With loan officers working for many companies and contractors, it is important to know how much they are typically paid. In this article, we will compare bank of america loan officer salaries versus other companies for your reference.
What are the Loan Officer Salaries?
Loan Officers are an integral part of the bank. They provide financial advice and guidance to customers in need. Loan Officers make a median salary of $51,922 yearly.
A Loan Officer at Bank of America will receive a salary of $1.6 million per year as of 2017. This is 4.6 times the national average annual salary for an individual worker in the United States.
How Many Companies Offering Loans?
There are hundreds of companies that offer loans, but Bank of America is one of the most popular. There are over 7 million people who have signed up for these loans and the average loan is $3,200. Bank of America also offers car title loans with up to $30,000, cash advances with $1,500 and more.
Bank of America may be the only company that offers mortgage loans, but there are many other companies doing the same thing. These companies include Wells Fargo, Chase Mortgage, and Fannie Mae. While Bank of America’s loan officer salary is $57,000 per year, as of January 2018 Chase Mortgage’s median salary for loan officers is $49,000 a year. While Bank of America has a higher loan officer salary than Chase Mortgage does now, Chase Mortgage is expected to have a higher loan officer salary in the future because this company is expanding more rapidly than Bank of America.
Loan Officer Salaries by Company
The highest earning Loan Officer in 2015 was from Bank of America who made $36,000. This was less than the second highest-earning company, which was United States Bancorp, which has employees with a median salary of $42,000.
Loan officers from Bank of America had the highest median salary at $100,500. The next highest median salary was $90,000 for Chase Bank. Total loan officer salaries for Chase bank were about $47 million and for Bank of America were about $25 million.
Loan Officer Salary by Years on the Job
In 2016, the average loan officer salary from Bank of America was $77,906. Loan officers with 4-5 years of experience earned $79,748 on average while those with more than 10 years averaged $81,766.
Loan Officers can expect to make $26,000 a year (mean). Loan Officers with three years on the job should expect to make $39,000 a year. Loan Officers with five years on the job should expect to make $50,000 a year.
As a conclusion, Bank of America Loan Officer salaries vary from year to year. In general, loan officers make between $40,000 and $80,000 annually in their first 10 years of career at the bank.
Bank of America loan officer salaries range from $45,000 to $80,000. The average cost of a Bank of America loan officer is $71,976 per year.