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Loan officer: pay, job outlook and how to become one

Updated October 23, 2026. Based on U.S. Bureau of Labor Statistics and O*NET data. Published by Humblebee.

$76,690median pay per year, or $36.87 an hour, May 2025[1]
  1. $39,430lowest 10% earn less
  2. $52,73025th percentile
  3. $76,690median
  4. $104,08075th percentile
  5. $153,180top 10% earn more
Middle half of workers in the inner band[4]Median for all US jobs, $50,980[2]

The median loan officer earned $76,690 a year in May 2025, more than the median for all occupations[1][2]. Jobs are projected to grow 1.1% from 2025 to 2035[3].

Job growth, 2025–35
+1.1%[3]
Openings per year
17,100[5]
Typical entry education
Bachelor's degree[6]

How much do loan officers make?

The median wage for loan officers was $76,690 a year, or $36.87 an hour, in May 2025[1]. About half of workers were paid more than the median and half were paid less. The average was higher, at $87,790 a year, or $42.21 an hour[7].

For comparison, the median for all occupations in the US was $50,980 a year[2].

Pay varies a lot within the job. Here are the annual wage boundaries:

Point Annual wage Hourly wage
10th percentile[4][8] $39,430 $18.96
25th percentile[4][8] $52,730 $25.35
Median[1] $76,690 $36.87
75th percentile[4][8] $104,080 $50.04
90th percentile[4][8] $153,180 $73.65

The lowest-paid 10% earned less than $39,430, and the highest-paid 10% earned more than $153,180[4]. A percentile is a boundary, and BLS publishes percentile wages, not a starting salary[9].

These figures cover wage and salary workers. They leave out the self-employed, nonproduction bonuses and the cost of benefits such as health insurance[10].

Pay by state and city

Massachusetts had the highest median wage for loan officers at $101,600, followed by Connecticut at $95,730 and New York at $95,710[11]. Minnesota ($95,170) and Colorado ($94,520) came next[11].

Among metro areas with at least 100 jobs, Bridgeport-Stamford-Danbury, CT was first at $103,850[12]. Boston-Cambridge-Newton, MA-NH followed at $103,400, and San Francisco-Oakland-Fremont, CA at $103,000[12].

The most jobs were in California (25,790), Texas (21,200) and Florida (18,830)[13]. The metro areas with the most jobs were New York-Newark-Jersey City (10,350), Los Angeles-Long Beach-Anaheim (9,690) and Dallas-Fort Worth-Arlington (8,370)[14].

Show median pay in 50 states and DC
StateMedian per yearJobs
Massachusetts[11]$101,6004,470
Connecticut$95,7302,220
New York$95,71010,840
Minnesota$95,1706,430
Colorado$94,5203,230
Oregon$94,4404,220
New Jersey$92,9206,200
District of Columbia$92,890370
Vermont$88,710350
Kansas$86,9703,540
North Dakota$84,6501,370
Iowa$83,6702,840
Delaware$83,1301,420
Maine$81,9001,060
California$81,77025,790
New Hampshire$80,6601,120
Washington$80,1206,040
South Dakota$79,9201,820
Nebraska$79,8402,710
Wyoming$79,620740
Illinois$79,15010,890
Virginia$78,3208,790
Wisconsin$78,2904,940
Rhode Island$77,2501,290
Ohio$76,3709,880
North Carolina$75,92010,700
Michigan$74,47011,340
Missouri$73,6607,050
Maryland$73,5803,850
Oklahoma$72,9904,100
Indiana$72,9604,790
Alaska$72,800490
Montana$71,5701,180
Florida$71,09018,830
Idaho$71,0702,030
Arkansas$70,2602,610
Pennsylvania$69,3008,140
Georgia$68,4909,540
Alabama$66,7105,050
Texas$66,37021,200
Nevada$64,5002,580
Hawaii$63,740980
South Carolina$63,2204,140
Tennessee$62,8006,510
New Mexico$62,6101,140
Arizona$62,16010,020
Kentucky$62,0903,940
Louisiana$61,1102,810
Mississippi$60,2603,450
Utah$59,4403,990
West Virginia$57,5801,290

How to become a loan officer

The typical entry path has a bachelor's degree, less than 5 years of related work experience and moderate-term on-the-job training[6]. The OOH gives business and finance as example fields for the degree[15].

1) Earn a bachelor's degree[6][16]. BLS lists it as the typical education for entry. 2) Consider related experience[17]. Some jobseekers may enter without a bachelor's degree if they have worked in banking, customer service or sales[17]. 3) Complete training on the job[18]. After hiring, training can mix formal company programs with informal learning during the first few months[18]. 4) Get licensed if you will work in mortgages[19]. Mortgage loan officers must hold a Mortgage Loan Originator (MLO) license[16][19].

To earn the MLO license, a person completes prelicensing courses, passes a national exam and agrees to background and credit checks. The license is renewed every year, and individual states may add requirements[19]. Certification is not required, but it may help a candidate's job prospects[20].

In an O*NET survey of 22 workers, 69% said a bachelor's degree is required for the job[21]. Another 13% named some college courses, 11% an associate's degree and 6% a high school diploma or equivalent[21]. This is a small survey, so read it as a rough picture only.

O*NET places the job in Job Zone Four, which means considerable preparation is needed[22].

What loan officers do

O*NET describes the work as judging, approving or recommending commercial, real estate or credit loans, and advising borrowers[23]. Typical tasks include:

The OOH names decision-making, attention to detail, initiative and interpersonal skills as important qualities[25][26][27][28]. Loan officers may also act as salespeople for their lender and reach out to people and businesses to find who needs a loan[27].

Where they work

About 80% of loan officers worked in credit intermediation and related activities in 2025[29]. That industry covers banks, savings institutions and mortgage companies[30].

Consumer loan specialists usually work in offices. Mortgage and commercial loan officers may meet clients at their homes or businesses[31]. Full-time work is the usual schedule, and some loan officers work more than 40 hours a week[32].

Only 1.4% of loan officers were self-employed in 2025[33].

Job outlook

BLS projects employment of loan officers to grow 1.1% from 2025 to 2035, from about 283,000 to 286,000 jobs[3]. Employment in all occupations is projected to grow 3.5% over the same period[34]. So growth for loan officers is slower than the overall rate.

About 17,100 openings a year are projected on average from 2025 to 2035[5]. Openings include jobs that open when workers retire or move to other occupations, not only new jobs[5]. Each year, 2.3% of loan officers leave the labor force and 3.5% move to a different occupation[35].

The projection counts include self-employed workers, while the OEWS count of 274,330 jobs does not[36][3].

Is it a good fit?

Pay is above the all-occupations median, and the gap between the 10th and 90th percentiles is wide[1][4][2]. The usual entry path needs a bachelor's degree and on-the-job training[6]. Mortgage work adds a license with a national exam[19]. Growth is projected at 1.1%, below the 3.5% rate for all occupations, though about 17,100 openings a year are expected[3][34][5]. The work involves talking with applicants, checking finances and sometimes reaching out to find borrowers[24][27].

Related occupations from O*NET, with BLS median pay and projected growth[37].

Frequently asked questions

How much does a loan officer make an hour?
The median wage for loan officers was $36.87 an hour in May 2025, and the average was $42.21 an hour[1][7].
What degree do you need to be a loan officer?
BLS lists a bachelor's degree as the typical education, and the OOH gives business and finance as example fields[6][15]. Some people may enter without one if they have related experience[17].
Do loan officers need a license?
Mortgage loan officers must have a Mortgage Loan Originator (MLO) license[19]. The OOH says certification is not required for loan officers in general[20].
Is loan officer a growing job?
BLS projects 1.1% growth from 2025 to 2035, compared with 3.5% for all occupations[3][34]. About 17,100 openings a year are projected[5].
What is the highest paying state for loan officers?
Massachusetts, with a median wage of $101,600 in May 2025[11].

Facts and sources

  1. BLS OEWS, May 2025: the median wage for Loan Officers in the US was $76,690 per year and $36.87 per hour. Half of workers earned more and half earned less. BLS OEWS, May 2025
  2. BLS OEWS, May 2025: the median annual wage for all occupations in the US was $50,980. BLS OEWS, May 2025
  3. BLS Employment Projections: employment of Loan Officers is projected to grow 1.1% from 2025 to 2035, from about 283,000 to 286,000 jobs (a change of +3,100). These counts include self-employed workers. BLS Employment Projections
  4. BLS OEWS, May 2025, annual wage percentiles for Loan Officers: 10th percentile $39,430, 25th percentile $52,730, 75th percentile $104,080, 90th percentile $153,180. The 10th percentile means 10% of workers earned less. BLS OEWS, May 2025
  5. BLS Employment Projections: about 17,100 openings for Loan Officers are projected each year, on average, from 2025 to 2035. Openings include jobs that open when workers retire or move to other occupations, not only new jobs. BLS Employment Projections
  6. BLS Employment Projections, typical path into Loan Officers: education needed for entry: Bachelor's degree; work experience in a related occupation: Less than 5 years; typical on-the-job training: Moderate-term on-the-job training. BLS Employment Projections
  7. BLS OEWS, May 2025: the mean (average) wage for Loan Officers was $87,790 per year and $42.21 per hour. BLS OEWS, May 2025
  8. BLS OEWS, May 2025, hourly wage percentiles for Loan Officers: 10th percentile $18.96, 25th percentile $25.35, 75th percentile $50.04, 90th percentile $73.65. BLS OEWS, May 2025
  9. BLS OEWS FAQ: a percentile wage is a boundary. The median (50th percentile) separates the highest-paid 50% from the lowest-paid 50% of workers in the occupation. OEWS publishes percentile wages, not a starting salary. BLS OEWS, May 2025
  10. BLS OEWS FAQ: OEWS covers part-time and full-time workers paid a wage or salary. It does not cover the self-employed, owners and partners in unincorporated firms, household workers or unpaid family workers. OEWS wages do not include nonproduction bonuses or employer costs of benefits such as health insurance or retirement contributions. BLS OEWS, May 2025
  11. Median annual wage for Loan Officers in every state with published data, May 2025 (table on this page). BLS OEWS, May 2025
  12. BLS OEWS, May 2025, metro areas with the highest median annual wage for Loan Officers (areas with at least 100 jobs): Bridgeport-Stamford-Danbury, CT $103,850; Boston-Cambridge-Newton, MA-NH $103,400; San Francisco-Oakland-Fremont, CA $103,000; Minneapolis-St. Paul-Bloomington, MN-WI $102,200; New York-Newark-Jersey City, NY-NJ $101,570; Des Moines-West Des Moines, IA $101,190; Denver-Aurora-Centennial, CO $100,130; Wichita, KS $99,170. BLS OEWS, May 2025
  13. BLS OEWS, May 2025, states with the most Loan Officers jobs: California 25,790; Texas 21,200; Florida 18,830; Michigan 11,340; Illinois 10,890. BLS OEWS, May 2025
  14. BLS OEWS, May 2025, metro areas with the most Loan Officers jobs: New York-Newark-Jersey City, NY-NJ 10,350 (median $101,570); Los Angeles-Long Beach-Anaheim, CA 9,690 (median $80,360); Dallas-Fort Worth-Arlington, TX 8,370 (median $73,930); Phoenix-Mesa-Chandler, AZ 8,350 (median $61,850); Chicago-Naperville-Elgin, IL-IN 7,380 (median $80,040); Detroit-Warren-Dearborn, MI 7,200 (median $76,260). BLS OEWS, May 2025
  15. Occupational Outlook Handbook, How to Become One: Education. BLS Occupational Outlook Handbook
  16. Occupational Outlook Handbook, How to Become One. BLS Occupational Outlook Handbook
  17. Occupational Outlook Handbook, How to Become One: Education. BLS Occupational Outlook Handbook
  18. Occupational Outlook Handbook, How to Become One: Training. BLS Occupational Outlook Handbook
  19. Occupational Outlook Handbook, How to Become One: Licenses, Certifications, and Registrations. BLS Occupational Outlook Handbook
  20. Occupational Outlook Handbook, How to Become One: Licenses, Certifications, and Registrations. BLS Occupational Outlook Handbook
  21. O*NET 13-2072.00 survey of workers (22 respondents), education level they say is required: Bachelor's Degree 69%, Some College Courses 13%, Associate's Degree or other 2-year degree 11%, High School Diploma or the equivalent (such as a GED) 6% (levels under 5% not listed). O*NET OnLine
  22. O*NET 13-2072.00: Job Zone Four: Considerable Preparation Needed. 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. O*NET OnLine
  23. O*NET description of Loan Officers. O*NET OnLine
  24. O*NET task list for Loan Officers. O*NET OnLine
  25. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  26. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  27. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  28. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  29. BLS Occupational Outlook Handbook, largest employers of loan officers in 2025: Credit intermediation and related activities 80%. BLS Occupational Outlook Handbook
  30. Occupational Outlook Handbook, Work Environment. BLS Occupational Outlook Handbook
  31. Occupational Outlook Handbook, Work Environment. BLS Occupational Outlook Handbook
  32. Occupational Outlook Handbook, Work Environment: Work Schedules. BLS Occupational Outlook Handbook
  33. BLS Employment Projections: 1.4% of Loan Officers were self-employed in 2025. BLS Employment Projections
  34. BLS Employment Projections: employment in all occupations is projected to grow 3.5% from 2025 to 2035. BLS Employment Projections
  35. BLS Employment Projections, 2025-35 annual average for Loan Officers: 2.3% of workers leave the labor force each year and 3.5% move to a different occupation. BLS Employment Projections
  36. BLS OEWS, May 2025: about 274,330 people were employed as Loan Officers in the US (wage and salary jobs, not counting self-employed workers). BLS OEWS, May 2025
  37. Related occupations (O*NET) with BLS pay, growth and entry education. O*NET OnLine

Notes are for reading the data only. They are not facts and cannot be cited: use the wage_scope and percentile_meaning facts instead. OEWS employment (jobs in May 2025) and Employment Projections employment (2025, includes self-employed) are different measures and can differ. O*NET education shares come from a small survey of workers in the occupation, not from all workers.

This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. CareerFacts has modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications.