Loan Officer
Loan Officer Job Description
Credit Analysts Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making. Loan Officers Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
Loan Officer Salary Statistics as of 2015
Average annual salary for a Loan Officer is $39786 based on statistics in the U.S. as of 2015. The highest salary recorded was $73384. The lowest salary reported was $25457. These figures will vary on a state to state basis as these are averages across all 50 states.
Median hourly wage for a Loan Officer is $12.715 based on statistics in the U.S. as of 2015. The highest hourly rate recorded was $17.88. The lowest hourly rate recorded was $7.55. These figures will vary on a state to state basis as these are averages across all 50 states.
Bonuses for a Loan Officer are based on the years of experience using statistics from the U.S. as of 2015. The average bonus recorded was $1017 from people with 15+ years of experience. The average bonus recorded was $1008 from people with under 1 year of experience.
These are the highest paying states for a Loan Officer. These numbers are based of the median annual salary as of 2015.
California – $23,939 – $128,602
Illinois – $28,406 – $66,865
Kentucky – $24,373 – $60,608
Louisiana – $29,299 – $62,629
Missouri – $27,821 – $63,023
Oklahoma – $26,553 – $51,387
Texas – $25,765 – $64,232
These are the highest paying cities for a Loan Officer. These numbers are based of the median annual salary as of 2015.
Houston, Texas –
Los Angeles, California –
New York, New York –
Dallas, Texas –
Chicago, Illinois –
San Diego, California –
Portland, Oregon –
This chart outlines the average annual salary of a Loan Officer from the past 5 years. In 2015 the average annual salary was $39786 while in 2007 it was just $36896.84
How To Become a Loan Officer
Loan officers generally need at least a high school degree and preferably a bachelor’s degree in finance, economics or a related field. It also helps if loan officers have a good grasp of business ac¬counting, financial statements and cash flow analysis.
Mortgage loan officers be licensed to work in conformance with federal regulations. To secure a license, loan officers must take at least 20 hours of coursework, pass a written exam and background check and have no felony convictions in their past.
Job Outlook
Loan officers held about 327,800 jobs in 2008. Commercial banks, savings institutions, credit unions and other financial institutions employed the vast majority of loan officers, or 90 percent. Their employment outlook is favorable: the demand for loan officers is expected to grow by 10 percent between 2008 and 2018, which is about as fast as the average for all occupations studied and surveyed by the BLS.
Gender Statistics |
Related Jobs |
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50%
50%
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Based on our stats gathered across the U.S. 50% of Loan Officers were males while 50% were females. These numbers are based on averages across all states combined. Some individual states may have a much different ratio however.
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Past Jobs Bank Teller |
Future Jobs Branch Manager, Banking |
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