Average Salary for Loan Officers
SOC 13-2072 · Business and Financial Operations Occupations · 2024 data
The median annual wage for Loan Officers in the United States is $74,180 ($35.66/hr), based on 2024 BLS OEWS data. Wages range from $38,490 at the 10th percentile to $145,780 at the 90th percentile nationally. An estimated 290,530 people work in this occupation across the country. The national median wage has grown 18.5% since 2014.
Median Annual
$74,180
Mean Annual
$86,020
10th Pct
$38,490
75th Pct
$101,920
Employment
290,530
Salary Distribution
$38k
10th
$50k
25th
$74k
Median
$102k
75th
$146k
90th
Highest Paying Metro Areas
| Metro Area | Median Annual |
|---|---|
| Elmira, NY | $106,430 |
| New York-Newark-Jersey City, NY-NJ | $102,540 |
| Des Moines-West Des Moines, IA | $97,000 |
| Salinas, CA | $95,960 |
| New Haven, CT | $95,910 |
| Iowa City, IA | $95,180 |
| Barnstable Town, MA | $94,850 |
| Boston-Cambridge-Newton, MA-NH | $94,850 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | $94,840 |
| San Francisco-Oakland-Fremont, CA | $94,110 |
| Mankato, MN | $93,140 |
| Lawrence, KS | $93,030 |
| Minneapolis-St. Paul-Bloomington, MN-WI | $91,900 |
| Fargo, ND-MN | $89,860 |
| Manhattan, KS | $88,400 |
Salary by State
| State | Median Annual |
|---|---|
| District of Columbia | $102,200 |
| New York | $98,940 |
| New Jersey | $95,090 |
| Massachusetts | $93,430 |
| Vermont | $86,490 |
| Minnesota | $84,480 |
| North Dakota | $82,990 |
| Kansas | $82,540 |
| Delaware | $80,760 |
| Iowa | $80,070 |
| Colorado | $79,800 |
| Virginia | $79,600 |
| California | $79,580 |
| Wisconsin | $79,230 |
| New Hampshire | $78,670 |
| South Dakota | $78,590 |
| Maine | $78,040 |
| Connecticut | $77,580 |
| Rhode Island | $77,460 |
| Washington | $77,040 |
| Wyoming | $76,460 |
| Illinois | $75,960 |
| North Carolina | $75,820 |
| Nebraska | $75,730 |
| Oregon | $74,720 |
| Maryland | $73,340 |
| Missouri | $72,730 |
| New Mexico | $72,690 |
| Michigan | $72,680 |
| Georgia | $72,250 |
| Indiana | $71,400 |
| Florida | $71,340 |
| Hawaii | $70,280 |
| Arkansas | $70,050 |
| Ohio | $69,220 |
| Kentucky | $68,600 |
| Montana | $65,960 |
| Oklahoma | $65,720 |
| Alaska | $65,160 |
| Idaho | $64,380 |
| Texas | $63,770 |
| Tennessee | $63,160 |
| South Carolina | $61,690 |
| Pennsylvania | $61,470 |
| Utah | $60,870 |
| Alabama | $60,750 |
| Mississippi | $59,950 |
| Nevada | $58,400 |
| Louisiana | $57,320 |
| Arizona | $53,760 |
| West Virginia | $49,550 |
| Puerto Rico | $35,400 |
Salary by Industry
National median wage for Loan Officers broken down by industry sector, 2024 data.
| Industry | Median Annual |
|---|---|
| Other Investment Pools and Funds | $104,720 |
| Funds, Trusts, and Other Financial Vehicles | $104,070 |
| Automobile Dealers | $103,360 |
| Educational Support Services | $103,070 |
| Motor Vehicle and Parts Dealers | $102,280 |
| Retail Trade | $101,630 |
| Rental and Leasing Services (5322, 5323, and 5324 only) | $100,730 |
| Real Estate | $95,750 |
| Real Estate and Rental and Leasing | $95,460 |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | $92,990 |
| Other Motor Vehicle Dealers | $87,950 |
| Rental and Leasing Services | $81,470 |
| State Government, excluding Schools and Hospitals (OEWS Designation) | $81,190 |
| Federal Executive Branch (OEWS Designation) | $78,810 |
| Federal Government, including the U.S. Postal Service (OEWS Designation) | $78,810 |
| Federal, State, and Local Government, excluding State and Local Government Schools and Hospitals and the U.S. Postal Service (OEWS Designation) | $78,810 |
| Federal, State, and Local Government, excluding State and Local Government Schools and Hospitals and the U.S. Postal Service (OEWS Designation) | $78,810 |
| Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services | $77,960 |
| Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services | $77,960 |
| Information | $77,960 |
| Business Support Services | $77,630 |
| Local Government, including Schools and Hospitals (OEWS Designation) | $77,370 |
| Credit Intermediation and Related Activities (5221 and 5223 only) | $75,890 |
| Management of Companies and Enterprises | $75,750 |
| Management of Companies and Enterprises | $75,750 |
| Management of Companies and Enterprises | $75,750 |
| Federal, State, and Local Government, including State and Local Government Schools and Hospitals and the U.S. Postal Service (OEWS Designation) | $75,720 |
| Management, Scientific, and Technical Consulting Services | $74,980 |
| Cross-industry, Private Ownership only | $74,100 |
| Finance and Insurance | $73,640 |
| Computer Systems Design and Related Services | $73,450 |
| Credit Intermediation and Related Activities | $73,330 |
| Insurance Agencies and Brokerages | $72,750 |
| Agencies, Brokerages, and Other Insurance Related Activities | $72,750 |
| Business, Professional, Labor, Political, and Similar Organizations | $71,910 |
| Religious, Grantmaking, Civic, Professional, and Similar Organizations | $71,880 |
| Residential Building Construction | $71,710 |
| Construction of Buildings | $71,710 |
| Construction | $70,590 |
| Other Services (except Public Administration) | $68,450 |
| Social Advocacy Organizations | $68,020 |
| Other Professional, Scientific, and Technical Services | $68,010 |
| Local Government, excluding Schools and Hospitals (OEWS Designation) | $67,650 |
| Professional, Scientific, and Technical Services | $66,970 |
| Professional, Scientific, and Technical Services | $66,970 |
| Accounting, Tax Preparation, Bookkeeping, and Payroll Services | $66,470 |
| Motor Vehicle and Motor Vehicle Parts and Supplies Merchant Wholesalers | $64,240 |
| State Government, including Schools and Hospitals (OEWS Designation) | $64,070 |
| Other Nondepository Credit Intermediation | $63,370 |
| Individual and Family Services | $63,090 |
| Heavy and Civil Engineering Construction | $62,880 |
| Land Subdivision | $62,880 |
| Nondepository Credit Intermediation | $62,310 |
| Legal Services | $61,370 |
| Social Assistance | $60,840 |
| Community Food and Housing, and Emergency and Other Relief Services | $59,930 |
| Health Care and Social Assistance | $58,770 |
| Office Administrative Services | $58,550 |
| Utilities | $58,310 |
| Electric Power Generation, Transmission and Distribution | $58,310 |
| Utilities | $58,310 |
| Temporary Help Services | $57,170 |
| Educational Services | $57,100 |
| Educational Services | $55,560 |
| Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers | $54,230 |
| Other Miscellaneous Retailers | $54,010 |
| Colleges, Universities, and Professional Schools | $53,210 |
| Technical and Trade Schools | $51,860 |
| Offices of Physicians | $49,240 |
| Ambulatory Health Care Services | $49,240 |
| Junior Colleges | $48,590 |
National Wage Trend
View data table
| Year | Median Annual |
|---|---|
| 2024 | $74,180 |
| 2023 | $69,990 |
| 2022 | $65,740 |
| 2021 | $63,380 |
| 2020 | $63,960 |
| 2019 | $63,270 |
| 2018 | $63,040 |
| 2017 | $64,660 |
| 2016 | $63,650 |
| 2015 | $63,430 |
| 2014 | $62,620 |