How much does a loan officer make?
Answer: A typical loan officer in the United States makes $76,690 a year (median, May 2025, US Bureau of Labor Statistics).
Line up 100 people; this is the one in the middle (median). about 274,000 people work in this job. Well above the US-wide typical pay ($50,980).
If 100 people had this job
Lowest at bottom-left, highest at top-rightHover over a person to see their yearly pay
Loan officer pay in the United States (May 2025, median and spread)
| Lower earner (10th from bottom) | Typical person (median) | Higher earner (10th from top) | People in this job |
|---|---|---|---|
| $39,430 | $76,690 | $153,180 | about 274,000 |
| State | Typical person (median) | People in this job |
|---|---|---|
| Massachusetts | $101,600 | about 4,000 |
| Connecticut | $95,730 | about 2,000 |
| New York | $95,710 | about 11,000 |
| Minnesota | $95,170 | about 6,000 |
| Colorado | $94,520 | about 3,000 |
Why does pay differ?
In the U.S., pay depends on the employer and pay plan: some loan officers earn a salary, while others get commissions or bonuses tied to loan volume or performance. Referral contacts can also help bring in potential borrowers.
What if you lived in a different state?
Pay varies a lot by state in the USTop 5 and bottom 3 states, typical (median) yearly pay.
What does a loan officer do?
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.
What's a typical day like?
They meet borrowers, explain loan choices, and collect proof of income and credit details. Then they check applications and loan papers, answer questions, and recommend approval or send the file to a manager.
How to get this job
U.S. loan officers usually earn a bachelor's degree in business or finance and get job training. Mortgage officers take 20 hours of pre-license study, pass a national exam, and clear background and credit checks; state rules may vary.
Usually a bachelor's degree (preparation level 4 of 5)
Good for people who like keeping things organized and leading and selling.
Did you know?
At some small U.S. banks and credit unions, loan officers assess whether borrowers qualify themselves instead of relying on underwriting software.
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Business and Financial Operations jobs that pay a bit moreSources and data
Source: US Bureau of Labor Statistics, OEWS May 2025 (bls.gov); descriptions and related jobs from O*NET 31.0. Figures as of May 2025, full-time yearly pay (hourly × 2,080 hours). bls.gov/oes · O*NET OnLine
Pages used for the text
- www.bls.gov/ooh/business-and-financial/loan-officers.htm
- www.onetonline.org/link/summary/13-2072.00
- www.labor.maryland.gov/finance/industry/mortorigfaqs.shtml
- mortgage.nationwidelicensingsystem.org/knowledge/Products/nmls/pubs/testingHbk/e
Data: US BLS OEWS, May 2025 · 1 USD = 150 JPY