Cities where loan officers earn the biggest salaries

by MPA29 Oct 2014
Depending on where you live, you could be making thousands more a year. How does your salary stack up to other loan officers in the United States?

To find the highest- and lowest- paying metro areas for loan officers, we turned to the latest data available from the Bureau Labor of Statistics (BLS). The report found that the average annual salary for a loan officer was about $71,800 last year.

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.

Here are the 10 best-paying areas for loan officers:
  1. New York- White Plains-Wayne, N.Y. and N.J.:  Annual median wage in 2013 was $116,590, down from the 2012 average of $133,030.
  2. Lawrence-Methuen-Salem, Mass. and N.H.: Annual median wage in 2013 was $109,260, up from the 2012 average of $90,840.  
  3. Midland, Texas:  Annual median wage in 2013 was $99,830, up from the 2012 average of $84,410.
  4. San Francisco-San Mateo-Redwood City, Calif.: Annual median wage in 2013 was $98,840, down from the 2012 average of $100,400.  
  5. Ocala, Fla: Annual median wage in 2013 was $98,170, up from the 2012 average of $69.100.  
  6. Vallejo-Fairfield, Calif.  Annual median wage in 2013 was $96,890, down from the 2012 average of $113,710.
  7. Haverhill-North Andover-Amesbury, Mass.-N.H.: Annual median wage in 2013 was $93,980, up from the 2012 average of $70,630.
  8. Wilmington, N.C.: Annual median wage in 2013 was $93,920, up from the 2012 average of $75,610. 
  9. Ocean City, N.J.: Annual median wage in 2013 was $93,740, up from the 2012 average of $92,560.  
  10. Peabody, Mass.: Annual median wage in 2013 was $93,490, up from the 2012 average of $89,770. 
Click here to view the BLS annual Occupational Employment Statistics report for loan officers.

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