Loan Officer

Pay data: BLS OEWS, May 2025 · Outlook: BLS 2025–35 · Checked October 15, 2026

• Median pay
  $76,690
  $36.87/hour · May 2025
• Job growth
  +1.1%
  2025–35, slower than average
• Openings per year
  17,100
  Average, 2025–35
• Typical entry education
  Bachelor's degree
  BLS classification
• Time to train
  3–6 months for mortgage licensing
  Typical program length
• U.S. jobs
  283,000
  Employment, 2025

What loan officers do

Loan officers help people buy homes, start businesses and finance big purchases. Mortgage loan officers meet with borrowers, review income, credit and assets, explain loan options, take applications and work with processors and underwriters to close loans. Commercial loan officers analyze business financials and structure loans. Many loan officers earn commission and build referral networks with real estate agents and builders.

Mortgage loan originators must be licensed through the NMLS, which requires pre-licensing education and an exam. Bank loan officers and commercial lenders often have bachelor’s degrees in finance or business. Strong sales, communication and analytical skills are essential.

Typical duties

• Meet with borrowers to understand their goals
• Review credit, income, assets and debts
• Explain loan options, rates and costs
• Take and submit loan applications
• Work with processors and underwriters
• Build referral relationships
• Keep up with lending regulations

Work environment and schedule

Loan officers work in banks, credit unions, mortgage companies and from home, meeting clients in offices or virtually. The work is mostly at a computer and on the phone.

Schedule: Most work full-time, often including evenings and weekends to meet clients, especially in mortgage lending.

A day in the life

1. 8:30 AMReview rate sheets and pipeline loans in the loan origination system.
2. 9:30 AMMeet first-time homebuyers and review their credit and budget.
3. 11:00 AMIssue a preapproval letter for a buyer making an offer.
4. 12:30 PMHave lunch with a real estate agent who refers clients.

See a full day in the life of a loan officer →

Loan Officer salary

Half of loan officers earned more than $76,690 and half earned less in May 2025. Pay ranged from about $39,430 for the lowest 10% to $153,180 for the top 10%.

Full loan officer pay scale and hourly rates →

How to become a loan officer

1. Choose your lending path
2. Complete education
3. Get licensed
4. Join a lender
5. Build your business

Mortgage loan officers must complete at least 20 hours of NMLS-approved pre-licensing education and pass the SAFE MLO test. Commercial and many bank loan officers have bachelor’s degrees in finance, business or economics.

Step-by-step guide to becoming a loan officer →

Skills and tools

All loan officer skills and tools →

Pros and cons

Certifications and licenses

• NMLS Mortgage Loan Originator license: Required for mortgage loan originators who are not exempt bank employees.
• SAFE MLO test: The national exam for mortgage loan originators.
• Certified Mortgage Banker (CMB): A senior designation from the Mortgage Bankers Association.
• Commercial lending credentials: Programs such as RMA training for commercial lenders.

Career path

1. Loan Officer Assistant: Support loan officers and processing.
2. Loan Officer: Originate loans.
3. Senior Loan Officer: Lead a large pipeline and referral network.
4. Branch Manager or Lending Manager: Lead teams and branches.

Learn the job before day one

Our Loan Officer training (10 hours, $89.99) covers the role, 15+ key terms, step-by-step procedures such as prequalify a homebuyer and calculate debt-to-income ratio, safety and how to land your first job.

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More loan officer questions →