According to a chart from PropertyCasualty360.com
, citing numbers from the Bureau of Labor Statistics, the average loan officer makes about $71,800 per year. Only about 25% make more than $80,000 a year, while only about 10% break $120,000 per year.
If you’re not hitting the average, you could just be living in the wrong state. According to the Bureau of Labor Statistics
, New York pays loan officers more than any other state, with LOs there making an average of $100,110 per year. Rhode Island comes in second with an average salary of $89,300 per year. California – the state which employs the most loan officers – didn’t even break the top five in terms of salary, paying LOs an average of $81,430 per year.
Loan officers in the territory of Puerto Rico, meanwhile, make the least, with an average salary of $33,930. West Virginia loan officers make the least in the continental U.S., with an average salary of $52,020. Louisiana fares a little better with an average salary of $52,970.
How do loan officers’ salaries stack up to those in other professions? Well, the good news is the average loan officer makes more than most dental hygienists, social workers or environmental scientists. The bad news is that loan officers only make about half as much as dentists, podiatrists or architectural engineers.