Loan Officer salary in Minnesota
Loan Officers in Minnesota earn a median of $95,170 a year ($45.76 an hour), based on BLS data for 6,430 workers.
Pay ranges from $57,670 for the lowest-paid 10% to $163,350 for the top 10%. That is 24% higher than the national median of $76,690. Minnesota ranks 4th of 51 states for loan officers pay, one of the best-paying states for this job. There are 2.2 loan officers per 1,000 jobs here — the job is 1.2× more common than nationally. The average (mean) salary is $104,700, above the median because a few high earners pull it up.
Pay range for loan officers in Minnesota
| Pay level | Yearly | Hourly |
|---|---|---|
| 10th percentile (entry level) | $57,670 | $27.73 |
| 25th percentile | $73,240 | $35.21 |
| Median | $95,170 | $45.76 |
| 75th percentile | $125,550 | $60.36 |
| 90th percentile (top earners) | $163,350 | $78.53 |
| Average (mean) | $104,700 | $50.34 |
Half of loan officers earn more than the median and half earn less. Percentiles show the spread: 10% earn less than the 10th percentile, and 10% earn more than the 90th.
Median paycheck, before taxes
| Pay period | Amount |
|---|---|
| Monthly | $7,930.83 |
| Semi-monthly (24 a year) | $3,965.42 |
| Biweekly (26 a year) | $3,660.38 |
| Weekly | $1,830.19 |
| Hourly | $45.76 |
Based on a full-time year of 2,080 hours. Convert any amount with the hourly to salary converter.
Loan Officer salary in cities in Minnesota
| Metro area | Median salary | Workers |
|---|---|---|
| Minneapolis-St. Paul-Bloomington, MN-WI | $102,200 | 3,910 |
| Rochester, MN | $98,110 | 170 |
| Mankato, MN | $94,850 | 130 |
| Fargo, ND-MN | $93,640 | 390 |
| Grand Forks, ND-MN | $92,820 | 100 |
| St. Cloud, MN | $92,570 | 300 |
| Sioux Falls, SD-MN | $81,380 | 690 |
| La Crosse-Onalaska, WI-MN | $76,370 | 170 |
| Duluth, MN-WI | $73,240 | 200 |
Highest-paying states for loan officers
| State | Median salary |
|---|---|
| Massachusetts | $101,600 |
| Connecticut | $95,730 |
| New York | $95,710 |
| Minnesota | $95,170 |
| Colorado | $94,520 |
| Oregon | $94,440 |
| New Jersey | $92,920 |
| District of Columbia | $92,890 |
| Vermont | $88,710 |
| Kansas | $86,970 |
Related jobs in Minnesota
| Job | Median salary | Hourly |
|---|---|---|
| Accountants and Auditors | $81,600 | $39.23 |
| Financial and Investment Analysts | $102,990 | $49.52 |
| Personal Financial Advisor | $102,660 | $49.36 |
| Insurance Underwriter | $80,700 | $38.80 |
| Property Appraisers and Assessors | $83,400 | $40.10 |
| Financial Examiner | $104,260 | $50.12 |
| Financial Risk Specialist | $105,420 | $50.68 |
| Tax Examiners and Collectors, and Revenue Agents | $79,000 | $37.98 |
| Credit Analyst | $82,630 | $39.73 |
| Tax Preparer | $59,200 | $28.46 |
| Financial Specialists, All Other | $83,280 | $40.04 |
| Credit Counselor | $62,160 | $29.89 |
| Budget Analyst | $85,970 | $41.33 |
| Market Research Analysts and Marketing Specialists | $87,510 | $42.07 |
More: Business and Financial Operations Occupations · all salaries in Minnesota
Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics, May 2025 estimates, occupation code 13-2072. Wages include base pay, tips, commissions and shift pay, but not overtime, bonuses or benefits, and exclude the self-employed.
Frequently asked questions
How much does a loan officer make in Minnesota?
The median salary for loan officers in Minnesota is $95,170 a year, or $45.76 an hour. Pay ranges from $57,670 for the lowest-paid 10% to $163,350 for the top 10%.
How much do the highest-paid loan officers make in Minnesota?
The top 10% of loan officers in Minnesota earn at least $163,350 a year. The top 25% earn $125,550 or more.
What is the starting pay for loan officers in Minnesota?
Entry-level pay (the 10th percentile) is about $57,670 a year, and a quarter of loan officers earn $73,240 or less.
How many loan officers work in Minnesota?
About 6,430 loan officers are employed in Minnesota, not counting the self-employed.