How much does a bank loan officer make? That’s a question that we get a lot here at Bank Loan Officer Salaries. We’ve put together a comprehensive guide that covers everything you need to know about bank loan officer salaries.
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Bank loan officers are professional who work for banks and other financial institutions. They are responsible for approving or denim clients for loans. Loans can be for a variety of purposes, including the purchase of a home, a car, or startup capital for a business. Bank loan officers must have excellent people skills and be able to evaluate an applicant’s financial history before making a decision.
How Much Does a Bank Loan Officer Make Per Year?
According to the U.S. Bureau of Labor Statistics, the median salary for a bank loan officer was $64,660 per year in 2018. The lowest 10 percent earned less than $31,700, and the highest 10 percent earned more than $131,090.
How Much Does a Bank Loan Officer Make Per Hour?
Bank loan officers typically make between $30 and $40 per hour, or $60,000 to $100,000 per year. The exact salary depends on the size of the bank, the officer’s experience, and the location of the bank.
Factors That Affect a Bank Loan Officer’s Salary
A loan officer’s salary can be affected by many factors, including the size of the bank, the location of the bank, the type of loans they originate, and their experience.
The size of the bank is one of the most important factors that affect a loan officer’s salary. Banks with assets over $10 billion typically pay their loan officers more than smaller banks.
The location of the bank is also a significant factor. Loan officers working in larger metropolitan areas tend to make more than those working in smaller towns or rural areas. This is because loan officers in larger cities typically have more opportunity to work with a greater variety and volume of loans.
The type of loans a loan officer originates also affects their salary. Those who specialize in commercial loans tend to make more than those who focus on residential loans. This is because commercial loans are typically more complex and involve greater risk.
Finally, a loan officer’s experience is another important factor that can affect their salary. Loan officers who have been in the industry for longer typically make more than those who are just starting out. This is because they have developed a stronger skillset and knowledge base over time.
In conclusion, bank loan officers make a decent salary. However, the salary may vary depending on the bank’s size, location, and the officer’s experience.