What Loan Officers do
The U.S. Department of Labor's O*NET database describes the work of Loan Officers this way: "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 core tasks O*NET records for this occupation include: "Approve loans within specified limits, and refer loan applications outside those limits to management for approval"; "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"; "Explain to customers the different types of loans and credit options that are available, as well as the terms of those services"; "Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information".
Education, experience and training
According to the BLS Employment Projections, the typical education needed to enter this occupation is bachelor's degree. Work experience in a related occupation is typically less than 5 years. Typical on-the-job training to reach competency is moderate-term on-the-job training.
Job outlook for Loan Officers
The Bureau of Labor Statistics counted 283,000 jobs in this occupation in 2025 and projects 286,000 in 2035, an increase of 3,000 jobs (+1.1%). That is slower than the 3.5% projected for all occupations.
About 17,100 openings a year are projected on average, counting both new positions and positions vacated by workers who retire or switch occupations. Relative to today's employment that is 6.0% a year, against 10.3% for all occupations. BLS lists a national median annual wage of $76,690, compared with $50,980 for all occupations.
Where Loan Officers earn the most
Across the 8 states with published data, the employment-weighted average of local median wages for this occupation ranges from $61,667 in Arizona to $95,206 in New York, a gap of $33,538 (1.54 times). 4 of those 8 states average above the BLS national median of $76,690 and 4 average at or below it.
California employs the most people in this occupation among the states covered, 23,490, which is 19.5% of the 120,460 counted across them. Texas follows with 19,580.
Highest-paying states
New York ($95,206), New Jersey ($93,434) and California ($83,475) lead the ranking, while Arizona ($61,667) and Texas ($68,544) are at the bottom. The table below lists every state with a link to its county-level detail.
Loan Officers: pay against the cost of living
We compare 8 labor markets, each represented by its most populous county. After federal, Social Security, Medicare and state taxes and the four basics (a one-bedroom rental, food, home energy and gasoline), the largest yearly margin is in Bergen County, NJ (New York-Newark-Jersey City, NY-NJ) at $44,400. The smallest margin is $23,297 in Los Angeles County, CA.
The median wage for this occupation covers all four basics in 8 of the 8 markets. A one-bedroom apartment takes between 22.6% and 46.7% of take-home pay, depending on the market.
Occupations related to Loan Officers
Other occupations in the same SOC minor group (13-2000) include Financial Risk Specialists, Personal Financial Advisors, Financial and Investment Analysts and Financial Examiners.
Frequently asked questions about Loan Officers
What is the national median wage for Loan Officers?
BLS lists a national median annual wage of $76,690. Across the states covered here the average local median ranges from $61,667 to $95,206.
Which state pays Loan Officers the most?
New York, with an employment-weighted average local median wage of $95,206. New Jersey is next at $93,434.
What is the job outlook for Loan Officers?
BLS projects employment to grow by 1.1% between 2025 and 2035, compared with 3.5% for all occupations, with about 17,100 openings a year.
What education do Loan Officers need?
The typical entry-level education is bachelor's degree, with work experience in a related occupation of less than 5 years and moderate-term on-the-job training, according to BLS.
Where can Loan Officers afford to live best?
Among the markets covered, Bergen County, NJ leaves the largest yearly margin after taxes, rent, food, energy and gasoline: $44,400 on a median wage of $101,570.