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Loan Officer Salary
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On average, the typical loan officer salary falls between $32,073 and $58,578 per year, depending on several different factors. Where you work, years of experience, education level and employment setting may all play a role in the loan officer salary you can expect. In general, individuals with less than one year of experience can expect to earn between $28,305 and $38,656 annually, while someone with 20 or more years of experience may earn a loan officer salary that falls in the range of $36,790 to $71,057 per year.
Popular industries in this career field include banking, mortgage lending/loans, credit unions, mortgage brokers and financial services. Those working for a credit union may earn a slightly lower loan officer salary than individuals working in other industry settings. As far as education goes, those with a Bachelor of Science degree tend to earn a far better loan officer salary than those with a high school diploma or Associate Degree in Business.
The city in which you work also affects the loan officer salary you may expect. Those who work in smaller towns generally earn a bit less than individuals working in larger cities and metropolitan areas. The cities offering the highest loan officer salary in the United States include Washington D.C., Chicago and Schaumburg Illinois, Irvine California, Nashville Tennessee and Melville, New York.
Loan Officer Salary Information
| Average salary for entry-level loan officer in United States | $30,140 | | Average salary for experienced loan officer in United States | $64,847 |
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