In the United States, the loan officer salary is quite attractive for future or active professionals in this field. The Bureau of Labor Statistics informs that the salary of a loan officer in the U.S. is $63,430 per year. In fact, this value is almost double than the national for all occupations in the American economy ($36,200). The commercial loan officer pay per hour is $30.49, just so you can get a well-rounded idea about the numbers for this profession.
Additionally, salaries for loan officers range from C$34,376 ($25,408) and C$58,723 ($43,403) per year in Canada, around £36,556 ($44,780) in the United Kingdom. Furthermore, in Australia, loan officers make between AU$41,537 ($29,932) and AU$76,025 ($54,785) per year. For Switzerland, the pay for loan officers stands at around CHF80,300 ($78,286). Generally, loan officers working in Norway earned on average NOK524,501 the equivalent of $60,444 yearly.
There are plenty of reasons why individuals should consider the loan officer job description for their future. However, all should note that the loan officer assistant salary or that for seniors strongly depend on a series of definitive factors. Explore our guide for the loan officer salary in the United States, the United Kingdom, Canada, Australia, Norway and also Switzerland for more info below.
Loan Officer Salary Influencers
1. Industry
Industry is one of the most significant aspects that determine the loan officer salary. For instance, a bank loan officer salary won’t be the same as a real estate loan officer salary or a personal loan officer salary. In fact, the company that you work for as a loan officer in a specific industry can influence your annual wage. Here are a few examples of top companies in the field and also the loan officer salary differences between them, courtesy of Glassdoor and Payscale:
- Wells Fargo loan officer salary – $31,356
- Bank of America loan officer salary – $33,912
- Agricultural (AG loan officer salary) – $43,086 – $79,530
- Credit Union loan officer salary – $35,883
- PNC mortgage loan officer salary – $27,165
- P. Morgan loan officer salary – $32,834
2. Geographic Area
|
Loan Officer Salary |
US | Canada | UK | Australia | Switzerland | Norway |
| Hourly Wage | $30.49 | C$19,82 | £19 | AU$25.00 | CHF38,60 | NOK252 |
| Annual Wage | $63,430 | C$41,235 | £36,556 | AU$52,796 | CHF80,300 | NOK524,501 |
Loan Officer Salary in the US
The loan officer salary in the United States is very attractive, as every year of experience in the field increases the pay substantially. PayScale reports that even though the median pay is around $45,000 annually, bonuses can amount to $14,000. Eventually, the salary can even reach $70,000 per year.
One particularly surprising aspect that defines the junior or senior loan officer salary in the U.S. is location. Even though it might not seem that significant at first, but the gap can mean a difference up to $50k in annual wage from state to state. As far as the U.S. is concerned, there are a few states that have quite pleasing consumer loan officer salary averages, while others should be avoided for their low pay.
As BLS data shows, the largest salary loan officer professionals can get in our country at the moment is in Massachusetts, with the annual average of $94,970. In addition to Massachusetts, here are a few more top-paying states that you should keep your eyes on for their high home loan officer salary offers.
- Average salary of loan officer in New York – $94,740
- District of Columbia average salary for loan officer – $92,780
- Generally, mortgage loan officers salary in New Hampshire make – $89,870
- Rhode Island salary mortgage loan officer usually gets – $87,810
- Loan officer salary California employees generally receive – $84,950
Nevertheless, you should always consider the employment opportunities for the state you want to relocate to. The states with the top employment rates in the United States are California, Texas, Florida, Illinois and also New York, in this order. As a result, you should target New York and California for your future loan officer career.
On the flip side, there are some states that have pretty low senior and junior loan officer salary estimates, compared to the national average and the locations mentioned above. If you don’t want a low entry level loan officer salary, then you should avoid these states:
- Mississippi – $62,540
- Michigan – $58,950
- Louisiana – $56,240
- New Mexico – $54,140
- West Virginia – $53,800
Loan Officer Salary by State
| State | Annual mean wage ($) |
| Alabama | 68050 |
| Alaska | 76540 |
| Arizona | 68760 |
| Arkansas | 62950 |
| California | 84950 |
| Colorado | 71450 |
| Connecticut | 79830 |
| Delaware | 74720 |
| District of Columbia | 92780 |
| Florida | 81760 |
| Georgia | 74300 |
| Guam | 44970 |
| Hawaii | 70950 |
| Idaho | 62880 |
| Illinois | 77060 |
| Indiana | 68140 |
| Iowa | 66040 |
| Kansas | 74600 |
| Kentucky | 70960 |
| Louisiana | 56240 |
| Maine | 63180 |
| Maryland | 75660 |
| Massachusetts | 94970 |
| Michigan | 58950 |
| Minnesota | 75480 |
| Mississippi | 62540 |
| Missouri | 67550 |
| Montana | 64770 |
| Nebraska | 79310 |
| Nevada | 70010 |
| New Hampshire | 89870 |
| New Jersey | 84680 |
| New Mexico | 54140 |
| New York | 94740 |
| North Carolina | 75110 |
| North Dakota | 70220 |
| Ohio | 65540 |
| Oklahoma | 64370 |
| Oregon | 79350 |
| Pennsylvania | 70900 |
| Puerto Rico | 34880 |
| Rhode Island | 87810 |
| South Carolina | 66670 |
| South Dakota | 63420 |
| Tennessee | 67840 |
| Texas | 78150 |
| Utah | 64500 |
| Vermont | 72200 |
| Virginia | 79140 |
| Washington | 68600 |
| West Virginia | 53800 |
| Wisconsin | 71330 |
| Wyoming | 65250 |
Source: Bureau of Labor Statistics
Loan Officer Salary in Canada
Reportedly, the loan officers working in Canada earn between C$34,376 and C$58,723 per annum.
Loan Officer Salary in the UK
Generally, professionals who work as loan officers in the United Kingdom earn a yearly salary of £37,214. Neuvoo.co.uk also reports that the entry-level positions start from £26,000, and with over 3 years of experience, the salary can reach £52,000.
Loan Officer Salary in Australia
PayScale reports that Australian loan officers make between AU$41,537 and AU$76,025 per year. However, with the various bonuses that can reach AU$4,500, the total pay per year can even end up around AU$73,840.
Loan Officer Salary in Switzerland
In general, Swiss loan officers have a salary of CHF80,300 per year, the equivalent of $77,893. As a result, this position is one of the most sought-after in the banking industry.
Loan Officer Salary in Norway
In Norway, the loan officer salary ranges from NOK 320,000 and it can even reach NOK524,501 per year. In fact, this is one of the most appreciated professions in the banking field. Moreover, the salary can increase with bonuses.
3. Experience
Naturally, the senior loan officer salary will be noticeably greater than the one for entry-level employees. For instance, Recruiter.com explains that the junior mortgage loan officer salary could be $48,000, while the annual wage for seniors can be around $72,000.
Working Hours and Environment
Depending on what type of loan officer you are, you can either work in an office or depend on meetings with clients. Consumer loan officers fall under the first category, while commercial and mortgage officers can be found in the second. As far as working hours are in discussion, the majority of loan officers work full time.
Bonuses and Benefit Packages
Payscale, one of the sources we mentioned above, also provides information on bonuses and benefits. Their data shows that the annual bonus for a loan officer can be up to $10,766, while commission can be a whopping $99,110 a year. As a result, commission plays a crucial role in the total salary for a mortgage loan officer. Generally, the health benefits that come with the loan officer salary are:
- Medical – 85%
- Dental – 67%
- Vision – 52%
However, some loan officers might not get any of these benefits, so it’s best to check with your future employer during your job interview.
Job Outlook
If you are planning on becoming a loan officer in the near future, then you should know that the job market is currently looking pretty bright. The BLS predicts that there will be an 8% change in employment for loan officers until 2024. Even though this is just a bit faster than the national average for all occupations of 7%, it’s not in decline like other professions.
Conclusion
All in all, the loan officer salary is one of the main reasons why individuals decide to take on this profession. It’s an occupation that provides stability, a decent wage and also pleasant working conditions. If you choose the right state and industry, you could enjoy quite a flourishing career as a loan officer indeed. We recommend also reading about the investment banking salary for a complete overview.
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