Average Base Pay
13.44% above national average
Additional Cash Compensation
A person in an entry-level Loan Officers role with under one year of job experience can expect to make an average annual salary of $21,670. A Loan Officers candidate with 1-4 years of experience makes an average total salary of $24,520. A person in a mid-career Loan Officers role with 5-9 years of experience makes an average salary of $27,960 a year. Loan Officers with 10 or more years of experience make an average of $34,240. In their late career (over 20 years of experience), a person in a Loan Officers role’s annual salary averages $59,380 per year.
|Average base salary (percentile)|
While certifications are not required for every Loan Officers position, they can certainly increase your salary and lead to an easier recruitment process when applying to enterprises that favor candidates with additional certifications.
The current Bureau of Labor Statistics states the salary is $27,960 higher than the national average for Loan Officers positions.
Yes, there is strong potential for promotion — either with an additional educational degree or with continued years of experience. There are a multitude of other positions Loan Officers roles that can advance both internally and with another company.