Here’s How Much Money Loan Officers Make In Every State

Whether or not you’re shopping for a home, or shopping for a automotive, or getting a payday mortgage, you’re very prone to cope with a mortgage officer. Contemplating how necessary monetary transactions are to the American and international financial system typically, it’s not stunning that mortgage officers are a significant occupation in america. In line with the Bureau of Labor Statistics’ (BLS) Occupational Employment Statistics (OES), there are an estimated 340,170 Individuals employed as mortgage officers; that’s greater than the estimated variety of individuals employed as postal service mail carriers (335,540) or paralegals and authorized assistants (336,250). Bureau of Labor Statistics’ (BLS) Occupational Outlook Handbook, employment of mortgage officers is projected to extend by 4%, with roughly 12,600 mortgage officer jobs being added from 2021 to 2031.

Utilizing occupational information from the Bureau of Labor Statistics, we have analyzed and compiled a round-up of the typical mortgage officer wage by state within the U.S. Learn on for a full breakdown of the place mortgage officers take advantage of cash, and the place they’re making the least.

10 States The place Mortgage Officers Earn the Most Cash in 2022

The nationwide common annual wage of a mortgage officer is $80,570, in response to the BLS, over $20,000 greater than the typical annual wage for all occupations, $58,260. The typical mortgage officer wage can range considerably from state to state, naturally. The state with the best common mortgage officer wage has a median that’s greater than $50,000 higher than the typical wage for mortgage officers within the lowest-paying state.

Under is a listing of the top-10 highest-paying states for mortgage officers:

1. New York common mortgage officer wage: $107,770
2. Nevada common mortgage officer wage: $101,690
3. Oregon common mortgage officer wage: $96,340
4. Massachusetts common mortgage officer wage: $95,370
5. New Hampshire common mortgage officer wage: $93,410
6. New Jersey common mortgage officer wage: $91,790
7. Michigan common mortgage officer wage: $91,740
8. Hawaii common mortgage officer wage: $91,200
9. Virginia common mortgage officer wage: $88,870
10. Maine common mortgage officer wage: $88,720

If we included the District of Columbia, it could rank between Nevada and Oregon, with a median mortgage officer wage of $98,200. It’s necessary to notice that the BLS didn’t have information for all states, the one state with out information being Delaware; it additionally doesn’t have mortgage officer wage information for Delaware from 2019 to 2021. For Michigan, they don’t have common mortgage officer wage information for the years 2016 to 2018.

The states which have seen the most important enhance of their common mortgage officer wage over time could be very fascinating. When it comes to one-year enhance, the typical mortgage officer wage in Nevada rose by 61.9%: From $62,800 to $101,690. When it comes to five-year enhance, the typical mortgage officer wage in Maine elevated by 39%: From $63,810 to $88,720.

10 States The place Mortgage Officers Earn the Least Cash in 2022

The underside-10 states the place mortgage officers make the least cash, geographically, are fairly combined. There are a number of states situated within the U.S. South area, whereas a pair are within the Mountain division, in addition to one within the Pacific division. Under is a listing of the bottom-10 lowest-paying states for mortgage officers:

1. Mississippi common mortgage officer wage: $55,340
2. West Virginia common mortgage officer wage: $59,640
3. Arizona common mortgage officer wage: $62,730
4. South Carolina common mortgage officer wage: $64,360
5. Vermont common mortgage officer wage: $65,380
6. Utah common mortgage officer wage: $65,440
7. Alaska common mortgage officer wage: $65,730
8. Idaho common mortgage officer wage: $65,970
9. Louisiana common mortgage officer wage: $67,620
10. Oklahoma common mortgage officer wage: $68,680

Although these 10 states have the bottom common mortgage officer salaries, they’re both on par or increased than the typical annual wage for all occupations, $58,260. During the last 5 years, many of those low-paying states have skilled declines within the common mortgage officer wage. As an illustration, the typical mortgage officer wage in Mississippi declined by 15.6% over the past 5 years, from $65,590 to $55,340. Alaska equally suffered from a double-digit share decline over the past 5 years, down by 12.7%, from a median mortgage officer wage of $75,310 right down to $65,730.

How A lot Do Mortgage Officers Make in Each State in 2022

Under you’ll discover a desk breaking down the typical mortgage officer wage in every state over the past 5 years, in addition to the change in annual wages over the past yr and over the past 5 years.