How Much Do Loan Officers Make in California?
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How Much Do Loan Officers Make in California?
The average loan officer in California makes about $64,000 per year. However, salaries can range from $33,000 to $116,000 per year. The top 10% of loan officers make over $116,000 per year.
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Salary Overview
In California, loan officers earn an average salary of $73,070 per year. However, salaries for loan officers can range from $19,110 to $159,280 per year. The median salary for loan officers in California is $86,820.
statewide salary statistics
The average salary for a loan officer in California is $73,560 per year. The salary range for loan officers in California varies from $50,710 to $102,410 per year. The median salary for loan officers in California is $73,560 per year.
Loan officers in the state of California make a mean salary of $73,560 per year. The highest paid loan officers in California make $102,410 per year while the lowest paid loan officers make $50,710 per year. The median salary for loan officers in California is $73,560 per year which means that half of loan officers earn more than this amount while the other half earn less than this amount.
Top-paying industries
In California, the top-paying industries for loan officers are as follows:
Industry name Annual mean wage
Securities, commodity contracts, and other financial investments and related activities $126,950
Other depository credit intermediation $117,950
Offices of dentists $101,130
Local government, excluding education and hospitals $96,470
Management of companies and enterprises $95,720
metropolitan areas
The following metropolitan areas had the highest mean salary for loan officers in California in 2020:
-San Jose-Sunnyvale-Santa Clara: $145,830
-San Francisco-Oakland-Hayward: $132,280
-Los Angeles-Long Beach-Anaheim: $130,490
The following metropolitan areas had the lowest mean salary for loan officers in California in 2020:
-Bakersfield, CA: $74,970
-El Centro, CA: $75,160
How experience affects earnings
In California, loan officers earn a median yearly salary of $69,110. However, earnings can vary widely depending on experience level. Loan officers with less than 5 years of experience tend to earn around $45,000 per year, while those with 5 to 10 years of experience earn a median salary of $59,000 per year. Experienced loan officers, with 10 to 20 years of experience, earn a median salary of $73,000 per year. The most experienced loan officers, with 20 or more years of experience, earn a median salary of $85,000 per year.
entry-level
Just out of college and looking to start your career as a loan officer? Or maybe you’re considering a change of pace, and loan officer is your new dream job. In any case, if you’re wondering how much you can expect to earn as a loan officer, the answer may depend on your experience level.
In general, entry-level loan officers can expect to earn around $40,000 per year. With a few years of experience under your belt, you can expect to see your salary increase to the $50-60,000 range. And if you become a top performer in your field, you could be looking at an annual salary of $100,000 or more.
Of course, these are just general ranges, and your actual earnings will depend on factors like the specific industry you work in and the region of the country where you live. For example, loan officers in California tend to earn more than those in other parts of the country, with an average salary of $68,000 per year.
So if you’re wondering how much you could potentially earn as a loan officer, experience level is one important factor to consider. With a little bit of experience, you can expect to see your earnings increase significantly.
experienced
The more experience you have as a loan officer, the higher your earnings potential will be. In California, loan officers earn a median salary of $85,660 per year, or $41.12 per hour. The top 10 percent of earners make more than $130,590 per year, while the bottom 10 percent earn less than $54,690 per year.
late-career
California loan officers earn an average of $85,870 per year, which is well above the national average of $74,470. But earnings can vary widely depending on experience and location.
For example, entry-level loan officers in California earned an average salary of $47,000 in 2019, while late-career loan officers earned an average of $142,000. And salaries for loan officers in San Francisco averaged $123,000, while those in Bakersfield averaged $54,000.
So if you’re considering a career as a loan officer, it’s important to consider not just the average salary but also how your experience and location will affect your earnings.
Bonuses and benefits
Loan officers in California may be eligible for a variety of bonuses and benefits. These include medical, dental, and vision insurance, as well as a 401(k) retirement savings plan and paid vacation days. Some loan officers may also be eligible for employee stock purchase plans and profit sharing.
common bonuses
In addition to regular salary, loan officers in California may be eligible for various bonuses and benefits. Some common bonuses include commissions for successfully completing loans, production bonuses for meeting quotas, and referral bonuses for bringing in new business. Benefits packages vary from company to company, but they may include health insurance, 401(k) plans, and paid time off.
common benefits
In addition to a salary, loan officers may also receive commissions for the loans they originate. The amount of the commission depends on the type of loan, the terms of the loan, and the loan officer’s level of experience. Some loan officers also receive bonuses based on the volume of loans they originate or the number of loans they close. Loan officers typically work in offices, but may also work from home or travel to meet with clients.
Benefits vary by employer, but many offer health insurance, life insurance, and 401(k) plans. Some employers also offer paid vacation days, sick days, and holidays.
Job outlook
Loan officers in California made a median salary of $64,270 in 2018, and the job outlook in the state is positive. According to the Bureau of Labor Statistics, there will be a 10 percent growth in loan officer jobs from 2016 to 2026. That’s faster than the average growth rate for all occupations.
projected job growth
Employment of loan officers is projected to grow 3 percent from 2019 to 2029, about as fast as the average for all occupations. Competition for loan officer jobs will be strong because many banks and other financial institutions are consolidating and automating many of the activities previously performed by loan officers, such as processing loan applications and verifying borrowers’ income and creditworthiness. However, individuals with strong sales skills should have the best job prospects in this occupation.
