How much do loan officers make?

Loan Officer salary 2026 · BLS occupation: Loan Officers (SOC 13-2072) · Updated October 28, 2026

Answer

Loan officers in the US earned a median of $76,690 a year ($36.87 an hour) in May 2025, according to the Bureau of Labor Statistics. The middle half earned $52,730 to $104,080.

Median annual pay: $76,690; Mean $87,790
Median hourly pay: $36.87; Mean $42.21
Typical range (10th–90th): $39.4K–$153K; $39,430 to $153,180
US jobs: 274,330; +1.1% projected, 2025–35

BLS OEWS, May 2025, released April 30, 2026. Wages include tips, commissions and production bonuses but not overtime premiums, shift differentials, other bonuses or benefits; self-employed workers are not included. Methodology

How to become a loan officer: steps, years and cost · Best-paying state after cost of living: Kansas

Loan Officer pay range

Annual wages, May 2025

10th percentile$39,430
25th percentile$52,730
Median$76,690
75th percentile$104,080
90th percentile$153,180

Half of all loan officers earned more than $76,690 and half earned less. The lowest-paid 10% made under $39,430; the top 10% made over $153,180. The middle 50%, from the 25th to the 75th percentile, ran from $52,730 to $104,080.

These percentiles describe everyone in the occupation at one time. They are not pay steps by years of experience: they mix new and senior workers, different states, employers and hours. Pay generally rises with experience, credentials and specialization, but BLS does not publish pay by experience.

Percentile	Annual	Hourly	Monthly
10th	$39,430	$18.96	$3,286
25th	$52,730	$25.35	$4,394
Median (50th)	$76,690	$36.87	$6,391
75th	$104,080	$50.04	$8,673
90th	$153,180	$73.65	$12,765
Mean (average)	$87,790	$42.21	$7,316

Loan Officer salary by state

Median annual pay; cost of living from BEA regional price parities 2024

Median annual pay for loan officers by state. Darker tiles pay more.

Highest-paying states

1. Massachusetts $101,600
2. Connecticut $95,730
3. New York $95,710
4. Minnesota $95,170
5. Colorado $94,520

Lowest-paying states

51. West Virginia $57,580
50. Utah $59,440
49. Mississippi $60,260
48. Louisiana $61,110
47. Kentucky $62,090

Best after cost of living: Kansas. Its median of $86,970 is worth about $96,560 at national-average prices, more than in Massachusetts once prices are counted.


Alabama	$66,710	39	$75,104	31	$32.07	5,050	2.39
Alaska	$72,800	32	$71,122	36	$35.00	490	1.51
Arizona	$62,160	46	$61,742	49	$29.88	10,020	3.09
Arkansas	$70,260	36	$80,817	22	$33.78	2,610	2.00
California	$81,770	15	$73,853	34	$39.31	25,790	1.42
Colorado	$94,520	5	$91,721	7	$45.44	3,230	1.13
Connecticut	$95,730	2	$92,395	6	$46.03	2,220	1.31
Delaware	$83,130	13	$83,290	17	$39.97	1,420	2.93
District of Columbia	$92,890	8	$84,522	15	$44.66	370	0.53
Florida	$71,090	34	$68,743	42	$34.18	18,830	1.90
Georgia	$68,490	38	$71,127	35	$32.93	9,540	1.95
Hawaii	$63,740	42	$57,971	51	$30.65	980	1.56
Idaho	$71,070	35	$74,424	33	$34.17	2,030	2.36
Illinois	$79,150	21	$79,183	24	$38.05	10,890	1.78
Indiana	$72,960	31	$78,175	25	$35.08	4,790	1.50
Iowa	$83,670	12	$95,337	4	$40.23	2,840	1.82
Kansas	$86,970	10	$96,560	1	$41.81	3,540	2.47
Kentucky	$62,090	47	$68,867	41	$29.85	3,940	1.97
Louisiana	$61,110	48	$69,280	40	$29.38	2,810	1.46
Maine	$81,900	14	$84,389	16	$39.38	1,060	1.65
Maryland	$73,580	29	$70,104	38	$35.37	3,850	1.39
Massachusetts	$101,600	1	$96,069	3	$48.85	4,470	1.23
Michigan	$74,470	27	$77,398	28	$35.80	11,340	2.57
Minnesota	$95,170	4	$96,501	2	$45.76	6,430	2.18
Mississippi	$60,260	49	$69,302	39	$28.97	3,450	2.97
Missouri	$73,660	28	$81,108	21	$35.41	7,050	2.40
Montana	$71,570	33	$75,619	29	$34.41	1,180	2.31
Nebraska	$79,840	19	$88,610	12	$38.39	2,710	2.65
Nevada	$64,500	41	$64,514	47	$31.01	2,580	1.66
New Hampshire	$80,660	16	$77,435	27	$38.78	1,120	1.64
New Jersey	$92,920	7	$85,400	14	$44.67	6,200	1.45
New Mexico	$62,610	45	$67,898	45	$30.10	1,140	1.31
New York	$95,710	3	$88,685	11	$46.01	10,840	1.12
North Carolina	$75,920	26	$80,487	23	$36.50	10,700	2.17
North Dakota	$84,650	11	$95,156	5	$40.70	1,370	3.19
Ohio	$76,370	25	$82,318	20	$36.71	9,880	1.78
Oklahoma	$72,990	30	$83,091	19	$35.09	4,100	2.40
Oregon	$94,440	6	$91,369	8	$45.40	4,220	2.15
Pennsylvania	$69,300	37	$71,024	37	$33.32	8,140	1.34
Rhode Island	$77,250	24	$75,528	30	$37.14	1,290	2.57
South Carolina	$63,220	43	$67,435	46	$30.39	4,140	1.79
South Dakota	$79,920	18	$90,217	10	$38.42	1,820	3.99
Tennessee	$62,800	44	$68,357	44	$30.19	6,510	1.99
Texas	$66,370	40	$68,382	43	$31.91	21,200	1.51
Utah	$59,440	50	$60,123	50	$28.58	3,990	2.30
Vermont	$88,710	9	$90,559	9	$42.65	350	1.14
Virginia	$78,320	22	$77,465	26	$37.66	8,790	2.14
Washington	$80,120	17	$74,869	32	$38.52	6,040	1.70
West Virginia	$57,580	51	$64,337	48	$27.68	1,290	1.84
Wisconsin	$78,290	23	$83,203	18	$37.64	4,940	1.68
Wyoming	$79,620	20	$85,898	13	$38.28	740	2.65

BLS OEWS, May 2025, state estimates. Adjusted pay = median ÷ (state price level ÷ 100), using BEA regional price parities for 2024; it ignores taxes. Figures for states with few workers in the occupation have larger survey errors and can change sharply from one year to the next. “—” means BLS did not publish the figure. State names link to each state’s highest-paying jobs.

Best-paying metro areas for loan officers

378 metro areas with published pay

Highest median pay
Metro area	Median	Adjusted	Jobs
Enid, OK	$104,990	$124,589	40
Bridgeport-Stamford-Danbury, CT	$103,850	$97,180	560
Boston-Cambridge-Newton, MA-NH	$103,400	$95,506	3,420
San Francisco-Oakland-Fremont, CA	$103,000	$89,090	3,330
Minneapolis-St. Paul-Bloomington, MN-WI	$102,200	$97,499	3,910
New York-Newark-Jersey City, NY-NJ	$101,570	$90,234	10,350
Des Moines-West Des Moines, IA	$101,190	$110,348	650
Lawrence, KS	$100,480	$111,344	80
Denver-Aurora-Centennial, CO	$100,130	$94,657	1,970
Wichita, KS	$99,170	$111,495	700

Most jobs
Metro area	Jobs	Median	Adjusted
New York-Newark-Jersey City, NY-NJ	10,350	$101,570	$90,234
Los Angeles-Long Beach-Anaheim, CA	9,690	$80,360	$70,761
Dallas-Fort Worth-Arlington, TX	8,370	$73,930	$71,714
Phoenix-Mesa-Chandler, AZ	8,350	$61,850	$59,865
Chicago-Naperville-Elgin, IL-IN	7,380	$80,040	$77,262
Detroit-Warren-Dearborn, MI	7,200	$76,260	$76,033
Atlanta-Sandy Springs-Roswell, GA	5,550	$76,340	$76,296
Washington-Arlington-Alexandria, DC-VA-MD-WV	5,000	$97,800	$89,820
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	4,660	$77,590	$75,658
Miami-Fort Lauderdale-West Palm Beach, FL	4,190	$71,510	$62,643

BLS OEWS, May 2025, metropolitan statistical areas; adjusted with BEA metro price parities (2024).

What moves loan officer pay: employers and settings

How a loan officer is paid shapes the range more than anything. Some lenders pay a salary, others pay commissions tied to the volume of loans closed, and many combine the two. That helps explain the spread from the 10th percentile, $39,430, to the 90th, $153,180, and why yearly income can rise and fall with interest rates and the housing market.

Employer type matters too. Automobile dealers report a median of $106,000 and securities and investment firms $99,960 compared with $77,680 at banks and credit unions and $64,610 at mortgage companies and other non-bank lenders. The federal government pays a median of $81,470.

Location adds more. Massachusetts has the highest state median at $101,600, followed by Connecticut at $95,730, New York and Minnesota. West Virginia ($57,580) is the lowest. California has the most jobs. Commercial lending, which involves larger and more complex loans, and a strong network of referral sources such as real estate agents tend to place loan officers higher in the range. Percentiles are not a ladder of years on the job.

Where loan officers work
Industry	Share of jobs	Median pay
Credit Intermediation and Related Activities (5221 and 5223 only)	53%	$77,680
Nondepository Credit Intermediation	27.9%	$64,610
Management of Companies and Enterprises	4.5%	$79,570
Automobile Dealers	4.1%	$106,000
Federal Executive Branch	1.9%	$81,470
Securities, Commodity Contracts, and Other Financial Investments and Related Activities	1.8%	$99,960

Private employers and government
Employer type	Jobs	Median pay
Private employers	267,410	$76,680
Federal government (incl. Postal Service)	5,100	$81,470
State government (incl. schools and hospitals)	1,250	$59,710
Local government (incl. schools and hospitals)	570	$66,310

BLS OEWS, May 2025, national industry-specific and ownership estimates (4-digit NAICS).

Loan Officer pay over time

Median annual pay, 2015–2025

$76.7K $63.4K

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025

Nominal median (dollars of each year)In May 2025 dollars (adjusted with CPI-U)

The median rose from $63,430 in 2015 to $76,690 in 2025, up 21% in nominal dollars. After inflation, the 2015 median is worth $85,745 in May 2025 dollars, so real pay fell 11% over the period.

BLS OEWS, May 2025 and earlier May releases; inflation from the CPI-U, US city average, May of each year.

What loan officers do

A loan officer helps people and businesses borrow money and decides, or recommends, whether a lender should approve the loan. The job starts with finding and talking to borrowers, explaining loan types and terms, and collecting pay stubs, tax returns, bank statements and credit reports. The loan officer then checks the numbers, usually alongside underwriting software, and either approves the file within set limits or passes it to an underwriter or manager.

There are three main kinds. Mortgage loan officers handle home and property loans and get many clients through real estate agents and builders. Consumer loan officers handle car, personal and student loans. Commercial loan officers lend to businesses, reading financial statements and sometimes putting together large loans shared by several banks. More than half work at banks, credit unions and savings institutions; most of the rest are at mortgage companies and other non-bank lenders, plus car dealers. Most work full time in offices, though mortgage and commercial officers often meet clients at their homes or businesses.

A typical day

Call past clients, real estate agents and businesses to bring in new loan applications
Interview borrowers about income, debts and what they want to finance
Explain loan options, rates, fees and repayment terms in plain language
Collect and verify documents such as pay stubs, tax returns and appraisals
Run applications through underwriting software and review the results
Approve loans within your authority or send them to underwriters and managers
Keep each file in line with federal and state lending rules through closing

Also called: mortgage loan officer, mortgage broker, commercial banker, commercial loan officer, corporate banking officer, financial aid advisor, financial aid counselor, financial aid officer.

How to become a loan officer

Full guide

Most loan officers have a bachelor's degree in finance or business and learn the job through a few months of employer training. Mortgage loan officers at non-bank lenders also need a state MLO license: 20 hours of pre-licensing education, the SAFE MLO Test and background and credit checks.

Typical time: About 4-5 years (bachelor's degree plus licensing and on-the-job training); Fastest: About 1-2 months (pre-licensing course and SAFE MLO Test, for mortgage roles that hire without a degree)
Minimum education: Bachelor's degree in finance, business or economics is typical; some mortgage lenders hire without a degree if you have banking, sales or real estate experience
License: Required for mortgage loan originators: state license through NMLS at non-bank lenders, NMLS registration for bank and credit union employees. Consumer and commercial loan officers are not licensed.
Typical training cost: $140–$42.2K; See the guide for what it includes

Read the step-by-step guide to becoming a loan officer: each step with its time and cost, education options, exams, licensing and advancement.

Is it worth it? Training cost against pay

Compare careers

Training time: About 4-5 years (bachelor's degree plus licensing and on-the-job training); Typical path in our guide
Training cost: $140–$42.2K; Tuition and exam fees, before aid
Median pay: $76,690; $25,710 above the all-jobs median ($50,980)
Cost vs. one year's pay: 0–55%; Training cost as a share of a year at the median

Once qualified, the pay difference over the typical US job at the median ($25,710 a year before tax) would repay the training cost in less than a year to 1.6 years after training ends (about 4-5 years (bachelor's degree plus licensing and on-the-job training) in our guide). This is a rough guide: it ignores taxes, financial aid, interest, earnings given up while training and how pay changes over a career. How we calculate ROI.

Job outlook for loan officers

BLS Employment Projections 2025–35

Projected growth: +1.1%; All occupations +3.5%
Jobs in 2025: 283,000; 286,000 projected for 2035
Openings each year: 17,100; New jobs plus replacements
Self-employed: 1.4%; Not in the pay figures above

BLS projects employment of loan officers to grow 1.1% from 2025 to 2035, from 283,000 to 286,000 jobs, well below the 3.5% average for all occupations. About 17,100 openings a year are still expected, mostly to replace people who retire or change careers. Steady demand for home, car and business credit supports the job, but fewer bank branches and more automated loan processing hold growth down. Mortgage lending in particular swings with interest rates, so hiring can surge in refinancing booms and drop sharply when rates rise.

Related careers and their pay

Financial Advisor$105,070
Financial Analyst$102,740
Insurance Agent$62,280
Accountant$83,680
Loan Interviewers and Clerks$50,020

Related occupations from O*NET 31.0; median annual pay from BLS OEWS, May 2025.

Loan Officer salary FAQ

How much do loan officers make an hour?

The median hourly wage for loan officers was $36.87 in May 2025. The lowest-paid 10% earned less than $18.96 an hour and the highest-paid 10% more than $73.65. Hourly figures are BLS estimates for all workers in the occupation, full-time and part-time.

Which state pays loan officers the most?

Massachusetts has the highest median pay for loan officers, $101,600 a year, followed by Connecticut ($95,730) and New York ($95,710). After adjusting for each state's price level, Kansas comes out ahead at about $96,560 in national-average dollars.

Do loan officers make six figures?

Some do: based on the BLS percentiles, between 25% and 50% of loan officers earn more than $100,000 a year. The median is $76,690, and the top 10% earn more than $153,180. Pay generally rises with experience, specialization and location.

What is the difference between a loan officer and a mortgage broker?

A loan officer works for one lender, such as a bank, credit union or mortgage company, and offers that lender's loans. A mortgage broker works with several lenders and shops a borrower's application among them, earning a fee or commission. Both are mortgage loan originators under federal law, so both must hold an NMLS identifier, and brokers must be licensed by their state.

Do loan officers work on commission?

Some do. Pay plans differ by lender: some pay a straight salary, some pay commissions tied to the number and size of loans closed, and many mix a base salary with commissions or bonuses. Commission pay can make income uneven: it often rises when rates fall and refinancing picks up, and drops when the housing market slows. Ask how a lender's pay plan works before taking a job.

Is being a loan officer stressful?

It can be, especially in mortgage lending. Closing dates are fixed, borrowers are anxious, and missing documents or appraisal problems can threaten a deal at the last minute. Weeks longer than 40 hours are not unusual, and evening calls and meetings are common because that is when borrowers are free. Commission-based officers also carry the pressure of an income that depends on the housing market.

Sources

Data updated October 28, 2026 · Text checked against its sources October 28, 2026

U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics (OEWS), May 2025 estimates, released April 30, 2026, SOC 13-2072
U.S. Bureau of Labor Statistics, Employment Projections 2025–2035, released September 2026
O*NET 31.0 Database (13-2072.00), U.S. Department of Labor, Employment and Training Administration (USDOL/ETA), used under CC BY 4.0; tasks rewritten by Careers and Salaries
U.S. Bureau of Economic Analysis, Regional Price Parities by state and metro area, 2024
U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers (CPI-U), US city average, May values
U.S. Department of Education, College Scorecard field-of-study and institution data, most recent cohorts, released 2026-10-15
Loan Officers, Occupational Outlook Handbook, U.S. Bureau of Labor Statistics · checked October 28, 2026
Loan Officers (13-2072.00), O*NET OnLine · checked October 28, 2026
12 CFR 1008.105 and 1008.107: Minimum loan originator license and renewal requirements (Regulation H, SAFE Act), Consumer Financial Protection Bureau (via Cornell LII) · checked October 28, 2026
SAFE MLO Test: Overview and Test Specifications; Fee Schedule, Nationwide Multistate Licensing System (NMLS) · checked October 28, 2026
12 CFR 1007.103: Registration requirements for employees of covered financial institutions, Consumer Financial Protection Bureau (via Cornell LII) · checked October 28, 2026
License Finder, CareerOneStop, U.S. Department of Labor · checked October 28, 2026
Fee Schedule for the SAFE MLO Test Administration and Education Services, Nationwide Multistate Licensing System (NMLS) · checked October 28, 2026

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