The average salary for a loan officer in the United States is $84,490, but the range typically falls between $49,130 and $100,020. This corresponds to an average hourly wage of $40.62, with a range between $23.62 and $48.09.
There are approximately 321,090 people employed as a loan officer in the United States. With California, Texas, Florida employing the highest number of loan officers.The state with the best pay for a loan officer is District of Columbia, with an average annual salary of $181,550, while Mississippi has the lowest average annual salary of $65,610.
| Annual Salary | Hourly Wage | |
|---|---|---|
| 10th Percentile | $37,020 | $17.8 |
| 25th Percentile | $49,130 | $23.62 |
| Median | $69,990 | $33.65 |
| 75th Percentile | $100,020 | $48.09 |
| 90th Percentile | $139,470 | $67.05 |
The salary of a loan officer can vary depending on the state. Below is a map of the United States showing the average annual salary for a loan officer in each state. The darker the color, the higher the salary. The best states for loan officers are District of Columbia, New York, Massachusetts, North Dakota, New Jersey while the worst states are Mississippi, Louisiana, West Virginia, Arizona, Nevada.
| State | Low-end | Average | High-end |
|---|---|---|---|
| Alabama | $38,530 | $77,330 | $137,550 |
| Alaska | $31,330 | $81,420 | $157,630 |
| Arizona | $29,170 | $65,850 | $104,820 |
| Arkansas | $37,160 | $80,920 | $130,220 |
| California | $34,480 | $89,010 | $159,610 |
| Colorado | $32,660 | $86,250 | $131,210 |
| Connecticut | $46,200 | $95,350 | $168,680 |
| Delaware | $39,720 | $86,300 | $128,810 |
| District of Columbia | $37,870 | $181,550 | >$239,200 |
| Florida | $36,200 | $78,660 | $126,490 |
| Georgia | $40,530 | $97,170 | $155,210 |
| Hawaii | $24,960 | $76,530 | $128,380 |
| Idaho | $36,880 | $85,790 | $113,800 |
| Illinois | $38,740 | $87,530 | $147,000 |
| Indiana | $37,670 | $79,890 | $129,830 |
| Iowa | $46,700 | $84,670 | $130,860 |
| Kansas | $43,610 | $86,160 | $139,090 |
| Kentucky | $33,350 | $71,580 | $112,570 |
| Louisiana | $30,510 | $64,420 | $108,310 |
| Maine | $47,270 | $84,730 | $124,570 |
| Maryland | $39,450 | $95,350 | $179,020 |
| Massachusetts | $58,440 | $110,060 | $177,460 |
| Michigan | $35,410 | $86,220 | $141,250 |
| Minnesota | $45,760 | $95,870 | $153,480 |
| Mississippi | $32,450 | $65,610 | $130,830 |
| Missouri | $36,370 | $77,380 | $129,900 |
| Montana | $37,870 | $76,330 | $122,650 |
| Nebraska | $46,310 | $85,190 | $136,190 |
| Nevada | $33,950 | $77,420 | $163,300 |
| New Hampshire | $38,190 | $99,420 | $205,680 |
| New Jersey | $31,920 | $89,970 | $160,120 |
| New Mexico | $34,150 | $70,500 | $114,880 |
| New York | $47,330 | $120,100 | $218,090 |
| North Carolina | $37,350 | $82,350 | $133,230 |
| North Dakota | $49,090 | $93,020 | $154,690 |
| Ohio | $37,630 | $76,040 | $127,340 |
| Oklahoma | $36,390 | $81,110 | $143,080 |
| Oregon | $44,790 | $91,100 | $144,480 |
| Pennsylvania | $36,690 | $75,140 | $126,080 |
| Rhode Island | $30,630 | $73,070 | $105,730 |
| South Carolina | $35,200 | $73,510 | $127,560 |
| South Dakota | $52,170 | $80,930 | $110,300 |
| Tennessee | $36,250 | $75,470 | $125,240 |
| Texas | $35,230 | $76,520 | $128,400 |
| Utah | $36,300 | $79,580 | $126,400 |
| Vermont | $48,880 | $97,300 | $181,940 |
| Virginia | $38,550 | $97,030 | $170,680 |
| Washington | $38,320 | $84,430 | $140,430 |
| West Virginia | $37,300 | $63,200 | $109,590 |
| Wisconsin | $47,290 | $86,100 | $134,010 |
| Wyoming | $39,840 | $77,370 | $125,500 |
Even between cities, the salary of a loan officer can vary. For example, the areas with the highest average salary for loan officers is Hanford-Corcoran area, CA with an average salary of $120,270.The city with the lowest average salary for loan officers is Lake Havasu City-Kingman area, AZ with an average salary of $52,210.
Areas with highest average salaries for loan officers
Areas with lowest average salaries for loan officers
The number of loan officers in the United States has been increasing over the years. Since 2020, the number of loan officers has increased by 12,390. On average, the number of loan officers has been increasing by 1.0% each year. The salary of loan officers has been increasing. Since 2020, the salary of loan officers has increased by $7,560. On average, the salary of loan officers has been increasing by 2.5% each year.
Loan Officers are part of the business and financial operations occupations group. Below is a comparison of the average annual salary for loan officers compared to other jobs in the same occupation group. View all business and financial operations occupations jobs here.
$90,780 per year
$94,750 per year
$51,400 per year
$90,880 per year
$71,980 per year
$76,110 per year
