How Much do Loan Officers Make?

Do loan officers make a lot of money? What is the average pay for loan officers?

According to the Bureau of Labor Statistics, loan officers in the United States earn an average of $76,200 a year, equivalent to $36.64 an hour. Loan officers make 42% more than the average American worker.

Loan officers in New York are the best paid, making $103,040 a year, while loan officers in Louisiana make the least at $56,630.

  • Latest wage data is for May 2019
  • Pre-tax earnings; Wages only - does not include benefits
Loan Officer Wages by Percentile
Percentile Hourly Annually
90th $63.79 $132,680
75th $44.69 $92,960
50th $30.42 $63,270
25th $21.56 $44,840
10th $15.65 $32,560
Loan Officer Wages by State

In what states do loan officers make the most? In what states do loan officers make the least?

In the map below, green represents higher pay and red represents lower pay. Keep scrolling down to see a table with the average wages in each state.

State Hourly Annually
Alabama $34.03 $70,790
Alaska $33.90 $70,500
Arizona $29.17 $60,680
Arkansas $34.60 $71,970
California $37.15 $77,270
Colorado $32.84 $68,310
Connecticut $39.93 $83,050
Florida $35.57 $73,990
Georgia $37.36 $77,700
Hawaii $42.19 $87,750
Idaho $29.29 $60,930
Illinois $37.86 $78,740
Indiana $31.34 $65,190
Iowa $32.89 $68,420
Kansas $38.18 $79,410
Kentucky $32.21 $67,000
Louisiana $27.23 $56,630
Maine $37.72 $78,450
Maryland $41.88 $87,120
Massachusetts $43.97 $91,460
Michigan $35.47 $73,790
Minnesota $38.89 $80,900
Mississippi $31.42 $65,350
Missouri $37.49 $77,980
Montana $32.23 $67,030
Nebraska $39.14 $81,410
Nevada $37.35 $77,680
New Hampshire $41.31 $85,910
New Jersey $38.73 $80,570
New Mexico $29.42 $61,190
New York $49.54 $103,040
North Carolina $36.33 $75,570
North Dakota $38.36 $79,790
Ohio $37.65 $78,300
Oklahoma $35.96 $74,810
Oregon $36.79 $76,510
Pennsylvania $35.99 $74,870
Rhode Island $33.97 $70,660
South Carolina $34.04 $70,810
South Dakota $32.06 $66,680
Tennessee $30.11 $62,640
Texas $39.39 $81,930
Utah $29.38 $61,110
Vermont $33.55 $69,790
Virginia $38.51 $80,100
Washington $34.42 $71,600
West Virginia $29.17 $60,670
Wisconsin $35.51 $73,860
Wyoming $33.73 $70,160
Metro Areas Where Loan Officers Earn the Most
  • Data is for the entire metro area, not just the city
Metro Area Hourly Annually
Stockton, CA $56.41 $117,330
Santa Barbara, CA $54.56 $113,480
Yuba City, CA $54.49 $113,340
Lubbock, TX $52.16 $108,490
New York, NY $51.01 $106,090
Enid, OK $50.48 $105,010
Tyler, TX $48.87 $101,650
Hanford, CA $48.71 $101,310
Portland, ME $48.14 $100,120
Bismarck, ND $47.48 $98,760
Loan Officer Wages by Year
Year Hourly Annually
2019 $36.64 $76,200
2018 $36.67 $76,270
2017 $37.46 $77,920
2016 $36.67 $76,260
2015 $36.14 $75,170
2014 $35.42 $73,670
2013 $34.52 $71,800
2012 $33.82 $70,350
2011 $32.67 $67,960