Average Salary Range of a Loan Officer
The salary range of a Loan Officer varies depending on a variety of factors, including level of experience, geographic location, and type of loan.
According to the U.S. Bureau of Labor Statistics, the median wage for Loan Officers as of May 2019 was $63,270 per year. Loan Officers in the top 10% of earners made an annual salary of more than $130,000, while the bottom 10% of earners made less than $33,000.
The highest-paying states for Loan Officers include California, New York, Colorado, Texas, and Illinois. In California, Loan Officers make an average salary of $81,120 per year, while in New York they make an average of $75,800 per year. Loan Officers in Colorado can expect to make an average of $73,250 per year, while those in Texas and Illinois make an average of $71,800 and $69,560, respectively.
The type of loan also affects Loan Officer salary. Loan Officers who specialize in residential mortgages and consumer loans typically make the highest salaries, while those specializing in business and commercial loans usually make less. The median salary for Loan Officers who specialize in residential mortgages and consumer loans is $66,110 per year, while those specializing in business and commercial loans make a median salary of $52,840.
In conclusion, the salary range of a Loan Officer depends on a variety of factors, including level of experience, geographic location, and type of loan.
On average, Loan Officers make a median salary of $63,270 per year, with the highest earners making more than $130,000 and the lowest earners making less than $33,000. Loan Officers in California, New York, Colorado, Texas, and Illinois make the highest wages, while those specializing in residential mortgages and consumer loans typically make the highest salaries.