Occupational Employment Statistics

DETAILED OCCUPATION DATA

13-2072 Loan Officers

Occupational Description:
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

Occupational Employment Statistics(OES) Wage Data
First Quarter 2026

Geography	Employment	Emp SE*	Percentiles
Geography	Employment	Emp SE*	Mean	10th	25th	Median	75th	90th
Minnesota	6,430	276	$51.18/hr	$28.20/hr	$35.80/hr	$46.53/hr	$61.37/hr	$79.85/hr

Leading Industries for Loan Officers

Industry	OES Employment (Statewide)	OES Median Wage (Statewide)
Construction	N/A	N/A
Trade, Transportation and Utilities	190	$51.88/hr
Financial Activities	5,220	$46.00/hr
Professional and Business Services	790	$50.03/hr
Education and Health Services	30	$28.81/hr
Other Services	60	$49.50/hr
Public Administration	140	$42.02/hr

Other Regional Data for Loan Officers

Geography	Employment	Median Wage	Projections % Change 2024-2034
Northeast Balance of State	100	$37.32/hr	N/A
Grand Forks ND-MN MSA	100	$45.37/hr	N/A
Mankato-North Mankato MN MSA	130	$46.37/hr	N/A
La Crosse WI-MN MSA	170	$37.34/hr	N/A
Rochester MN MSA	170	$47.96/hr	N/A
Duluth MN-WI MSA	200	$35.80/hr	N/A
Northeast Minnesota	250	$35.40/hr	0.0%
Southeast Balance of State	300	$38.69/hr	N/A
St Cloud MN MSA	300	$45.26/hr	N/A
Southwest Balance of State	360	$38.17/hr	N/A
Southeast Minnesota	370	$40.90/hr	1.0%
Fargo ND-MN MSA	390	$45.78/hr	N/A
Northwest Balance of State	450	$41.10/hr	N/A
Northwest Minnesota	510	$41.10/hr	1.6%
Southwest Minnesota	530	$38.55/hr	0.5%
Central Minnesota	580	$42.17/hr	1.9%
Seven County Mpls-St Paul, MN	3,670	$50.01/hr	0.3%
Minneapolis-St Paul-Bloomington MN-WI MSA	3,910	$49.95/hr	N/A
Minnesota	6,430	$46.53/hr	-1.0%

Related Occupations

Occupations	Employment	Median Wage	Projections % Change 2024-2034
Securities, Commodities, and Financial Services Sales Agents	8,820	$40.44/hr	2.2%
Tax Preparers	1,040	$28.94/hr	1.3%
Tax Examiners and Collectors, and Revenue Agents	1,150	$38.62/hr	1.6%
Insurance Underwriters	2,550	$39.45/hr	-3.5%
Insurance Sales Agents	10,010	$38.15/hr	3.6%
Credit Authorizers, Checkers, and Clerks	70	$30.02/hr	N/A
New Accounts Clerks	1,160	$24.08/hr	-15.4%
Loan Interviewers and Clerks	2,850	$25.47/hr	-5.4%
Credit Counselors	580	$30.39/hr	1.7%
Brokerage Clerks	960	$30.57/hr	-10.2%

Task for Loan Officers

Supervise loan personnel.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Compute payment schedules.
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
Submit applications to credit analysts for verification and recommendation.
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Meet with applicants to obtain information for loan applications and to answer questions about the process.
Work with clients to identify their financial goals and to find ways of reaching those goals.