Whether you’re buying a home, buying a car, or getting a payday loan, you’re likely to be dealing with a loan officer. Given how important financial transactions are to the American and global economy in general, it is not surprising that loan officers are an important occupation in the United States. According to the Bureau of Labor Statistics (BLS) Occupational Employment Statistics (OES), an estimated 340,170 Americans are employed as loan officers; that is more than the estimated number of employees as mail carriers (335,540) or paralegals (336,250). Bureau of Labor Statistics’ (BLS) Occupational Outlook Handbook, loan officer employment is projected to increase by 4%, with approximately 12,600 loan officer jobs being created from 2021 to 2031.

Using employment data from the Bureau of Labor Statistics, we analyzed and compiled a summary of average loan officer salaries by state in the United States. Read on for a full breakdown of where loan officers make the most money and where they re-make the least.

10 states where loan officers will make the most money in 2022

The national average annual salary for a loan officer, according to the BLS, is $80,570, over $20,000 more than the average annual salary for all occupations, $58,260. Of course, the average loan officer salary can vary significantly from state to state. The state with the highest average loan officer salary has an average that is more than $50,000 higher than the average loan officer salary in the lowest-paid state.

Below is a list of the top 10 highest paying states for loan officers:

  1. Average Loan Officer Salary in New York: $107,770
  2. Average Loan Officer Salary in Nevada: $101,690
  3. Average Loan Officer Salary in Oregon: $96,340
  4. Average Loan Officer Salary in Massachusetts: $95,370
  5. Average Loan Officer Salary in New Hampshire: $93,410
  6. Average Loan Officer Salary in New Jersey: $91,790
  7. Michigan Average Loan Officer Salary: $91,740
  8. Average Loan Officer Salary in Hawaii: $91,200
  9. Virginia Average Loan Officer Salary: $88,870
  10. Average Loan Officer Salary in Maine: $88,720

If we included the District of Columbia, it would be somewhere between Nevada and Oregon with an average loan officer salary of $98,200. It is important to note that the BLS did not have data for all states, the only state without data was Delaware; There is also no loan officer salary data for Delaware from 2019 through 2021. Michigan does not have average loan officer salary data for the years 2016 through 2018.

The states that have seen the largest increases in their average loan officer salary over the years are very interesting. In terms of annual increases, the average Nevada loan officer salary increased by 61.9%: from $62,800 to $101,690. In relation to the five-year increase, the average Maine loan officer salary increased by 39%: from $63,810 to $88,720.

10 states where loan officers will make the least money in 2022

The bottom 10 states where loan officers make the least money geographically are quite mixed. There are several states in the Southern Region of the US while some are in the Mountain Division and one is in the Pacific Division. Below is a list of the 10 states with the lowest wages for loan officers: