|Quick Facts: Loan Officers|
$63,380 per year
$30.47 per hour
|Less than 5 years|
|Moderate-term on-the-job training|
|4% (As fast as average)|
Loan officers evaluate, authorize, or recommend approval of loan applications.
Most loan officers are employed by commercial banks, credit unions, mortgage companies, and other financial institutions. Most loan officers work full time, and some work more than 40 hours per week. Except for consumer loan officers, who spend most of their time in offices, these workers may travel to visit clients.
Loan officers typically need a bachelor’s degree and on-the-job training. Mortgage loan officers must be licensed.
The median annual wage for loan officers was $63,380 in May 2021.
Employment of loan officers is projected to grow 4 percent from 2021 to 2031, about as fast as the average for all occupations.
About 29,400 openings for loan officers are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Explore resources for employment and wages by state and area for loan officers.
Compare the job duties, education, job growth, and pay of loan officers with similar occupations.
Learn more about loan officers by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.