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6,370 Loan Officer Salaries

Loan Officers earn $48,000 annually on average, or $23 per hour, which is 32% less than the national average for all working Americans. Our data indicates that the best paid Loan Officers work for First Meridian Mortgage at $128,000 annually while the lowest paid Loan Officers work for Security Vault Works earning approximately $18,000 each year.

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$47K Bank of America's Average Loan Officer Salary (291 salaries)

-$1K (2%) less than national average Loan Officer salary ($48K)
+$2K (4%) more than average Bank of America salary ($45K)
$50K
$100K
$150K
+$8K (15%) more than average Bank of America Loan Officer salary ($47K)
"Bank of America starts you at a decent hourly rate during your 1 year of training. After a year your hourly rate changes to a lesser amount. You have many ways to make money through referrals made to your partners inside the branch. Bank of America expectations in funding 5 loans a month is not doable because a lot of our clients, do not have a social security number, assets, compensation factors, or the credit to be approved for a loan and we do not have good pricing. You have to work extra hours to meet your goal, funding 5 loans and they do pay overtime."
+$15K (27%) more than average Bank of America Loan Officer salary ($47K)
"The salary in my current position was, what I considered competitive when I first started there. My co-workers and I made industry standard salaries, with a lucrative bonus structure. It worked well, but as we made record income in our department for the company, a new management team started to re-structure the incentive payout scale to gradually reduce bonus pay each quarter."
+$18K (32%) more than average Bank of America Loan Officer salary ($47K)
"Salary plus commission. No payback on monthly compensation. Similar pay structure to other banks"
See 288 More Bank of America Loan Officer Salaries

$48K Home Finance of America's Average Loan Officer Salary (10 salaries)

Equal to national average Loan Officer salary ($48K)
-$2K (4%) less than average Home Finance of America salary ($50K)
$50K
$100K
$150K
+$12K (22%) more than average Home Finance of America Loan Officer salary ($48K)
"The opportunity to make good money is completely up to the Loan Officer at Home Finance of America; they always provide plenty of good leads, so I am never going to be underpaid so long as I do my job well."
+$12K (22%) more than average Home Finance of America Loan Officer salary ($48K)
"Neither; with the amount of leads provided to me, I dictate my own income!"
+$7K (13%) more than average Home Finance of America Loan Officer salary ($48K)
"I enjoy the atmosphere at HFA and would not change for slightly higher compensation."
See 7 More Home Finance of America Loan Officer Salaries

$48K Small Business Administration's Average Loan Officer Salary (113 salaries)

Equal to national average Loan Officer salary ($48K)
+$1K (2%) more than average Small Business Administration salary ($47K)
$50K
$100K
$150K
+$17K (30%) more than average Small Business Administration Loan Officer salary ($48K)
"The salary I now make at SBA is very lucrative and competitive in this line of work. I started with SBA as an entry level Loan Officer. I had experience but very little compared to others. I took the position with an open mind to learn and be trained and within a 2 year period, I had been promoted to over 5 departments within the SBA. I believe there is nothing an individual can't do when he sets his mind to it."
-$3K (6%) less than average Small Business Administration Loan Officer salary ($48K)
"I am unaware of the salary versus other competitors."
+$2K (4%) more than average Small Business Administration Loan Officer salary ($48K)
See 110 More Small Business Administration Loan Officer Salaries

$47K JPMorgan's Average Loan Officer Salary (108 salaries)

-$1K (2%) less than national average Loan Officer salary ($48K)
-$4K (8%) less than average JPMorgan salary ($51K)
$50K
$100K
$150K
-$15K (37%) less than average JPMorgan Loan Officer salary ($47K)
"Underpaid due to the need for business revenue to increase profit."
-$17K (44%) less than average JPMorgan Loan Officer salary ($47K)
-$17K (44%) less than average JPMorgan Loan Officer salary ($47K)
See 105 More JPMorgan Loan Officer Salaries

$47K Wells Fargo's Average Loan Officer Salary (89 salaries)

-$1K (2%) less than national average Loan Officer salary ($48K)
-$2K (4%) less than average Wells Fargo salary ($49K)
$50K
$100K
$150K
+$18K (32%) more than average Wells Fargo Loan Officer salary ($47K)
"Comparable"
+$34K (53%) more than average Wells Fargo Loan Officer salary ($47K)
-$17K (44%) less than average Wells Fargo Loan Officer salary ($47K)
See 86 More Wells Fargo Loan Officer Salaries

$48K American Home Mortgage's Average Loan Officer Salary (50 salaries)

Equal to national average Loan Officer salary ($48K)
-$2K (4%) less than average American Home Mortgage salary ($50K)
$50K
$100K
$150K
+$12K (22%) more than average American Home Mortgage Loan Officer salary ($48K)
"Unsure"
+$3K (6%) more than average American Home Mortgage Loan Officer salary ($48K)
+$33K (51%) more than average American Home Mortgage Loan Officer salary ($48K)
See 47 More American Home Mortgage Loan Officer Salaries

$48K Freedom Mortgage's Average Loan Officer Salary (36 salaries)

Equal to national average Loan Officer salary ($48K)
-$3K (6%) less than average Freedom Mortgage salary ($51K)
$50K
$100K
$150K
-$9K (20%) less than average Freedom Mortgage Loan Officer salary ($48K)
"The base salary is the best in the industry but your commissions will not exceed the base due to micro-management and most of the supporting staff having little to NO experience and knowledge of loan products or processing. You will lose way more deals than you fund because of incompetence."
-$10K (23%) less than average Freedom Mortgage Loan Officer salary ($48K)
-$8K (18%) less than average Freedom Mortgage Loan Officer salary ($48K)
See 33 More Freedom Mortgage Loan Officer Salaries

$47K Fairway Independent Mortgage's Average Loan Officer Salary (11 salaries)

-$1K (2%) less than national average Loan Officer salary ($48K)
-$4K (8%) less than average Fairway Independent Mortgage salary ($51K)
$50K
$100K
$150K
-$27K (80%) less than average Fairway Independent Mortgage Loan Officer salary ($47K)
"I get 130 bps for each closing on top of the recoverable draw. I think this is pretty standard for the industry."
+$4K (8%) more than average Fairway Independent Mortgage Loan Officer salary ($47K)
-$6K (13%) less than average Fairway Independent Mortgage Loan Officer salary ($47K)
See 8 More Fairway Independent Mortgage Loan Officer Salaries

$40K Prospect Mortgage's Average Loan Officer Salary (10 salaries)

-$8K (18%) less than national average Loan Officer salary ($48K)
-$20K (40%) less than average Prospect Mortgage salary ($60K)
$50K
$100K
$150K
+$41K (67%) more than average Prospect Mortgage Loan Officer salary ($40K)
+$21K (41%) more than average Prospect Mortgage Loan Officer salary ($40K)
+$73K (95%) more than average Prospect Mortgage Loan Officer salary ($40K)
See 7 More Prospect Mortgage Loan Officer Salaries

$46K Supreme Lending's Average Loan Officer Salary (9 salaries)

-$2K (4%) less than national average Loan Officer salary ($48K)
-$5K (10%) less than average Supreme Lending salary ($51K)
$50K
$100K
$150K
-$6K (13%) less than average Supreme Lending Loan Officer salary ($46K)
"Not so good"
-$5K (11%) less than average Supreme Lending Loan Officer salary ($46K)
-$5K (11%) less than average Supreme Lending Loan Officer salary ($46K)
See 6 More Supreme Lending Loan Officer Salaries
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