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Loan Officer Schools, Salaries, and Job Data

Loan Officers Job Overview

Loan officers help their clients apply for loans including those who are having difficulties qualifying for traditional loans. They also analyze information to determine the likelihood that individuals and companies will repay the loan. The three primary types of loan officers are commercial, mortgage and consumer.

Loan Officers Schools and Degrees

Many colleges and universities offer programs in relevant subjects such as finance and economics.

p>Job Requirements

Loan officers usually need to have a high school diploma. They typically receive on-the-job training. Many employers prefer to hire commercial loan officers who have a bachelor's degree in finance, economics or a related subject. Large financial institutions typically require applicants to have a bachelor's degree. Most employers prefer applicant who are proficient with computers and have a strong foundation with banking and financial software.

Federal legislation requires that all mortgage loan officers obtain a license. There are no specific licensing requirements for other types of loan officers.

Nature of Work

  • Determine the credit worthiness of clients
  • Use underwriting software to determine if individuals are eligible for a loan
  • Acquire pertinent financial information
  • Negotiate payment arrangements with clients who have delinquent loans

Loan Officers Jobs and Outlook

The Bureau of Labor Statistics has forecasted a 10 percent employment growth from 2008 to 2018 for loan officers which is about as fast as average for all occupations.

The major employers of loan officers are shown below:

  • Commercial banks
  • Savings institutions
  • Credit unions

In 2009 the average earnings for loan officers was $54,880.

Job Numbers and Growth

Loan officers nationally number 373,000. The unemployment level for workers is low, compared to other occupations. About 3% of employees were unemployed recently.

Area Job Conditions

Loan officers are relatively common in Pocatello (Idaho), Palm Coast (Florida), and Logan (Utah). They are rarer in Norwich (Connecticut), Blacksburg (Virginia), and Atlantic City (New Jersey).

Workers are paid highest in Atlantic City (New Jersey), Waco (Texas), and Auburn (Alabama), and lowest in Alexandria (Louisiana), Great Falls (Montana), and Logan (Utah).

Training and Education

Employees are generally expected to have a bachelor's degree. About 49% of loan officers hold a bachelor's degree or better. Currently 35% of workers have some college education, though not a degree. About 16% of employees were able to get their jobs with a high-school diploma. Recommended schools are shown in the column to the right; request information from them to help you decide which if any could help you with this career.

Part-Time Work and Self-Employment

About 7% of loan officers work less than full-time. In 3% of the cases, workers work for themselves.


Career Video for Loan Officers

Loan Officers by Metropolitan Area (city and its surroundings)

In the table below, a Job Density near 0% means the area has an average number of people in this occupation, for its population. A higher or lower Job Density (e.g., +22% or -45%) tells you there are that many more or fewer workers of that type there than in the average US metro area. So, the higher the number, the more common the occupation.

Alabama

City and AreaMedian SalaryEmployeesJob Density
Anniston$42,00070-31%
Auburn$78,00080-17%
Birmingham$75,0001,530+19%
Decatur$58,000170+44%
Dothan$57,000160+22%
Florence$60,000100-9%
Gadsden$43,00040-43%
Huntsville$62,000380-24%
Mobile$60,000240-45%
Montgomery$57,000460+14%
Tuscaloosa$64,000230+13%

Alaska

City and AreaMedian SalaryEmployeesJob Density
Anchorage$81,000330-13%
Fairbanks$54,00050-26%

Arizona

City and AreaMedian SalaryEmployeesJob Density
Flagstaff$64,00060-50%
Phoenix$66,0007,920+71%
Prescott$66,00080-42%
Tucson$60,000660-27%

Arkansas

City and AreaMedian SalaryEmployeesJob Density
Fayetteville$59,000450-5%
Fort Smith$49,000320+17%
Hot Springs$71,00060-22%
Jonesboro$60,000120+13%
Little Rock$61,000850+3%
Pine Bluff$54,00060-13%

California

City and AreaMedian SalaryEmployeesJob Density
Bakersfield$77,000340-47%
Chico$58,000170+10%
Fresno$65,000610-25%
Hanford$57,00030-49%
Merced$55,00080-36%
Modesto$66,000350-10%
Napa$73,00050-65%
Oakland$71,0003,490+36%
Oxnard$66,000610-16%
Redding$73,00060-59%
Riverside$82,0002,170-32%
Sacramento$78,0002,990+36%
Salinas$81,000160-56%
San Diego$76,0002,940-12%
San Francisco$94,0001,560-37%
San Jose$80,0001,480-35%
San Luis Obispo$72,000250+10%
Santa Ana$65,0007,030+85%
Santa Barbara$75,000160-60%
Santa Cruz$62,000120-40%
Santa Rosa$74,000480+10%
Stockton$62,000310-39%
Vallejo$74,000250-12%
Visalia$78,000150-52%

Colorado

City and AreaMedian SalaryEmployeesJob Density
Boulder$68,000370-3%
Colorado Springs$60,000540-11%
Denver$70,0003,610+16%
Fort Collins$70,000170-39%
Grand Junction$63,000110-11%
Greeley$57,000100-40%
Pueblo$49,000120+3%

Connecticut

City and AreaMedian SalaryEmployeesJob Density
Bridgeport$82,000920-14%
Danbury$59,000120-24%
Hartford$62,0001,170-18%
New Haven$68,000410-40%
Norwich$77,00090-69%
Waterbury$76,000100-34%

Delaware

City and AreaMedian SalaryEmployeesJob Density
Dover$53,00090-24%
Wilmington$64,000810+1%

District of Columbia

City and AreaMedian SalaryEmployeesJob Density
Washington$59,0006,510+13%

Florida

City and AreaMedian SalaryEmployeesJob Density
Cape Coral$54,000730+46%
Deltona$57,000590+61%
Fort Lauderdale$57,0002,470+36%
Fort Walton Beach$52,000390+130%
Gainesville$51,000280+5%
Jacksonville$57,0002,950+98%
Lakeland$53,000470+1%
Miami$60,0004,350+77%
Naples$70,000490+75%
Ocala$52,000300+39%
Orlando$58,0003,650+40%
Palm Bay$56,000550+17%
Palm Coast$61,00070+178%
Panama City$53,000290+89%
Pensacola$48,000480+37%
Port St Lucie$51,000510+73%
Punta Gorda$59,000120+44%
Sarasota$61,000700+10%
Sebastian$66,000120+16%
Tallahassee$53,000540+40%
Tampa$58,0005,060+68%
West Palm Beach$67,0001,790+35%

Georgia

City and AreaMedian SalaryEmployeesJob Density
Albany$70,00060-55%
Atlanta$66,0006,560+11%
Augusta$60,000200-59%
Brunswick$69,00080-11%
Columbus$67,000350+39%
Dalton$68,00060-65%
Gainesville$66,000170+9%
Macon$81,000110-52%
Rome$64,00040-47%
Savannah$75,000450+28%
Valdosta$63,00090-26%

Hawaii

City and AreaMedian SalaryEmployeesJob Density
Honolulu$70,000640-40%

Idaho

City and AreaMedian SalaryEmployeesJob Density
Boise$62,000750+15%
Coeur Dalene$52,000170+43%
Idaho Falls$35,000180+77%
Lewiston$44,00050+10%
Pocatello$52,000210+240%

Illinois

City and AreaMedian SalaryEmployeesJob Density
Bloomington$54,000140-11%
Champaign$61,000300+40%
Chicago$68,00012,080+27%
Danville$47,00080+55%
Decatur$55,00070-30%
Peoria$65,000250-38%
Rockford$48,000380+6%
Springfield$59,000300+27%

Indiana

City and AreaMedian SalaryEmployeesJob Density
Bloomington$53,000150-2%
Columbus$72,00050-44%
Elkhart$60,000130-57%
Evansville$53,000320-23%
Fort Wayne$51,000230-55%
Gary$70,000440-35%
Indianapolis$57,0002,050-8%
Kokomo$57,000110+49%
Lafayette$49,00070-59%
Michigan City$54,00050-45%
Muncie$53,00060-38%
South Bend$62,000310-3%
Terre Haute$53,000120-22%

Iowa

City and AreaMedian SalaryEmployeesJob Density
Ames$64,000130+64%
Cedar Rapids$58,000380+21%
Davenport$58,000380-13%
Des Moines$59,0001,760+121%
Dubuque$58,000150+35%
Iowa City$53,000180+12%
Sioux City$56,000140-12%
Waterloo$53,000300+55%

Kansas

City and AreaMedian SalaryEmployeesJob Density
Lawrence$56,000120+24%
Topeka$53,000290+14%
Wichita$47,000710-4%

Kentucky

City and AreaMedian SalaryEmployeesJob Density
Bowling Green$58,000140+12%
Elizabethtown$53,00090-2%
Lexington$56,000500-14%
Louisville$47,0001,820+20%
Owensboro$57,000210+103%

Louisiana

City and AreaMedian SalaryEmployeesJob Density
Alexandria$38,000200+53%
Baton Rouge$41,0001,010+12%
Houma$48,000150-31%
Lafayette$50,000220-35%
Lake Charles$42,000170-13%
Monroe$45,000240+36%
New Orleans$49,0001,020-19%
Shreveport$47,000360-14%

Maine

City and AreaMedian SalaryEmployeesJob Density
Bangor$59,000240+70%
Lewiston$53,00090-15%
Portland$61,000600+24%

Maryland

City and AreaMedian SalaryEmployeesJob Density
Baltimore$71,0003,300+2%
Bethesda$69,0002,150+52%
Cumberland60-19%
Hagerstown$53,000200-12%
Salisbury$64,00050-56%

Massachusetts

City and AreaMedian SalaryEmployeesJob Density
Barnstable Town$64,000120-48%
Boston$80,0003,960-8%
Brockton$62,000130-36%
Framingham$66,000380-1%
Haverhill$64,00070-60%
Lawrence$73,00090-28%
Leominster$63,00080-26%
Lowell$64,000140-50%
Pittsfield$73,00060-12%
Springfield$83,000320-56%
Taunton$63,000100+1%
Worcester$71,000270-55%

Michigan

City and AreaMedian SalaryEmployeesJob Density
Ann Arbor$62,000170-57%
Battle Creek$45,00050-52%
Bay City$35,00060-17%
Detroit2,620+49%
Flint$52,000240-25%
Grand Rapids$60,000860-7%
Jackson$36,00060-47%
Kalamazoo$49,000570+79%
Lansing$51,000300-35%
Monroe30-64%
Muskegon$42,00090-32%
Niles$53,00070-49%
Saginaw$46,00090-47%
Warren$58,0002,850-1%

Minnesota

City and AreaMedian SalaryEmployeesJob Density
Duluth$55,000220-26%
Minneapolis$71,0004,680+5%
Rochester$53,000270+28%
St Cloud$61,000280+19%

Mississippi

City and AreaMedian SalaryEmployeesJob Density
Gulfport$63,000150-40%
Hattiesburg$50,000140+13%
Jackson$67,000770+26%
Pascagoula$44,00060-40%

Missouri

City and AreaMedian SalaryEmployeesJob Density
Columbia$50,000200+8%
Jefferson City$49,000170+12%
Joplin$60,000240+33%
Kansas City$60,0002,630+3%
Springfield$69,000480+3%
St Joseph$51,000100-7%
St Louis$61,0003,3500%

Montana

City and AreaMedian SalaryEmployeesJob Density
Billings$58,000180-1%
Great Falls$37,00040-44%
Missoula$55,000230+105%

Nebraska

City and AreaMedian SalaryEmployeesJob Density
Lincoln$63,000430+11%
Omaha$56,0001,040-9%

Nevada

City and AreaMedian SalaryEmployeesJob Density
Carson City$64,00070+28%
Las Vegas$57,0002,310+1%
Reno$74,000410-17%

New Hampshire

City and AreaMedian SalaryEmployeesJob Density
Manchester$74,000470+95%
Nashua$54,000240-26%
Portsmouth$73,000150+22%
Rochester$49,000110-11%

New Jersey

City and AreaMedian SalaryEmployeesJob Density
Atlantic City$83,00080-77%
Camden$69,0001,550+19%
Edison$68,0001,410-45%
Newark$72,000880-65%
Trenton$66,000260-50%
Vineland$62,00050-60%

New Mexico

City and AreaMedian SalaryEmployeesJob Density
Albuquerque$67,000770-19%
Farmington$76,00060-47%
Las Cruces$58,000110-18%
Santa Fe$65,000100-28%

New York

City and AreaMedian SalaryEmployeesJob Density
Albany$70,000720-33%
Binghamton$52,00090-63%
Buffalo$50,000930-30%
Glens Falls$51,00060-47%
Ithaca$52,00040-55%
Nassau$72,0003,630+16%
New York$85,0008,850-31%
Poughkeepsie$66,000180-69%
Rochester$63,000580-53%
Syracuse$54,000420-44%
Utica$54,000120-60%

North Carolina

City and AreaMedian SalaryEmployeesJob Density
Asheville$43,000460+9%
Burlington$43,000110-15%
Charlotte$56,0004,000+82%
Durham$47,000620-6%
Fayetteville$52,000230-19%
Goldsboro$54,00040-49%
Greensboro$47,000830-9%
Greenville$58,000180+13%
Hickory$47,000280-27%
Jacksonville$41,00080-6%
Raleigh$54,0001,500+19%
Rocky Mount$43,000140+10%
Wilmington$52,000400+18%
Winston Salem$53,000660+28%

North Dakota

City and AreaMedian SalaryEmployeesJob Density
Bismarck$49,000160+31%
Fargo$53,000310+15%
Grand Forks$79,000130+26%

Ohio

City and AreaMedian SalaryEmployeesJob Density
Akron$62,000660-20%
Canton$51,000370-10%
Cincinnati$56,0002,490-3%
Cleveland$54,0002,060-22%
Columbus$58,0001,520-34%
Dayton$52,000560-41%
Lima$58,00050-56%
Mansfield$50,00080-29%
Springfield$48,00060-40%
Toledo$55,000430-43%
Youngstown$60,000510-9%

Oklahoma

City and AreaMedian SalaryEmployeesJob Density
Lawton$44,000140+82%
Oklahoma City$50,0001,510+8%
Tulsa$50,0001,240+16%

Oregon

City and AreaMedian SalaryEmployeesJob Density
Bend$81,000140-8%
Corvallis$47,00090+42%
Eugene$71,000410+17%
Medford$65,000180-6%
Portland$67,0003,390+32%
Salem$59,000470+33%

Pennsylvania

City and AreaMedian SalaryEmployeesJob Density
Allentown$58,000510-38%
Altoona$37,00070-46%
Erie$39,000170-42%
Harrisburg$46,000600-22%
Johnstown$46,000110-11%
Lancaster$51,000550-3%
Lebanon$48,00060-39%
Philadelphia$57,0005,150+10%
Pittsburgh$53,0002,530-11%
Reading$51,000400+3%
Scranton$63,000870+40%
State College$46,000150+23%
Williamsport$46,000140+28%
York$52,000360-16%

Rhode Island

City and AreaMedian SalaryEmployeesJob Density
Providence$76,0001,480+6%

South Carolina

City and AreaMedian SalaryEmployeesJob Density
Anderson$54,00070-47%
Charleston$71,000430-39%
Columbia$62,000670-22%
Florence$48,000220+16%
Greenville$61,000660-11%
Myrtle Beach$68,000330+20%
Spartanburg$46,000160-44%
Sumter$50,00050-31%

South Dakota

City and AreaMedian SalaryEmployeesJob Density
Rapid City$53,000210+53%
Sioux Falls$49,000510+58%

Tennessee

City and AreaMedian SalaryEmployeesJob Density
Chattanooga$45,0005600%
Clarksville$53,000150-11%
Cleveland$37,000180+145%
Jackson$44,000110-12%
Johnson City$54,000100-40%
Kingsport$41,000180-32%
Knoxville$56,000620-24%
Memphis$56,000830-46%
Morristown$60,000100+0%
Nashville$61,0001,810-4%

Texas

City and AreaMedian SalaryEmployeesJob Density
Abilene$58,000130-5%
Amarillo$73,000190-17%
Austin$68,0001,280-32%
Beaumont170-54%
Brownsville$74,000210-27%
College Station$78,000130-25%
Corpus Christi$66,000140-66%
Dallas$83,0006,040+15%
El Paso$56,000310-51%
Fort Worth$66,0001,670-22%
Houston$68,0003,500-46%
Killeen$54,000160-42%
Laredo$65,000130-30%
Longview$50,000160-25%
Lubbock$69,000220-22%
Mcallen$59,000390-26%
Odessa$75,00060-51%
San Angelo$52,000130+53%
San Antonio$66,0001,260-40%
Sherman$62,000110+34%
Texarkana$40,00060-49%
Tyler$50,000150-27%
Waco$77,000160-27%
Wichita Falls$57,000140+11%

Utah

City and AreaMedian SalaryEmployeesJob Density
Logan$37,000260+166%
Ogden$68,000490+3%
Provo$58,000620+58%
Salt Lake City$64,0003,340+116%
St George$63,000210+102%

Vermont

City and AreaMedian SalaryEmployeesJob Density
Burlington$52,000200-21%

Virginia

City and AreaMedian SalaryEmployeesJob Density
Blacksburg$41,00040-70%
Charlottesville$59,000120-43%
Danville$43,00060-16%
Harrisonburg$64,00090-23%
Lynchburg$38,000150-35%
Richmond$68,0001,590+8%
Roanoke$52,000310-17%
Virginia Beach$52,0001,350-28%
Winchester$72,000170+50%

Washington

City and AreaMedian SalaryEmployeesJob Density
Bellingham$67,000110-38%
Bremerton$67,000150-20%
Kennewick$63,000140-31%
Longview$65,00080+19%
Mount Vernon$71,00090-5%
Olympia$60,000260+22%
Seattle$82,0004,950+39%
Spokane$63,000680+36%
Tacoma$67,000640-2%
Wenatchee$69,000120+44%
Yakima$74,00090-50%

West Virginia

City and AreaMedian SalaryEmployeesJob Density
Charleston$49,000190-44%
Huntington$51,000160-39%
Morgantown$67,00070-29%
Parkersburg$51,000150-3%
Weirton$41,00030-66%
Wheeling$48,00050-64%

Wisconsin

City and AreaMedian SalaryEmployeesJob Density
Appleton$66,000320+21%
Eau Claire$65,000190+11%
Fond$52,000130+40%
Green Bay$61,000340-14%
Janesville$51,000140-2%
La Crosse$50,000190+25%
Madison$64,000960+18%
Milwaukee$66,0001,880-11%
Oshkosh$50,000140-26%
Racine$43,000200+16%
Sheboygan$61,000110-11%
Wausau$64,000140-6%

Wyoming

City and AreaMedian SalaryEmployeesJob Density
Casper$74,00090+14%
Cheyenne$45,000120+31%

Salary and employment data obtained from the United States Department of Labor. Individual salaries depend on location, education and career background. Thanks to CityTownInfo.com for this loan officer schools and jobs info.

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