Loan officers
May 2005 employment and annual earnings distribution, wage and salary workers
Loan Officers: Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Include mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
Loan officers held about 291,000 jobs in 2004. About 9 out of 10 loan officers were employed by commercial banks, savings institutions, credit unions, and related financial institutions. Loan officers are employed throughout the Nation, but most work in urban and suburban areas. At some banks, particularly in rural areas, the branch or assistant manager often handles the loan application process.
Median annual earnings of loan officers were $48,830 in May 2004. The middle 50 percent earned between $35,360 and $69,160. The lowest 10 percent earned less than $27,580 while the top 10 percent earned more than $98,280. Median annual earnings in the industries employing the largest numbers of loan officers in 2004 were as follows:
| Federal executive branch and United States Postal Service | $56,900 |
| Accounting, tax preparation, bookkeeping and payroll services | 53,870 |
| Management of companies and enterprises | 52,260 |
| Local government | 47,440 |
| State government | 43,400 |
The form of compensation for loan officers varies. Most are paid a commission that is based on the number of loans they originate. In this way, commissions are used to motivate loan officers to bring in more loans. Some institutions pay only salaries, while others pay their loan officers a salary plus a commission or bonus based on the number of loans originated. Banks and other lenders sometimes offer their loan officers free checking privileges and somewhat lower interest rates on personal loans.
According to a salary survey conducted by Robert Half International, a staffing services firm specializing in accounting and finance, mortgage loan officers earned between $30,000 and $100,000 in 2005, consumer loan officers with 1 to 3 years of experience earned between $30,000 and $35,000, and commercial loan officers with 1 to 3 years of experience made between $45,500 and $70,000. Commercial loan officers with more than 3 years of experience made between $61,750 and $100,000, and consumer loan officers earned between $25,500 and $50,000. Earnings of loan officers with graduate degrees or professional certifications are higher. Loan officers who are paid on a commission basis usually earn more than those on salary only, and those who work for smaller banks generally earn less than those employed by larger institutions.
(from the Occupational Outlook Handbook: Loan Officers)
See more recent statistics for employed workers below.
May 2005 employment and annual earnings distribution, wage and salary workers
National Occupational Employment and Earnings by Industry (NAICS sector and 3-digit industry group)
| Loan officers | |||||
| Percentile earnings distribution | |||||
| 10th | 25th | 50th | 75th | 90th | |
| Construction employment: 610 mean earnings: $59,620 (EC) (def) (IG) | $26,090 | $33,750 | $47,860 | $64,570 | $120,120 |
| Construction of Buildings employment: 420 mean earnings: n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Heavy and Civil Engineering Construction employment: 170 mean earnings: $68,700 | $32,220 | $41,830 | $53,410 | $73,790 | $137,950 |
| Manufacturing employment: 70 mean earnings: $45,990 (EC) (def) (IG) | $25,310 | $29,320 | $34,980 | $43,880 | $81,250 |
| Wholesale Trade employment: 50 mean earnings: $64,190 (EC) (def) (IG) | $30,260 | $38,560 | $54,660 | $89,820 | $116,220 |
| Retail Trade employment: 770 mean earnings: $61,630 (EC) (def) (IG) | $30,370 | $37,240 | $53,710 | $77,760 | $103,560 |
| Motor Vehicle and Parts Dealers employment: 760 mean earnings: $61,800 | $30,370 | $37,150 | $53,950 | $77,950 | $104,050 |
| Information employment: 930 mean earnings: $63,100 (EC) (def) (IG) | $31,460 | $40,500 | $53,270 | $72,000 | $106,570 |
| Internet Service Providers, Web Search Portals, and Data Processing Service employment: 930 mean earnings: $63,110 | $31,460 | $40,500 | $53,270 | $71,990 | $106,670 |
| Finance and Insurance employment: 309,290 mean earnings: $59,390 (EC) (def) (IG) | $28,470 | $36,010 | $49,200 | $70,300 | $102,980 |
| Monetary Authorities - Central Bank employment: 80 mean earnings: $64,190 | $29,320 | $37,990 | $56,870 | $81,010 | $102,840 |
| Credit Intermediation and Related Activities employment: 298,740 mean earnings: $59,190 | $28,400 | $35,930 | $49,120 | $70,140 | $102,490 |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities employment: 3,370 mean earnings: $67,410 | $28,320 | $34,080 | $51,580 | $80,940 | $141,840 |
| Insurance Carriers and Related Activities employment: 6,990 mean earnings: $64,190 | $31,770 | $39,350 | $51,620 | $74,200 | $110,320 |
| Funds, Trusts, and Other Financial Vehicles employment: 100 mean earnings: $68,020 | $36,840 | $40,660 | $48,120 | $73,400 | $138,170 |
| Real Estate and Rental and Leasing employment: 3,440 mean earnings: $65,490 (EC) (def) (IG) | $30,910 | $41,170 | $53,810 | $78,690 | $111,940 |
| Real Estate employment: 3,400 mean earnings: $65,370 | $30,810 | $41,130 | $53,760 | $78,320 | $111,700 |
| Rental and Leasing Services employment: 50 mean earnings: $71,750 | $36,940 | $42,410 | $55,570 | $97,660 | $118,070 |
| Professional, Scientific, and Technical Services employment: 3,050 mean earnings: $51,590 (EC) (def) (IG) | $28,830 | $36,010 | $44,030 | $57,660 | $83,870 |
| Professional, Scientific, and Technical Services employment: 3,050 mean earnings: $51,590 | $28,830 | $36,010 | $44,030 | $57,660 | $83,870 |
| Management of Companies and Enterprises employment: 7,090 mean earnings: $59,450 (EC) (def) (IG) | $30,070 | $38,480 | $51,180 | $70,370 | $98,090 |
| Management of Companies and Enterprises employment: 7,090 mean earnings: $59,450 | $30,070 | $38,480 | $51,180 | $70,370 | $98,090 |
| Administrative and Support and Waste Management and Remediation Services employment: 2,060 mean earnings: $50,400 (EC) (def) (IG) | $27,430 | $33,050 | $46,180 | $63,290 | $78,630 |
| Administrative and Support Services employment: 2,060 mean earnings: $50,400 | $27,430 | $33,050 | $46,180 | $63,290 | $78,630 |
| Educational Services employment: 210 mean earnings: $44,510 (EC) (def) (IG) | $26,400 | $32,730 | $41,330 | $54,930 | $69,720 |
| Educational Services employment: 210 mean earnings: $44,510 | $26,400 | $32,730 | $41,330 | $54,930 | $69,720 |
| Health Care and Social Assistance employment: 130 mean earnings: $39,590 (EC) (def) (IG) | $13,050 | $29,960 | $39,750 | $47,840 | $57,680 |
| Ambulatory Health Care Services employment: n.a. mean earnings: $30,120 | $11,510 | $12,700 | $29,540 | $38,530 | $44,980 |
| Hospitals employment: 40 mean earnings: $46,100 | $30,070 | $36,210 | $43,070 | $54,480 | $68,830 |
| Social Assistance employment: 40 mean earnings: $42,540 | $27,860 | $37,390 | $41,950 | $48,010 | $55,490 |
| Other Services (except Public Administration) employment: 340 mean earnings: $53,740 (EC) (def) (IG) | $29,170 | $39,650 | $51,480 | $63,250 | $80,000 |
| Religious, Grantmaking, Civic, Professional, and Similar Organizations employment: 340 mean earnings: $53,740 | $29,170 | $39,650 | $51,480 | $63,250 | $80,000 |
| Federal, State, and Local Government (OES Designation) employment: 4,570 mean earnings: $61,500 (def) (IG) | $40,700 | $49,360 | $60,810 | $72,730 | $85,160 |
| Federal, State, and Local Government (OES Designation) employment: 4,570 mean earnings: $61,500 | $40,700 | $49,360 | $60,810 | $72,730 | $85,160 |
source: Occupational Employment Statistics Program; about these estimates
The (EC) links lead to data from the Economic Census from the Census Bureau.
The (def) links lead to 2002 NAICS industry definitions from the Census Bureau.
The (IG) links lead to Industry at a Glance industry profiles from the Bureau of Labor Statistics.