Loan Officers
Loan Officers (SOC 13-2072) earn a median $76,690 a year ($36.87 an hour) in the United States, with 274,330 employed as of May 2025; the highest-paying state is Massachusetts.
What loan officers do
Loan officers assess loan requests and approve them or recommend approval to individuals and businesses, including commercial, real estate, and consumer credit loans. The group takes in mortgage loan officers, loan underwriters, collection analysts, loan servicing officers, and payday loan officers. Officers meet with applicants to collect information and answer questions about the application, then analyze the applicant's financial status, credit history, and property valuations to decide whether to lend. They approve loans within the limits of their authority and refer larger or more complex ones to a higher level. They explain loan types, terms, and credit options to customers, and they review loan agreements for completeness and accuracy and update credit and loan files. The occupation differs from credit analysts, who prepare risk reports for lenders without dealing with applicants, from credit counselors, who help borrowers manage debt, and from personal financial advisors. They also submit applications to credit analysts for verification and compile applicants' credit histories and financial statements.
Typical entry: O*NET respondents most often report a bachelor's degree as the typical level of education for this occupation.
Also called: Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Banker.
National wage percentiles, May 2025
| Area | Basis | Percentile wage | Mean | Employment | ||||
|---|---|---|---|---|---|---|---|---|
| 10th | 25th | Median | 75th | 90th | ||||
| United States | Hourly | $18.96 | $25.35 | $36.87 | $50.04 | $73.65 | $42.21 | 274,330 |
| Annual | $39,430 | $52,730 | $76,690 | $104,080 | $153,180 | $87,790 | ||
Employment per 1,000 jobs and the location quotient are area measures; they appear in the state and metro tables below. To see what a wage in this range leaves after tax, use FastCalc's take-home pay calculator.
Where loan officers earn and work most
Five highest-paying states
| Area | Basis | Percentile wage | Mean | Employment | Jobs per 1,000 | Location quotient | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| 10th | 25th | Median | 75th | 90th | ||||||
| Massachusetts | Hourly | $31.10 | $38.35 | $48.85 | $65.84 | $95.30 | $56.92 | 4,470 | 1.23 | 0.70 |
| Annual | $64,680 | $79,760 | $101,600 | $136,940 | $198,220 | $118,390 | ||||
| Connecticut | Hourly | $24.18 | $30.67 | $46.03 | $58.35 | $82.35 | $48.90 | 2,220 | 1.31 | 0.74 |
| Annual | $50,300 | $63,790 | $95,730 | $121,360 | $171,280 | $101,710 | ||||
| New York | Hourly | $23.76 | $30.13 | $46.01 | $71.58 | $101.61 | $55.13 | 10,840 | 1.12 | 0.63 |
| Annual | $49,410 | $62,670 | $95,710 | $148,890 | $211,350 | $114,670 | ||||
| Minnesota | Hourly | $27.73 | $35.21 | $45.76 | $60.36 | $78.53 | $50.34 | 6,430 | 2.18 | 1.24 |
| Annual | $57,670 | $73,240 | $95,170 | $125,550 | $163,350 | $104,700 | ||||
| Colorado | Hourly | $18.96 | $29.20 | $45.44 | $60.30 | $79.51 | $47.04 | 3,230 | 1.13 | 0.64 |
| Annual | $39,430 | $60,730 | $94,520 | $125,430 | $165,370 | $97,840 | ||||
Five states with the most jobs
| Area | Basis | Percentile wage | Mean | Employment | Jobs per 1,000 | Location quotient | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| 10th | 25th | Median | 75th | 90th | ||||||
| California | Hourly | $18.01 | $25.80 | $39.31 | $59.12 | $81.27 | $46.69 | 25,790 | 1.42 | 0.80 |
| Annual | $37,460 | $53,670 | $81,770 | $122,960 | $169,040 | $97,120 | ||||
| Texas | Hourly | $16.42 | $23.09 | $31.91 | $46.04 | $65.04 | $38.18 | 21,200 | 1.51 | 0.85 |
| Annual | $34,150 | $48,030 | $66,370 | $95,770 | $135,280 | $79,410 | ||||
| Florida | Hourly | $15.95 | $23.65 | $34.18 | $48.34 | $63.98 | $39.10 | 18,830 | 1.90 | 1.07 |
| Annual | $33,180 | $49,200 | $71,090 | $100,550 | $133,070 | $81,320 | ||||
| Michigan | Hourly | $17.71 | $24.17 | $35.80 | $48.63 | $65.24 | $40.38 | 11,340 | 2.57 | 1.46 |
| Annual | $36,830 | $50,280 | $74,470 | $101,150 | $135,700 | $83,990 | ||||
| Illinois | Hourly | $20.69 | $29.10 | $38.05 | $50.27 | $65.90 | $42.96 | 10,890 | 1.79 | 1.01 |
| Annual | $43,020 | $60,520 | $79,150 | $104,560 | $137,080 | $89,350 | ||||
Five highest-paying metropolitan areas
| Area | Basis | Percentile wage | Mean | Employment | Jobs per 1,000 | Location quotient | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| 10th | 25th | Median | 75th | 90th | ||||||
| Enid, OK | Hourly | $26.44 | $34.24 | $50.48 | $68.76 | $92.78 | $52.96 | 40 | 1.84 | 1.04 |
| Annual | $54,990 | $71,230 | $104,990 | $143,020 | $192,970 | $110,150 | ||||
| Bridgeport-Stamford-Danbury, CT | Hourly | $29.07 | $37.94 | $49.93 | $68.62 | $90.30 | $55.66 | 560 | 1.39 | 0.79 |
| Annual | $60,460 | $78,910 | $103,850 | $142,740 | $187,830 | $115,770 | ||||
| Boston-Cambridge-Newton, MA-NH | Hourly | $31.31 | $38.64 | $49.71 | $69.37 | $98.47 | $57.84 | 3,420 | 1.27 | 0.72 |
| Annual | $65,120 | $80,360 | $103,400 | $144,280 | $204,820 | $120,300 | ||||
| San Francisco-Oakland-Fremont, CA | Hourly | $21.37 | $34.55 | $49.52 | $73.63 | $96.67 | $56.00 | 3,330 | 1.40 | 0.80 |
| Annual | $44,440 | $71,870 | $103,000 | $153,150 | $201,080 | $116,480 | ||||
| Minneapolis-St. Paul-Bloomington, MN-WI | Hourly | $29.50 | $37.22 | $49.13 | $61.63 | $91.73 | $53.30 | 3,910 | 2.00 | 1.14 |
| Annual | $61,360 | $77,410 | $102,200 | $128,180 | $190,790 | $110,870 | ||||
Five metropolitan areas with the most jobs
| Area | Basis | Percentile wage | Mean | Employment | Jobs per 1,000 | Location quotient | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| 10th | 25th | Median | 75th | 90th | ||||||
| New York-Newark-Jersey City, NY-NJ | Hourly | $28.30 | $34.62 | $48.83 | $76.90 | $100.29 | $58.26 | 10,350 | 1.09 | 0.62 |
| Annual | $58,860 | $72,010 | $101,570 | $159,940 | $208,610 | $121,180 | ||||
| Los Angeles-Long Beach-Anaheim, CA | Hourly | $17.27 | $24.64 | $38.63 | $57.41 | $80.70 | $45.45 | 9,690 | 1.54 | 0.88 |
| Annual | $35,930 | $51,250 | $80,360 | $119,420 | $167,860 | $94,540 | ||||
| Dallas-Fort Worth-Arlington, TX | Hourly | $17.56 | $23.12 | $35.55 | $46.31 | $63.04 | $38.51 | 8,370 | 2.07 | 1.17 |
| Annual | $36,510 | $48,080 | $73,930 | $96,320 | $131,110 | $80,100 | ||||
| Phoenix-Mesa-Chandler, AZ | Hourly | $17.23 | $23.03 | $29.73 | $48.50 | $64.35 | $36.76 | 8,350 | 3.51 | 1.99 |
| Annual | $35,840 | $47,900 | $61,850 | $100,880 | $133,850 | $76,460 | ||||
| Chicago-Naperville-Elgin, IL-IN | Hourly | $19.57 | $29.05 | $38.48 | $50.58 | $68.83 | $44.06 | 7,380 | 1.63 | 0.93 |
| Annual | $40,710 | $60,430 | $80,040 | $105,210 | $143,160 | $91,650 | ||||
Top industries employing loan officers
Credit Intermediation and Related Activities (5221 and 5223 only) employ 53.0% of loan officers nationally (145,430 jobs) at a median $77,680 a year ($37.35 an hour), followed by Nondepository Credit Intermediation (27.9%) and Management of Companies and Enterprises (4.5%).
| Industry | Employment | Share of occupation | Median annual | Median hourly |
|---|---|---|---|---|
| Credit Intermediation and Related Activities (5221 and 5223 only) NAICS 5220A1 | 145,430 | 53.0% | $77,680 | $37.35 |
| Nondepository Credit Intermediation NAICS 522200 | 76,670 | 27.9% | $64,610 | $31.06 |
| Management of Companies and Enterprises NAICS 551100 | 12,320 | 4.5% | $79,570 | $38.25 |
| Automobile Dealers NAICS 441100 | 11,360 | 4.1% | $106,000 | $50.96 |
| Federal Executive Branch (OEWS Designation) NAICS 999100 | 5,100 | 1.9% | $81,470 | $39.17 |
Share is the industry's employment over the occupation's national employment (274,330). Industries whose employment BLS withheld are not ranked.
Published medians, May 2021 to May 2025
BLS published a median annual wage of $63,380 for loan officers in May 2021 and $76,690 in May 2025, with employment of 340,170 and 274,330.
| Release | Median annual | Median hourly | Employment |
|---|---|---|---|
| May 2021 | $63,380 | $30.47 | 340,170 |
| May 2022 | $65,740 | $31.60 | 345,550 |
| May 2023 | $69,990 | $33.65 | 321,090 |
| May 2024 | $74,180 | $35.66 | 290,530 |
| May 2025 | $76,690 | $36.87 | 274,330 |
BLS does not design OEWS as a time series: each release pools three years of samples, and occupational classifications, area definitions and estimation methods change between releases, so a difference between two releases is not a measure of change over time. The figures are shown as published, side by side, and nothing is computed from them. See how often OEWS is updated.
Every state, by median wage
51 states and DC publish a row for this occupation. A linked state has its own page with the within-state metro table and comparison; the others appear here only.
| Rank | State | Median hourly | Median annual | 10th pct (annual) | 90th pct (annual) | Employment | Jobs per 1,000 | Location quotient |
|---|---|---|---|---|---|---|---|---|
| 1 | Massachusetts profile | $48.85 | $101,600 | $64,680 | $198,220 | 4,470 | 1.23 | 0.70 |
| 2 | Connecticut profile | $46.03 | $95,730 | $50,300 | $171,280 | 2,220 | 1.31 | 0.74 |
| 3 | New York profile | $46.01 | $95,710 | $49,410 | $211,350 | 10,840 | 1.12 | 0.63 |
| 4 | Minnesota profile | $45.76 | $95,170 | $57,670 | $163,350 | 6,430 | 2.18 | 1.24 |
| 5 | Colorado profile | $45.44 | $94,520 | $39,430 | $165,370 | 3,230 | 1.13 | 0.64 |
| 6 | Oregon profile | $45.40 | $94,440 | $48,240 | $161,250 | 4,220 | 2.15 | 1.22 |
| 7 | New Jersey profile | $44.67 | $92,920 | $50,490 | $169,280 | 6,200 | 1.45 | 0.82 |
| 8 | District of Columbia profile | $44.66 | $92,890 | $45,860 | $157,630 | 370 | 0.53 | 0.30 |
| 9 | Vermont profile | $42.65 | $88,710 | $56,820 | $168,070 | 350 | 1.14 | 0.64 |
| 10 | Kansas profile | $41.81 | $86,970 | $48,560 | $160,560 | 3,540 | 2.47 | 1.40 |
| 11 | North Dakota profile | $40.70 | $84,650 | $58,010 | $146,640 | 1,370 | 3.19 | 1.81 |
| 12 | Iowa profile | $40.23 | $83,670 | $51,690 | $138,150 | 2,840 | 1.82 | 1.03 |
| 13 | Delaware profile | $39.97 | $83,130 | $45,670 | $148,210 | 1,420 | 2.93 | 1.66 |
| 14 | Maine profile | $39.38 | $81,900 | $46,710 | $140,680 | 1,060 | 1.65 | 0.93 |
| 15 | California profile | $39.31 | $81,770 | $37,460 | $169,040 | 25,790 | 1.42 | 0.80 |
| 16 | New Hampshire profile | $38.78 | $80,660 | $47,970 | $160,580 | 1,120 | 1.64 | 0.93 |
| 17 | Washington profile | $38.52 | $80,120 | $39,000 | $162,240 | 6,040 | 1.70 | 0.96 |
| 18 | South Dakota profile | $38.42 | $79,920 | $58,480 | $125,080 | 1,820 | 3.99 | 2.26 |
| 19 | Nebraska profile | $38.39 | $79,840 | $49,360 | $136,640 | 2,710 | 2.65 | 1.50 |
| 20 | Wyoming profile | $38.28 | $79,620 | $47,410 | $132,810 | 740 | 2.65 | 1.50 |
| 21 | Illinois profile | $38.05 | $79,150 | $43,020 | $137,080 | 10,890 | 1.79 | 1.01 |
| 22 | Virginia profile | $37.66 | $78,320 | $40,190 | $157,070 | 8,790 | 2.14 | 1.21 |
| 23 | Wisconsin profile | $37.64 | $78,290 | $50,010 | $140,140 | 4,940 | 1.68 | 0.95 |
| 24 | Rhode Island profile | $37.14 | $77,250 | $50,420 | $134,950 | 1,290 | 2.57 | 1.45 |
| 25 | Ohio profile | $36.71 | $76,370 | $38,200 | $131,980 | 9,880 | 1.78 | 1.01 |
| 26 | North Carolina profile | $36.50 | $75,920 | $43,270 | $130,480 | 10,700 | 2.17 | 1.23 |
| 27 | Michigan profile | $35.80 | $74,470 | $36,830 | $135,700 | 11,340 | 2.57 | 1.46 |
| 28 | Missouri profile | $35.41 | $73,660 | $38,910 | $136,130 | 7,050 | 2.40 | 1.36 |
| 29 | Maryland profile | $35.37 | $73,580 | $37,470 | $159,860 | 3,850 | 1.39 | 0.79 |
| 30 | Oklahoma profile | $35.09 | $72,990 | $36,510 | $158,710 | 4,100 | 2.40 | 1.36 |
| 31 | Indiana profile | $35.08 | $72,960 | $43,870 | $129,740 | 4,790 | 1.50 | 0.85 |
| 32 | Alaska profile | $35.00 | $72,800 | $26,730 | $123,570 | 490 | 1.51 | 0.86 |
| 33 | Montana profile | $34.41 | $71,570 | $48,130 | $123,130 | 1,180 | 2.31 | 1.31 |
| 34 | Florida profile | $34.18 | $71,090 | $33,180 | $133,070 | 18,830 | 1.90 | 1.07 |
| 35 | Idaho profile | $34.17 | $71,070 | $43,160 | $156,410 | 2,030 | 2.36 | 1.34 |
| 36 | Arkansas profile | $33.78 | $70,260 | $39,210 | $136,500 | 2,610 | 2.00 | 1.14 |
| 37 | Pennsylvania profile | $33.32 | $69,300 | $39,990 | $132,900 | 8,140 | 1.34 | 0.76 |
| 38 | Georgia profile | $32.93 | $68,490 | $39,490 | $138,800 | 9,540 | 1.95 | 1.11 |
| 39 | Alabama profile | $32.07 | $66,710 | $42,090 | $155,660 | 5,050 | 2.39 | 1.35 |
| 40 | Texas profile | $31.91 | $66,370 | $34,150 | $135,280 | 21,200 | 1.51 | 0.85 |
| 41 | Nevada profile | $31.01 | $64,500 | $29,640 | $163,930 | 2,580 | 1.66 | 0.94 |
| 42 | Hawaii profile | $30.65 | $63,740 | $34,150 | $131,020 | 980 | 1.56 | 0.88 |
| 43 | South Carolina profile | $30.39 | $63,220 | $37,080 | $142,260 | 4,140 | 1.80 | 1.02 |
| 44 | Tennessee profile | $30.19 | $62,800 | $38,240 | $113,290 | 6,510 | 1.99 | 1.13 |
| 45 | New Mexico profile | $30.10 | $62,610 | $27,700 | $122,960 | 1,140 | 1.31 | 0.74 |
| 46 | Arizona profile | $29.88 | $62,160 | $35,960 | $133,890 | 10,020 | 3.09 | 1.75 |
| 47 | Kentucky profile | $29.85 | $62,090 | $41,620 | $124,520 | 3,940 | 1.97 | 1.12 |
| 48 | Louisiana profile | $29.38 | $61,110 | $38,100 | $124,420 | 2,810 | 1.46 | 0.82 |
| 49 | Mississippi profile | $28.97 | $60,260 | $37,030 | $131,510 | 3,450 | 2.97 | 1.68 |
| 50 | Utah profile | $28.58 | $59,440 | $37,790 | $128,200 | 3,990 | 2.30 | 1.30 |
| 51 | West Virginia profile | $27.68 | $57,580 | $37,830 | $114,800 | 1,290 | 1.84 | 1.04 |
Related occupations
Occupations in the same SOC broad group (13-2070), with their national median annual wage.
Part of Business and Financial Operations Occupations. Compare any area in the wage explorer.
Source and notes
Data: BLS OEWS May 2025, released 2026-05-15. Cross-industry estimates, all ownerships. BLS page: OEWS 13-2072 Loan Officers.
- Annual wages assume 2,080 hours a year at the hourly rate; occupations BLS publishes on one basis only show an en dash (–) on the other.
- Employment is rounded to the nearest 10 by BLS. Where BLS withholds a cell, nothing is estimated in its place.
- Top industries: nat4d_M2025_dl.xlsx in oesm25in4.zip (BLS OEWS May 2025, national, 4-digit NAICS, cross-ownership). Employment is the industry's rounded total for this occupation; industries whose employment BLS withheld (**) are not ranked.
- Published medians: national_M2021_dl.xlsx to national_M2024_dl.xlsx in oesm21nat.zip to oesm24nat.zip (BLS OEWS May 2021 to May 2024, national, cross-industry, all ownerships) and the May 2025 spine. Each release is shown as published; nothing is computed between them.
Sources
- BLS Standard Occupational Classification 2018, definition of 13-2072, U.S. Bureau of Labor Statistics (public domain).
- O*NET 30.1 Database, 13-2072.00, National Center for O*NET Development, USDOL/ETA (CC BY 4.0).
- OEWS May 2025 national industry-specific estimates, 4-digit NAICS (oesm25in4.zip), US Bureau of Labor Statistics (public domain).
- OEWS May 2021 national estimates (oesm21nat.zip), US Bureau of Labor Statistics (public domain).
- OEWS May 2022 national estimates (oesm22nat.zip), US Bureau of Labor Statistics (public domain).
- OEWS May 2023 national estimates (oesm23nat.zip), US Bureau of Labor Statistics (public domain).
- OEWS May 2024 national estimates (oesm24nat.zip), US Bureau of Labor Statistics (public domain).
- OEWS May 2025 national estimates (oesm25nat.zip), the site's data spine, US Bureau of Labor Statistics (public domain).
Includes information from O*NET 30.1 Database by the U.S. Department of Labor, Employment and Training Administration, used under the CC BY 4.0 license.
Description written 2026-10-17 in our own words from the sources above.