Whether you’re buying a house, buying a car, or getting a payday loan, you’re very likely to do business with a loan officer. Given the importance of financial transactions to the US and global economy in general, it is no surprise that loan officers are a major occupation in the United States. According to Bureau of Labor Statistics (BLS) Occupational Employment Statistics (OES), an estimated 340,170 Americans are employed as loan officers; this is more than the estimated number of people employed as mail carriers (335,540) or paralegals and legal assistants (336,250). Bureau of Labor Statistics (BLS) Occupational Outlook HandbookLoan officer employment is expected to increase by 4%, with approximately 12,600 loan officer jobs added from 2021 to 2031.

Using professional data from Bureau of Labor Statisticswe have analyzed and compiled a roundup of the average loan officer salary by state in the United States. Read on for a full breakdown of where loan officers make the most money and where they make the least.

10 States Where Loan Officers Make the Most Money in 2022

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

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

  1. Average New York Loan Officer Salary: $107,770
  2. Average Nevada Loan Officer Salary: $101,690
  3. Average Loan Officer Salary in Oregon: $96,340
  4. Average Loan Officer Salary in Massachusetts: $95,370
  5. Average New Hampshire Loan Officer Salary: $93,410
  6. Average New Jersey Loan Officer Salary: $91,790
  7. Michigan Loan Officer Average Salary: $91,740
  8. Average Loan Officer Salary in Hawaii: $91,200
  9. Average Loan Officer Salary in Virginia: $88,870
  10. Average Loan Officer Salary in Maine: $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 is important to note that the BLS did not have data for all states, the only state without data being Delaware; nor does it have loan officer salary data for Delaware from 2019 through 2021. For Michigan, they do not have average loan officer salary data for the years 2016 through 2018.

Very interesting are the states that have seen the biggest increase in their average loan officer salary over the years. In terms of year-over-year increase, the average loan officer salary in Nevada increased 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 Make The Least Money in 2022

The bottom 10 states where loan officers make the least money, geographically, are pretty mixed. There are several states located in the southern region of the United States, while a few are in the Mountain Division, as well as one in the Pacific Division. Below is a list of the 10 lowest paying states for loan officers:

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

While these 10 states have the lowest average loan officer salaries, they either match or exceed the average annual salary for all occupations, $58,260. Over the past five years, many of these low-wage states have seen a decline in the average loan officer salary. For example, the average loan officer salary in Mississippi has decreased by 15.6% over the past five years, from $65,590 to $55,340. Alaska also suffered a double-digit percentage decline over the past five years, down 12.7% from an average loan officer salary of $75,310 to $65,730.

How much do loan officers earn in each state in 2022

Below is a chart breaking down the average loan officer salary in each state over the past five years, as well as how annual salaries have changed over the past year and the past five years.

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