Salary for Loan Officers
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SEE MORE SALARIES FOR FINANCE PROFESSIONALSLoan officers educate potential borrowers about the different types of loans available to them and the requirements and regulations governing these loans. They determine borrower eligibility based on credit history, financial status and property evaluations. These professionals frequently review and update borrower credit information and handle customer complaints when necessary. They must stay informed regarding innovations in the industry in order to anticipate and better meet their client's needs. Educational requirements for this position include a high school diploma or equivalent and several years of experience working in the banking and lending industries.
A Loan Officer can expect salaries in a range of 48000 to 72000 based on tenure level. Loan Officers earn an average compensation of Sixty Five Thousand Nine Hundred dollars yearly.
Loan Officers make the highest salary in New York, where they earn normal pay levels of close to $77310. People in this career group have the best average compensation in Retail Trade, which has pay of $76530.
Are you an aspiring loan officer? Want a new opportunity where you can earn a higher salary? Create your free loan officer job alert today and take control of your future.The national wage distribution is shown below. To overlay local salaries for a Loan Officer, please select your state.
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The annual compensation for this career has gone up since 2004. Salaries have increased by an average of 13.14 percent nationwide in that time.
Loan Officers tend to make the most in the following industries
|Management of Companies and Enterprises||$71,740|
|Real Estate and Rental and Leasing||$70,560|
In general, they earn less within the industries below
|Health Care and Social Assistance||$54,590|
|Transportation and Warehousing||$54,940|
|Professional, Scientific, and Technical Services||$61,500|
|Administrative, Support and Waste Management Services||$63,670|
|Finance and Insurance||$65,590|