Here’s How Much Money Loan Officers Make In Every State

Finance

Whether you’re buying a house, or buying a car, or getting a payday loan, you’re very likely to deal with a loan officer. Considering how important financial transactions are to the American and global economy in general, it’s not surprising that loan officers are a major occupation in the United States. According to the Bureau of Labor Statistics’ (BLS) Occupational Employment Statistics (OES), there are an estimated 340,170 Americans employed as loan officers; that’s more than the estimated number of people employed as postal service mail carriers (335,540) or paralegals and legal assistants (336,250). Bureau of Labor Statistics’ (BLS) Occupational Outlook Handbook, employment of loan officers is projected to increase by 4%, with approximately 12,600 loan officer jobs being added from 2021 to 2031.

Using occupational data from the Bureau of Labor Statistics, we’ve analyzed and compiled a round-up of the average loan officer salary by state in the U.S. Read on for a full breakdown of where loan officers make the most money, and where they’re making the least.

10 States Where Loan Officers Earn the Most Money in 2022

The national average annual wage of a loan officer is $80,570, according to the BLS, over $20,000 more than the average annual salary for all occupations, $58,260. The average loan officer salary can vary substantially from state to state, naturally. The state with the highest average loan officer salary has an average that is more than $50,000 greater than the average salary for loan officers in the lowest-paying state.

Below is a list of the top-10 highest-paying states for loan officers:

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  1. New York average loan officer salary: $107,770
  2. Nevada average loan officer salary: $101,690
  3. Oregon average loan officer salary: $96,340
  4. Massachusetts average loan officer salary: $95,370
  5. New Hampshire average loan officer salary: $93,410
  6. New Jersey average loan officer salary: $91,790
  7. Michigan average loan officer salary: $91,740
  8. Hawaii average loan officer salary: $91,200
  9. Virginia average loan officer salary: $88,870
  10. Maine average loan officer salary: $88,720

If we included the District of Columbia, it would rank between Nevada and Oregon, with an average loan officer salary of $98,200. It’s important to note that the BLS didn’t have data for all states, the one state without data being Delaware; it also doesn’t have loan officer salary data for Delaware from 2019 to 2021. For Michigan, they don’t have average loan officer salary data for the years 2016 to 2018.

The states that have seen the biggest increase in their average loan officer salary over the years is very interesting. In terms of one-year increase, the average loan officer salary in Nevada rose by 61.9%: From $62,800 to $101,690. In terms of five-year increase, the average loan officer salary in Maine increased by 39%: From $63,810 to $88,720.

10 States Where Loan Officers Earn the Least Money in 2022

The bottom-10 states where loan officers make the least money, geographically, are quite mixed. There are several states located in the U.S. South region, while a couple are in the Mountain division, as well as one in the Pacific division. Below is a list of the bottom-10 lowest-paying states for loan officers:

  1. Mississippi average loan officer salary: $55,340
  2. West Virginia average loan officer salary: $59,640
  3. Arizona average loan officer salary: $62,730
  4. South Carolina average loan officer salary: $64,360
  5. Vermont average loan officer salary: $65,380
  6. Utah average loan officer salary: $65,440
  7. Alaska average loan officer salary: $65,730
  8. Idaho average loan officer salary: $65,970
  9. Louisiana average loan officer salary: $67,620
  10. Oklahoma average loan officer salary: $68,680

Though these 10 states have the lowest average loan officer salaries, they are either on par or higher than the average annual wage for all occupations, $58,260. Over the last five years, many of these low-paying states have experienced declines in the average loan officer salary. For instance, the average loan officer salary in Mississippi declined by 15.6% over the last five years, from $65,590 to $55,340. Alaska similarly suffered from a double-digit percentage decline over the last five years, down by 12.7%, from an average loan officer salary of $75,310 down to $65,730.

How Much Do Loan Officers Make in Every State in 2022

Below you’ll find a table breaking down the average loan officer salary in each state over the last five years, as well as the change in annual wages over the last year and over the last five years.

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