Loan Officer salary in Rochester, MN
Loan Officers in the Rochester, MN metro area earn a median of $98,110 a year ($47.17 an hour), based on BLS data for 170 workers.
Pay ranges from $61,040 for the lowest-paid 10% to $167,470 for the top 10%. That is 28% higher than the national median of $76,690. Pay here is 3% higher than the Minnesota statewide median of $95,170. There are 1.4 loan officers per 1,000 jobs here — the job is less common than nationally (location quotient 0.79). The average (mean) salary is $104,910, above the median because a few high earners pull it up.
Pay range for loan officers in Rochester, MN
| Pay level | Yearly | Hourly |
|---|---|---|
| 10th percentile (entry level) | $61,040 | $29.34 |
| 25th percentile | $73,360 | $35.27 |
| Median | $98,110 | $47.17 |
| 75th percentile | $127,960 | $61.52 |
| 90th percentile (top earners) | $167,470 | $80.52 |
| Average (mean) | $104,910 | $50.44 |
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 | $8,175.83 |
| Semi-monthly (24 a year) | $4,087.92 |
| Biweekly (26 a year) | $3,773.46 |
| Weekly | $1,886.73 |
| Hourly | $47.17 |
Based on a full-time year of 2,080 hours. Convert any amount with the hourly to salary converter.
Loan Officer salary in other metro areas nearby
| Metro area | Median salary | Workers |
|---|---|---|
| Minneapolis-St. Paul-Bloomington, MN-WI | $102,200 | 3,910 |
| 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 |
See Loan Officer pay in every state or the Minnesota statewide figures.
Related jobs in Rochester, MN
| Job | Median salary | Hourly |
|---|---|---|
| Accountants and Auditors | $83,960 | $40.36 |
| Personal Financial Advisor | $95,280 | $45.81 |
| Property Appraisers and Assessors | $82,320 | $39.58 |
| Financial and Investment Analysts | $105,270 | $50.61 |
| Training and Development Specialists | $76,030 | $36.55 |
| Management Analyst | $108,560 | $52.19 |
| Business Operations Specialists, All Other | $78,790 | $37.88 |
| Human Resources Specialist | $83,810 | $40.30 |
| Project Management Specialist | $106,270 | $51.09 |
| Market Research Analysts and Marketing Specialists | $83,030 | $39.92 |
| Buyers and Purchasing Agents | $88,320 | $42.46 |
| Compliance Officer | $80,500 | $38.70 |
| Cost Estimator | $76,910 | $36.98 |
| Fundraiser | $67,050 | $32.24 |
More: Business and Financial Operations Occupations · all salaries in Rochester, MN
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 Rochester, MN?
The median salary for loan officers in the Rochester, MN metro area is $98,110 a year, or $47.17 an hour. Pay ranges from $61,040 for the lowest-paid 10% to $167,470 for the top 10%.
How much do the highest-paid loan officers make in Rochester, MN?
The top 10% of loan officers in the Rochester, MN metro area earn at least $167,470 a year. The top 25% earn $127,960 or more.
What is the starting pay for loan officers in Rochester, MN?
Entry-level pay (the 10th percentile) is about $61,040 a year, and a quarter of loan officers earn $73,360 or less.
How many loan officers work in Rochester, MN?
About 170 loan officers are employed in the Rochester, MN metro area, not counting the self-employed.