How much does a loan officer make?
a year · about $37 an hour
A typical loan officer in the United States makes $76,690 a year, about $37 an hour, about 1.5× a typical US worker (median, May 2025, US Bureau of Labor Statistics).
What do they do?
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.
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.
Is that a lot?
Compared with jobs you knowIf 100 people had this job
Most earn between $39,430 and $153,180How do you become one?
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.
School needed: Usually a bachelor's degree
Good for people who like keeping things organized and leading and selling
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.
Where does it pay most?
Highest in Massachusetts ($101,600), lowest in West Virginia ($57,580).
See every state
Top 5 and bottom 3 states, typical (median) yearly pay.
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Data table and sources
| 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 |
Official definition: 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.
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