Loan Officer Salary
$63,430
Job Growth
3/5
Competition
Average
Education
Bachelors
Overview: What does a Loan Officer do?
Loan officers facilitate the lending process by finding potential clients and assisting them in applying for loans. Loan officers also gather personal information about clients and businesses to ensure that an informed decision is made regarding the creditworthiness of the borrower and the probability of repayment. Loan officers usually specialize in commercial, consumer, or mortgage loans. Working as a loan officer usually involves considerable travel. The form of compensation for loan officers varies. Most loan officers are paid a commission that is based on the number of loans they originate.
Resources to become a Loan Officer
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| Advancement Opportunities: 137% of Average This calculation shows your opportunity for increases in earnings over time. It shows the relative strength of different careers as compared to each other |
| Average Starting Median income: $63,430 |
| Return on Educational Investment: 104% of Average Shows the relative return on investment of an education beyond high school. The calculation uses potential earning levels over time adjusted for the cost and the time of additional education. |
| Job Growth: 3/5 |
| Benefits: Yes |
| All scores range from 1-100. Higher scores are better with the exception of stress. |
| Bragging rights: 55/100 Based on prestige and social approval, fame and public recognition, high income, highly educated, clean versus “dirty” industry, and level of people you deal with. |
| Interesting Job: 38/100 Based on exciting subject or environment, variety of activities, fun interaction with people, creating versus completing, and learning interesting things. |
| Personal Freedom: 75/100 Based on controlling your work, not closely managed, choosing your assignments, tolerable rules and regulations, creative freedom, and setting your own hours. |
| Stress: 28/100 Based on Intense responsibility (life/death), continuous rejection, dealing with people’s problems, lack of control, quota or sales pressure, and work volume/time pressure. |
| Years to make $1,000,000 - 19 Years |
| Years to make $2,000,000 - 30 Years |
| Years to make $3,000,000 - 39 Years |
