What is a loan officer's job description and typical salary?

Loan officers evaluate, authorize, or recommend approval of loans. Typical duties include contacting customers, gathering and verifying applicants' financial information, explaining loan types and terms, reviewing loan agreements for regulatory compliance, and approving loans within set limits. The median annual wage was $76,690 as of May 2025 (BLS), with the lowest 10% earning less than $39,430 and the highest 10% more than $153,180. Some officers earn a salary, others commission, and many a base salary plus commission.

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