Home › Occupations › Loan Officer
Loan Officers Salary by State
There were an estimated 290,530 loan officers working in the United States in May 2024, according to the Bureau of Labor Statistics OEWS survey. The typical (median) loan officer earned $74,180 a year, or $35.66 an hour, while the mean annual wage was $86,020. Pay spans a wide range even inside the same occupation: the lowest-paid 10% of loan officers earned $38,490 or less, the bottom quarter earned $50,460 or less, the top quarter earned at least $101,920, and the top 10% earned at least $145,780. Where a loan officer works matters almost as much as the job itself, as the state table below shows.
Where loan officers earn the most — and least
The highest median pay for loan officers is in District of Columbia, at $102,200 a year — 37.8% higher than the national median of $74,180. Next are New York at $98,940 and New Jersey at $95,090. At the other end, West Virginia posts the lowest published median, $49,550, which is 33.2% lower than the national figure. That is a top-to-bottom spread of about 2.1 times between the highest- and lowest-paying states for the same occupation — a gap driven by local labor markets, licensing, employer mix, and cost of living rather than by differences in the job title itself.
Where the loan officer jobs are
Employment is concentrated in a handful of large states. California alone employs 27,420 loan officers, and the three largest states — California, Texas, and Florida — together account for 25% of all U.S. jobs in this occupation. Pay in the largest market, California, runs at a median of $79,580, 7.3% higher than the national median, so the biggest job market is also one of the better-paying ones. Smaller states can still be attractive: several low-population states post medians close to the national figure with far less competition for each opening.
Loan Officer salary by state — full table
Median and mean annual wages for loan officers in every state where BLS publishes an estimate for May 2024, ranked by median pay. The 90th-percentile column shows what the top-earning tenth of loan officers in each state make. Follow a state link for that state's full wage tables, or open a detailed guide where one is available.
| State | Employment | Median hourly | Median annual | Mean annual | 90th percentile |
|---|---|---|---|---|---|
| District of Columbia | 420 | $49.14 | $102,200 | $155,220 | $218,960 |
| New York | 11,850 | $47.57 | $98,940 | $122,170 | $217,490 |
| New Jersey | 5,690 | $45.72 | $95,090 | $100,160 | $164,030 |
| Massachusetts | 4,310 | $44.92 | $93,430 | $109,310 | $174,990 |
| Vermont | 440 | $41.58 | $86,490 | $100,750 | $164,790 |
| Minnesota | 6,950 | $40.62 | $84,480 | $96,180 | $152,630 |
| North Dakota | 1,370 | $39.90 | $82,990 | $92,790 | $142,450 |
| Kansas | 3,950 | $39.68 | $82,540 | $94,250 | $162,960 |
| Delaware | 1,480 | $38.83 | $80,760 | $90,620 | $132,000 |
| Iowa | 3,350 | $38.49 | $80,070 | $91,590 | $135,890 |
| Colorado | 3,700 | $38.37 | $79,800 | $91,240 | $157,130 |
| Virginia | 9,170 | $38.27 | $79,600 | $95,510 | $166,530 |
| California | 27,420 | $38.26 | $79,580 | $94,870 | $163,580 |
| Wisconsin | 5,020 | $38.09 | $79,230 | $88,800 | $137,750 |
| New Hampshire | 1,190 | $37.82 | $78,670 | $97,290 | $171,340 |
| South Dakota | 1,930 | $37.78 | $78,590 | $83,250 | $114,610 |
| Maine | 1,170 | $37.52 | $78,040 | $84,090 | $124,430 |
| Connecticut | 2,680 | $37.30 | $77,580 | $96,460 | $172,980 |
| Rhode Island | 1,560 | $37.24 | $77,460 | $80,110 | $118,470 |
| Washington | 6,480 | $37.04 | $77,040 | $86,430 | $150,940 |
| Wyoming | 750 | $36.76 | $76,460 | $90,140 | $142,950 |
| Illinois | 10,330 | $36.52 | $75,960 | $88,570 | $137,160 |
| North Carolina | 11,890 | $36.45 | $75,820 | $88,100 | $142,950 |
| Nebraska | 2,730 | $36.41 | $75,730 | $87,780 | $154,940 |
| Oregon | 3,810 | $35.92 | $74,720 | $93,460 | $158,350 |
| Maryland | 3,990 | $35.26 | $73,340 | $88,000 | $158,270 |
| Missouri | 7,000 | $34.97 | $72,730 | $79,000 | $127,750 |
| New Mexico | 970 | $34.95 | $72,690 | $80,640 | $133,250 |
| Michigan | 10,910 | $34.94 | $72,680 | $82,830 | $136,390 |
| Georgia | 9,480 | $34.73 | $72,250 | $87,150 | $133,980 |
| Indiana | 4,740 | $34.33 | $71,400 | $79,640 | $128,560 |
| Florida | 19,750 | $34.30 | $71,340 | $82,250 | $135,450 |
| Hawaii | 960 | $33.79 | $70,280 | $82,030 | $133,080 |
| Arkansas | 2,810 | $33.68 | $70,050 | $83,550 | $132,760 |
| Ohio | 10,340 | $33.28 | $69,220 | $83,610 | $133,260 |
| Kentucky | 3,990 | $32.98 | $68,600 | $76,190 | $129,990 |
| Montana | 1,390 | $31.71 | $65,960 | $77,480 | $124,540 |
| Oklahoma | 4,530 | $31.59 | $65,720 | $80,490 | $147,170 |
| Alaska | 510 | $31.33 | $65,160 | $80,200 | $163,450 |
| Idaho | 2,290 | $30.95 | $64,380 | $89,820 | $137,520 |
| Texas | 24,070 | $30.66 | $63,770 | $76,010 | $130,910 |
| Tennessee | 7,610 | $30.36 | $63,160 | $73,980 | $117,820 |
| South Carolina | 4,280 | $29.66 | $61,690 | $72,060 | $125,860 |
| Pennsylvania | 8,820 | $29.55 | $61,470 | $72,020 | $124,070 |
| Utah | 5,590 | $29.27 | $60,870 | $77,600 | $126,630 |
| Alabama | 5,680 | $29.21 | $60,750 | $78,300 | $147,110 |
| Mississippi | 2,770 | $28.82 | $59,950 | $72,540 | $130,220 |
| Nevada | 2,960 | $28.08 | $58,400 | $80,660 | $174,790 |
| Louisiana | 3,010 | $27.56 | $57,320 | $68,580 | $127,780 |
| Arizona | 11,420 | $25.85 | $53,760 | $65,640 | $108,630 |
| West Virginia | 1,300 | $23.82 | $49,550 | $61,800 | $105,120 |
Loan Officer wages in U.S. territories
| Area | Employment | Median hourly | Median annual | Mean annual | 90th percentile |
|---|---|---|---|---|---|
| Puerto Rico | 2,550 | $17.02 | $35,400 | $41,880 | $68,250 |
How to read these numbers
The median is the middle wage: half of loan officers earn more and half earn less. The mean is pulled up by the highest earners, which is why the mean of $86,020 sits above the median of $74,180 for this occupation. OEWS wages are gross pay before taxes and benefits, and BLS converts hourly rates to annual figures on a 2,080-hour, year-round full-time basis; part-time and seasonal workers' actual annual earnings can be lower. Figures marked with a plus sign are at or above the BLS reporting cap of $239,200 a year ($115.00 an hour).
Loan Officer salary FAQ
What is the average loan officer salary?
BLS put the mean annual wage for loan officers at $86,020 in May 2024, with a median of $74,180 ($35.66 an hour) across 290,530 U.S. jobs.
Which state pays loan officers the most?
District of Columbia has the highest median pay for loan officers, at $102,200 a year in May 2024 — 37.8% higher than the national median of $74,180.
Which state pays loan officers the least?
Among states where BLS publishes an estimate, West Virginia has the lowest median for loan officers, at $49,550 a year, 33.2% lower than the national median.
How many loan officers are there in the United States?
BLS estimated 290,530 loan officers jobs in May 2024. The largest state market is California, with 27,420 jobs.
Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics (OEWS), May 2024 — bls.gov/oes. Figures checked October 2026.