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Loan Officers in Minnesota

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Loan Officers in Minnesota

Is Minnesota a good place for you to work as a Loan Officer?

8.0% Jobs Projection
$72,030 Median Salary
710 Job Openings

You’re in luck! Jobs for Loan Officers in Minnesota are projected to grow and these jobs tend to pay higher than average.

  • Projected employment for Loan Officers in Minnesota is growing faster than average.

  • Loan Officers in Minnesota earn higher salaries than the typical U.S. wage earner.

How Many Loan Officers Work in Minnesota?

In Minnesota, there were 7,740 people working as Loan Officers in the year 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 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.

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

Discover similar careers:

Occupation MN Employment Total

What Major Will Prepare You For a Loan Officer Career?


More about our data sources and methodologies.

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