Loan officers review loan applications and analyze an applicant's finances to determine who is eligible for a loan, but they also educate consumers on loans, verify financial information and contact individuals and companies to see if they want to apply for a loan.
The median yearly salary for a loan officer in 2016 was $76,260 per year or the equivalent of $36.67 per hour. According to the Bureau of Labor Statistics, the lowest 10% of wage earners in this field earn a yearly salary that is just under $32,820, but earners in the top 10% earn an average salary of over $132,290.
Wages vary based on employer as well as job performance. Some loan officers are paid a flat salary or an hourly rate, but others earn commission on top of their regular compensation. Commissions are based on the number of loans these professionals originate or on how their loans are repaid.
This finance career requires a bachelor's degree, and most applicants earn a degree in business, finance, accounting or a related field. In some cases, people who have experience in a related business career are able to enter this field without a bachelor's degree. Many employers offer a great deal of on-the-job training, but mortgage lenders must take classes and pass a test to get their Mortgage Loan Originator license.