Loan Officers in Minnesota
Want to work in Minnesota as a Loan Officer? Read this first!
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?
There were approximately 7,740 workers employed as Loan Officers in this state in 2018.
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 estimates 710 annual job openings, and a total of 8,480 jobs for Minnesota Loan Officers in 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.
In 2017 the median pay for this field was $34.05 an hour.
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
The table below shows the states 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
Discover similar careers:
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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