Loan Officers
SOC code 13-2072 · O*NET-SOC 13-2072.00 · Considerable preparation needed · Business and finance
Loan officers evaluate and originate mortgages and other lending; mortgage loan officers need a federal licence (NMLS) with exams and continuing education. Compensation usually blends salary with commission, so volume matters as much as seniority.
Loan Officers pay
U.S. national figures, May 2025 BLS survey · How we got this number
Median pay
$76,690
a year
Hourly
$36.87
per hour
The solid band is the middle 50% of workers; the bar spans the 10th to 90th percentile.
Average pay
$87,790
$42.21 per hour
Middle 50%
$52,730 – $104,080
25th to 75th percentile
Full spread
$39,430 – $153,180
10th to 90th percentile
People employed
274,330
nationwide
National U.S. figure, May 2025. Local pay can be higher or lower.
- 10th percentile
- $39,430
- $18.96/hr
- 25th percentile
- $52,730
- $25.35/hr
- Median percentile
- $76,690
- $36.87/hr
- 75th percentile
- $104,080
- $50.04/hr
- 90th percentile
- $153,180
- $73.65/hr
Job outlook · federal projection 2024–34
+2%
Growing about as fast as average
301,400
jobs in 2024
306,500
projected for 2034
About 5,100 more jobs
U.S. Bureau of Labor Statistics employment projections, 2024–34. Projections describe the broader occupation group and are estimates, not guarantees.
What does a loan officer do?
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.
The tasks that matter most day to day
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Submit applications to credit analysts for verification and recommendation.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Review and update credit and loan files.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
How to become a loan officer
Most people in this role hold bachelor's degree — 69% of workers surveyed reported it as their level of education.
Preparation level: zone 4 — Considerable preparation needed
- Education
- Most of these occupations require a four-year bachelor's degree, but some do not.
- Experience
- A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
- Training
- Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Education reported by people doing this job
- Bachelor's Degree69%
- Some College Courses13%
- Associate's Degree or other 2-year degree11%
- High School Diploma or the equivalent (such as a GED)6%
Common questions
How much does a loan officer earn?
The national median is $76,690 a year. The full range runs from $39,430 at the 10th percentile to $153,180 at the 90th — entry pay sits closer to the lower figure, and experience, licensing and specialisation move you up the range.
Can you become a loan officer without a degree?
Not usually — this occupation sits in preparation zone 4, where the typical entry route is most of these occupations require a four-year bachelor's degree, but some do not. The education breakdown above shows what people in the role actually reported.
Is loan officer in demand?
Federal projections expect employment to grow by about 2% between 2024 and 2034 — growing about as fast as average. Openings also come from people retiring or changing jobs, which the growth figure does not count.
Skills and knowledge you need
Core skills
- Active Listening4.0/5
- Speaking4.0/5
- Reading Comprehension3.9/5
- Critical Thinking3.8/5
- Writing3.4/5
- Mathematics3.3/5
- Active Learning3.1/5
Knowledge areas
- Customer and Personal Service4.7/5
- Economics and Accounting3.9/5
- English Language3.8/5
- Mathematics3.7/5
- Sales and Marketing3.5/5
- Law and Government3.3/5
- Administration and Management3.1/5
- Education and Training2.9/5
Transferable strengths: Judgment and Decision Making, Social Perceptiveness, Complex Problem Solving.