The average salary for a loan officer in Minnesota is around $78,660 per year.
Avg Salary
Loan officers earn an average yearly salary of $78,660.
Wages typically start from $46,950 and go up to $131,920.
25% above national average Updated in 2021
Loan officer earnings by seniority
90th percentile
Top-level loan officer earnings begin at:
$63.42 per hour
$131,920 per year
75th percentile
Senior-level loan officer earnings begin at:
$49.63 per hour
$103,230 per year
50th percentile
Mid-level loan officer earnings begin at:
$37.82 per hour
$78,660 per year
25th percentile
Junior-level loan officer earnings begin at:
$29.02 per hour
$60,360 per year
10th percentile
Starting level loan officer earnings begin at:
$22.57 per hour
$46,950 per year
Approximate values based on highest and lowest earning segments.
Loan officer salary by state
| State Name | Average Salary |
|---|---|
| New York | $96,430 |
| District of Columbia | $81,170 |
| Massachusetts | $79,570 |
| New Jersey | $78,870 |
| Minnesota | $78,660 |
| Rhode Island | $78,640 |
| Nevada | $78,470 |
| Oregon | $78,300 |
| North Dakota | $77,060 |
| Colorado | $76,920 |
| Kansas | $76,920 |
| New Hampshire | $76,920 |
| Michigan | $76,840 |
| North Carolina | $76,840 |
| Virginia | $76,710 |
| Nebraska | $75,700 |
| Wisconsin | $74,890 |
| Missouri | $74,520 |
| Arkansas | $74,490 |
| Pennsylvania | $65,810 |
| California | $64,390 |
| South Dakota | $63,560 |
| Hawaii | $63,460 |
| Montana | $63,270 |
| Maine | $63,200 |
| Illinois | $63,170 |
| Iowa | $62,650 |
| Maryland | $62,610 |
| Washington | $62,530 |
| Kentucky | $62,320 |
| Ohio | $62,320 |
| Wyoming | $62,160 |
| Georgia | $62,100 |
| Connecticut | $61,850 |
| New Mexico | $61,170 |
| Texas | $61,120 |
| Tennessee | $60,800 |
| Indiana | $60,550 |
| Delaware | $60,140 |
| Florida | $60,110 |
| Oklahoma | $60,110 |
| Vermont | $60,110 |
| Alabama | $53,410 |
| South Carolina | $53,410 |
| Arizona | $52,530 |
| Idaho | $49,920 |
| Louisiana | $49,780 |
| Alaska | $49,620 |
| Utah | $48,300 |
| West Virginia | $48,000 |
| Mississippi | $44,480 |
| Guam | $38,630 |
| Puerto Rico | $30,080 |
How do loan officer salaries compare to similar careers?
Loan officers earn about the same as related careers in Minnesota. On average, they make less than business analysts but more than market research analysts.
| Career | Median Salary |
|---|---|
| Business analyst salary | $96K |
| Securities and commodities broker salary | $78K |
| Stock trader salary | $78K |
| Financial analyst salary | $88K |
| Statistician salary | $79K |
| Loan officer salary | $79K |
| Credit analyst salary | $78K |
| Budget analyst salary | $79K |
| Consultant salary | $81K |
| Market research analyst salary | $77K |
Source: CareerExplorer (Aggregated)