How much does a loan officer make?
The median loan officer in the United States earns $76,690 per year, about $36.87 an hour. That is the midpoint of the profession: half of all loan officers earn more, and half earn less.
Source: BLS OEWS, May 2025. SOC code 13-2072.
Loan officer salary range
Pay for loan officers spans a wide band. The lowest paid 10 percent earn under $39,430 a year, while the highest paid 10 percent take home more than $153,180. The average (mean) wage of $87,790 runs a bit higher than the median, which is normal for jobs where a group of top earners pulls the average up.
| Percentile | Annual | Hourly | |
|---|---|---|---|
| 10th percentile | $39,430 | $18.96 | Lowest paid |
| 25th percentile | $52,730 | $25.35 | |
| Median (50th) | $76,690 | $36.87 | Midpoint |
| 75th percentile | $104,080 | $50.04 | |
| 90th percentile | $153,180 | $73.65 | Highest paid |
Figures are national wage estimates for loan officers (SOC 13-2072), U.S. Bureau of Labor Statistics, OEWS, May 2025.
Loan officer salary by state
Where you work changes the paycheck. Loan officers earn the most in Massachusetts at $101,600 a year, and the least in West Virginia at $57,580. The table below lists every state with published data, ranked by median annual salary.
| State | Median annual | Employed |
|---|---|---|
| Massachusetts | $101,600 | 4,470 |
| Connecticut | $95,730 | 2,220 |
| New York | $95,710 | 10,840 |
| Minnesota | $95,170 | 6,430 |
| Colorado | $94,520 | 3,230 |
| Oregon | $94,440 | 4,220 |
| New Jersey | $92,920 | 6,200 |
| District of Columbia | $92,890 | 370 |
| Vermont | $88,710 | 350 |
| Kansas | $86,970 | 3,540 |
| North Dakota | $84,650 | 1,370 |
| Iowa | $83,670 | 2,840 |
| Delaware | $83,130 | 1,420 |
| Maine | $81,900 | 1,060 |
| California | $81,770 | 25,790 |
| New Hampshire | $80,660 | 1,120 |
| Washington | $80,120 | 6,040 |
| South Dakota | $79,920 | 1,820 |
| Nebraska | $79,840 | 2,710 |
| Wyoming | $79,620 | 740 |
| Illinois | $79,150 | 10,890 |
| Virginia | $78,320 | 8,790 |
| Wisconsin | $78,290 | 4,940 |
| Rhode Island | $77,250 | 1,290 |
| Ohio | $76,370 | 9,880 |
| North Carolina | $75,920 | 10,700 |
| Michigan | $74,470 | 11,340 |
| Missouri | $73,660 | 7,050 |
| Maryland | $73,580 | 3,850 |
| Oklahoma | $72,990 | 4,100 |
| Indiana | $72,960 | 4,790 |
| Alaska | $72,800 | 490 |
| Montana | $71,570 | 1,180 |
| Florida | $71,090 | 18,830 |
| Idaho | $71,070 | 2,030 |
| Arkansas | $70,260 | 2,610 |
| Pennsylvania | $69,300 | 8,140 |
| Georgia | $68,490 | 9,540 |
| Alabama | $66,710 | 5,050 |
| Texas | $66,370 | 21,200 |
| Nevada | $64,500 | 2,580 |
| Hawaii | $63,740 | 980 |
| South Carolina | $63,220 | 4,140 |
| Tennessee | $62,800 | 6,510 |
| New Mexico | $62,610 | 1,140 |
| Arizona | $62,160 | 10,020 |
| Kentucky | $62,090 | 3,940 |
| Louisiana | $61,110 | 2,810 |
| Mississippi | $60,260 | 3,450 |
| Utah | $59,440 | 3,990 |
| West Virginia | $57,580 | 1,290 |
State median wages for loan officers (SOC 13-2072), U.S. Bureau of Labor Statistics, OEWS state files, May 2025. States where the BLS does not publish a median are not shown.
Job outlook for loan officers
The BLS projects employment of loan officers to grow 1.1% from 2025 to 2035. That is slower than the 3.5% average for all occupations. That works out to roughly 283,000 jobs in 2025 moving toward 286,000 by 2035.
Across the decade, the BLS expects about 17,100 openings a year for loan officers. Most come from the need to replace workers who move to other jobs or leave the workforce, on top of any new positions from growth.
Source: U.S. Bureau of Labor Statistics, Employment Projections program, 2025-35 (Table 1.2, Occupational projections and worker characteristics).
How to become a loan officer
The typical entry-level education for loan officers is a bachelor's degree, according to the BLS. Most roles also expect less than 5 years of work experience in a related occupation. New hires typically complete moderate-term on-the-job training to reach full competency.
Education, training, and experience data: U.S. Bureau of Labor Statistics, Employment Projections program.
What affects how much a loan officer earns
Firm size, industry, certifications, and years of experience drive the spread. Large firms and major financial centers pay well above small-town or entry-level roles.
Location is one of the clearest factors. The gap between the top paying state (Massachusetts, $101,600) and the lowest (West Virginia, $57,580) shows how much geography alone can move the number, before experience or specialization.
About 274,330 people work as loan officers in the United States. At $76,690 a year, the job pays above the $50,980 median for all U.S. jobs.
Loan officer salary FAQ
How much does a loan officer make an hour?
The median hourly wage for a loan officer is $36.87. The middle half of loan officers earn between $25.35 and $50.04 per hour.
What is the highest loan officer salary?
The highest paid 10 percent of loan officers earn more than $153,180 per year. Top earners usually have the most experience and work in the best paying regions and industries.
How much does a loan officer make a year?
The median annual salary for a loan officer is $76,690. The average (mean) wage of $87,790 runs a bit higher than the median, which is normal for jobs where a group of top earners pulls the average up.
Is being a loan officer a well paid job?
At $76,690 a year, a loan officer earns above the $50,980 median for all U.S. jobs. About 274,330 people work as loan officers in the United States.
Which state pays loan officers the most?
Massachusetts has the highest median salary for loan officers at $101,600 a year. Connecticut ($95,730) and New York ($95,710) follow. State medians come from the BLS OEWS state files, May 2025.
Is being a loan officer a good career?
Employment of loan officers is projected to grow 1.1% from 2025 to 2035, slower than the 3.5% average for all occupations. The BLS projects about 17,100 openings each year, from growth and from workers leaving the occupation.
Do you need a degree to become a loan officer?
The BLS lists the typical entry-level education for loan officers as a bachelor's degree, so a college degree is usually expected.
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