The average annual salary for a loan officer was about $71,800 last year — but that varies widely depending on location, the latest data from the Bureau Labor of Statistics (BLS) shows.
States with the highest employment level of loan officers are California, Texas, Florida, New York and Illinois respectively.
California’s 31,700 loan officers make about $81,430 on average, while the 27,250 loan officers in Texas make more than $10,000 less than their west coast peers at $70,040 on average.
Commanding the highest pay for work in the industry are loan officers in New York, Rhode Island, Massachusetts, New Hampshire and District of Columbia, respectively. Loan officers in New York can command $100,110 annually on average, data show.
South Dakota has the highest concentration of jobs and location quotients for the occupation, at 3.92 loan officer positions per 1,000 jobs. The average annual salary for loan officers in South Dakota is just over half of those states that pay the most for this position, at $57,260.
The BLS annual Occupational Employment Statistics report for loan officers includes regional data for the highest-concentrated locations, average annual salaries and highest employment in 2013.
The BLS definition of loan officer includes mortgage loan officers and agents, collection analysts, loan servicing officers and loan underwriters.
See the report here.
Written by Cassandra Dowell