I found that the projected career growth rate is 11% for loan officers, which is higher than the average of 7% for most other occupations. Review the job offers and experience requirements for the loan officer position to confirm that it is the job you are looking for. Because this is a vital decision for the borrower, an MLO does much more than simply represent the institution in the sale of credit products. There are many opportunities to earn a living as a loan broker and enjoy a prosperous, long-term career.
Salary estimates are based on 28 salaries submitted anonymously to Glassdoor by an employee of a loan officer in the Las Vegas, NV, area of the United States. Loan officers have great potential to grow rapidly in the field, especially people who have strong sales, banking, and lending experience. Most loan officers eventually make lateral transitions from one institution to another or open their own business. We took the average annual salary data for loan officers from these estimates and ranked each state according to this criterion, with the state with the highest salary being the highest average salary for loan officers.
If you're looking for the highest-paid state to enter your career as a loan officer, these are the 10 highest-paid states according to Career Explorer. Interviews applicants, collects financial data and documents, and makes recommendations on loan products that best meet the borrower's needs. Loan officer salaries in the District of Columbia were found to be 10% higher than the national average. To better understand loan officer payments by state, Zipia has aggregated data across a multitude of channels, including BLS, FLC and OPM.
When it comes to experience, senior mortgage loan originators have more than 10 years of experience, mid-level MLOs are between 6 and 9 years old, and junior level loan officers have generally worked between 1 and 5 years. Finally, the data science team calculates a weighted average of these inputs to create an average salary for loan officers by state.