to $163,350 at the upper end, depending on experience, employer, and individual performance.
Is being a loan officer in Minnesota better paid than the national average?
- Yes, loan officers in Minnesota earn 24.6% more than the national average, making it a particularly well-compensated market for this profession compared to other states.
How many loan officers are employed in Minnesota?
- There are approximately 6,430 loan officers currently employed in Minnesota, indicating a stable job market for this position in the state.