Loan officers help individuals and businesses obtain financing for major purchases or emergency expenses. The average salary for loan officers depends upon a variety of factors, including work experience and education level, according to January 2010 reporting on Payscale.com.Work Experience
- With less than one year of experience in the field, loan officers average annual salaries of $27,732 to $39,494. After 20 years of experience or more, officer earned an average of $39,394 to $69,519.
Industry
- Loan officers employed by banks averaged annual salaries of $31,497 to $47,802, while those who worked for credit unions earned an average of $29,042 to $38,534. Those who worked for mortgage brokers averaged $36,427 to $96,978.
Education
- Loan officers with bachelor of science in business management degrees averaged $35,985 to $50,773. Those with only high school diplomas earned an average of $25,621 to $40,951.
Geography
- Loan officers working in California averaged the highest annual salaries at $39,756 to $80,827. Other high-paying states for loan officers were Illinois, New York and Florida.
Bonuses and Commission
- In addition to their regular compensation, loan officers reported earning average annual bonuses of $1,179 to $3,100 and average annual commission payments of $6,700 to $40,968.
Read more: The Average Loan Officer's Salaries | eHow.com http://www.ehow.com/facts_5896137_average-loan-officer_s-salaries.html#ixzz1gi3Q2MSU
