How Much Do Loan Officers Make?
Having a clear understanding of earnings potential is important, especially if you are researching career paths or considering changing jobs. If you're one of those people, and you're curious what kind of salary loan officers make, you've come to the right place.
Using data from Lightcast,™ the Best Adult Colleges and Careers Guide has compiled rich information about salary for loan officers and related jobs, including details about average compensation, salary trends and job growth. We've also gathered advertised salaries from actual job postings to provide insight into what employers of loan officers are offering as compensation.
Keep reading to learn more about how much loan officers can expect to make in the United States.
At a Glance: Salary & Jobs for Loan Officers
According to data from 2023, there were about 321,457 positions for loan officers in the United States. In terms of salary, the national median salary for loan officers was reported to be $69,992. Additionally, when examining job demand, employers across the country posted 60,182 job postings related to positions for loan officers.
How Much Money Do Loan Officers Make?
Median salary is just one data point. To build a better understanding of how much money loan officers and related positions can expect to make in the United States, it can be helpful to look at the full range of compensation for those jobs.
Let's look more deeply at data that was reported to the U.S. Bureau of Labor Statistics (BLS) for detail into the lowest and highest salary earnings for loan officers.
Annual Salary for Loan Officers
According to the BLS, the lowest earners for loan officers and related professions earned about $37,024 per year in 2023. Meanwhile, at the other end of the spectrum, the highest earners made about $139,464 annually.
As mentioned previously, the median salary for loan officers in the United States in 2023 was $69,992.
Annual Salary Range For Loan Officers In 2023
Hourly Salary for Loan Officers
The BLS also breaks down compensation for loan officers by hourly salary, and the median average hourly pay for loan officers in 2023 was $34. Lowest hourly earners took home $18 while the highest reported hourly salaries for loan officers was $67.
Hourly Salary Range For Loan Officers In 2023
Advertised Compensation for Loan Officers
Data from the BLS is one way to dig into compensation for loan officers, but another way to build a more real-time understanding of salary is to look at actual job postings and see what compensation organizations are currently providing to fill open positions for loan officers.
Keep in mind that salary data is not included in every job posting, so the information compiled here is reflective of the data available through Lightcast.™
Annual Salary from Job Postings for Loan Officers
Advertised Annual Salary
During a review of 53,296 job postings related to loan officers, advertised salary was included in 19,516 of them, which was 37%. Based on those postings, the median advertised salary for loan officers was $65,408 per year.
Hourly Salary from Job Postings for Loan Officers
Advertised Hourly Salary
A similar analysis of job postings provides insight into advertised hourly salary for loan officers. Based on 32% of postings with advertised compensation, the median hourly salary for open positions for loan officers in the United States is about $31.
Salary Trend for Loan Officers
If you're thinking about pursuing a career in the field, you may want to understand how compensation has changed over time for loan officers. The chart below provides a snapshot of advertised salaries over the past three years.
Based on compensation data that was included in job postings for loan officers dating back to September 2020, advertised salaries for loan officers have decreased 35%.
Advertised Wage Trend For Loan Officers
What's the Job Growth for Loan Officers?
Another data point that someone thinking about a career path should consider is whether or not jobs are expected to see growth in the future. The chart below looks at projected employment for loan officers over the next 10 years.
According to the data obtained through Lightcast,™ there were 321,905 jobs for loan officers in the United States in 2023. By 2033, it is expected that about 17,193 jobs will be added. That's a 5.3% increase over the next 10-year period.
Employment Projections For Loan Officers
Additional Links
Ready to dig deeper into career information about loan officers? Visit our other pages focused on salary and education for loan officers.
What do loan officers do?
Loan Officers: How do you become one?
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