Loan Officers in Minnesota
Considering a career as a Loan Officer in Minnesota?
You’re in luck! Jobs for Loan Officers in Minnesota are projected to grow and these jobs tend to pay higher than average.
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Projected employment for Loan Officers in Minnesota is growing faster than average.
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Loan Officers in Minnesota earn higher salaries than the typical U.S. wage earner.
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How Many Loan Officers Work in Minnesota?
In 2018, there were 7,740 Loan Officers working in the state.
There were 8,130 Loan Officers employed in this state in 2017.
That’s a decline of 390 jobs between 2017 and 2018.
The typical state has 4,250 Loan Officers working in it, which means Minnesota has more Loan Officers than average.
Job Projections for Minnesota
Jobs for Loan Officers in this state are growing at a rate of 8.0% which is slower than the nationwide estimated projection of 11.4%.
Minnesota Annual Job Openings
The BLS is projecting 710 annual Loan Officers job openings in Minnesota, and 8,480 total jobs in the year 2026.
Nationwide, the prediction is 30,400 annual jobs and 354,900 total jobs in 2026.
What do Loan Officers Make in Minnesota?
In 2018 wages for Loan Officers ranged from $42,240 to $127,050 with $72,030 being the median annual salary.
Broken down to an hourly rate, workers in this field made anywhere from $20.31 to $61.08. The median hourly rate was $34.63.
Workers in this field were paid a median of $34.05 an hour in 2017.
The hourly rate grew by $0.58.
The median salary in Minnesota is higher than the nationwide median salary.
Top Minnesota Metros for Loan Officers
The table below shows some of the metros in this state with the most Loan Officers.
| Metro | Number Employed | Annual Median Salary |
|---|---|---|
| Minneapolis-St. Paul-Bloomington, MN-WI | 5,300 | $76,240 |
| Fargo, ND-MN | 420 | $61,670 |
| St. Cloud, MN | 270 | $60,140 |
| Duluth, MN-WI | 250 | $57,430 |
| Rochester, MN | 250 | $69,380 |
| La Crosse-Onalaska, WI-MN | 240 | $54,280 |
| Mankato-North Mankato, MN | 130 | $58,820 |
| Grand Forks, ND-MN | 110 | $64,480 |
Top States for Loan Officers Employment
View the list below to see where most Loan Officers work.
| State | Number Employed | Annual Median Salary |
|---|---|---|
| California | 37,030 | $61,310 |
| Texas | 19,950 | $68,710 |
| Florida | 18,000 | $67,760 |
| North Carolina | 13,910 | $62,360 |
| New York | 12,890 | $78,520 |
| Illinois | 12,330 | $66,570 |
| Ohio | 11,520 | $64,770 |
| Virginia | 10,140 | $63,860 |
| Pennsylvania | 10,010 | $59,340 |
| Arizona | 8,970 | $54,400 |
| Georgia | 7,790 | $54,690 |
| Minnesota | 7,740 | $72,030 |
| Missouri | 7,130 | $68,010 |
| Wisconsin | 7,090 | $62,850 |
| Washington | 6,940 | $60,540 |
| New Jersey | 6,670 | $73,180 |
| Massachusetts | 5,780 | $70,090 |
| Tennessee | 5,440 | $54,490 |
| Kentucky | 5,300 | $60,400 |
| Utah | 5,220 | $45,470 |
Below are the states where Loan Officers get paid the most:
| State | Annual Median Salary |
|---|---|
| New York | $78,520 |
| New Hampshire | $76,430 |
| Nebraska | $75,800 |
| Connecticut | $74,990 |
| District of Columbia | $74,840 |
| New Jersey | $73,180 |
| Minnesota | $72,030 |
| Kansas | $71,550 |
| Massachusetts | $70,090 |
| Texas | $68,710 |
Related Careers in MN
You may also be interested in the following careers:
| Occupation | MN Employment Total |
|---|
References
- Bureau of Labor Statistics (BLS)
- College Factual
- National Center for Education Statistics
- O*NET Online
- Image Credit: By Dave Dugdale under License
More about our data sources and methodologies.
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