Some lenders pay loan officers a commission based on the number or amount of the loans they make. A commission is a bonus payment that serves as an incentive to make more loans. The more loans made, the higher their wages. Other employers may pay loan officers a straight salary with no commissions. Still others pay a combination of salary plus commissions or bonuses.
Wages vary by specialization. In general, commercial loan officers earn more than those who specialize in consumer or mortgage loans.
Loan officers who work full time usually receive benefits. Typical benefits include sick leave, paid vacation, and health insurance. Some employers also provide a retirement plan.
Loan officers (SOC 13-2072)
| Location |
Pay Period | |
||
| 25% |
Median |
75% |
||
| Illinois | Hourly | $24.39 | $36.64 | $49.51 |
| Yearly | $50,727 | $76,217 | $102,971 | |
| Champaign Area | Hourly | $23.90 | $31.75 | $46.16 |
| Yearly | $49,719 | $66,035 | $96,009 | |
| Charleston-Effingham-Centralia Area | Hourly | $27.82 | $37.13 | $48.31 |
| Yearly | $57,870 | $77,237 | $100,489 | |
| Cook County | Hourly | $26.79 | $37.97 | $50.64 |
| Yearly | $55,727 | $78,987 | $105,323 | |
| Decatur Area | Hourly | $23.48 | $28.30 | $36.33 |
| Yearly | $48,839 | $58,861 | $75,557 | |
| Dekalb-Elgin-Aurora Area | Hourly | $24.08 | $36.79 | $48.70 |
| Yearly | $50,094 | $76,529 | $101,284 | |
| Du Page County | Hourly | $24.27 | $37.07 | $50.60 |
| Yearly | $50,470 | $77,096 | $105,250 | |
| Edwardsville Area | Hourly | $23.60 | $29.26 | $40.89 |
| Yearly | $49,081 | $60,870 | $85,046 | |
| Jacksonville-Carlinville-Litchfield Area | Hourly | $28.73 | $36.86 | $50.39 |
| Yearly | $59,765 | $76,662 | $104,798 | |
| Kankakee-Morris-Pontiac Area | Hourly | $23.74 | $35.43 | $49.43 |
| Yearly | $49,378 | $73,690 | $102,826 | |
| Lake County | Hourly | $24.39 | $31.74 | $49.51 |
| Yearly | $50,727 | $66,026 | $102,971 | |
| Northwest Illinois Area | Hourly | $24.70 | $33.08 | $48.04 |
| Yearly | $51,378 | $68,807 | $99,913 | |
| Peoria-Bloomington Area | Hourly | $22.97 | $30.69 | $47.71 |
| Yearly | $47,774 | $63,836 | $99,244 | |
| Quincy-Macomb-Galesburg Area | Hourly | $24.49 | $35.90 | $49.56 |
| Yearly | $50,928 | $74,683 | $103,072 | |
| Rock Island-Moline Area | Hourly | $22.73 | $28.96 | $38.03 |
| Yearly | $47,262 | $60,233 | $79,105 | |
| Rockford Area | Hourly | $23.90 | $30.08 | $40.94 |
| Yearly | $49,717 | $62,572 | $85,159 | |
| Shawnee National Forest Area | Hourly | $29.20 | $36.53 | $47.84 |
| Yearly | $60,737 | $75,992 | $99,514 | |
| Springfield Area | Hourly | $24.41 | $32.79 | $45.71 |
| Yearly | $50,767 | $68,218 | $95,071 | |
| Vermilion County | Hourly | $22.58 | $27.53 | $47.28 |
| Yearly | $46,965 | $57,262 | $98,333 | |
| Will County | Hourly | $25.42 | $36.51 | $49.39 |
| Yearly | $52,886 | $75,952 | $102,738 | |
| United States | Hourly | $23.62 | $33.65 | $48.09 |
| Yearly | $49,130 | $69,990 | $100,020 | |