Loan Officers Salary
Loan Officers in Tennessee make a median of $62,800 a year, or about $30.19 an hour. The range runs from $38K at the entry level to $113K for experienced workers. Cost of living is below average (RPP 89.78), which stretches that salary to about $69,949 in buying power. Rent on a 2-bedroom averages $1,215/month, or 27.9% of estimated take-home pay.
Statewide average. Salary and cost of living vary significantly across Tennessee. Jump to a metro for precise data:
So what does $63K get you in Tennessee?
About loan officers
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What this looks like in Tennessee
Pay for loan officers in Tennessee runs about 18% below the U.S. median of $77K. Rent runs $1,215/month for a 2-bedroom (HUD FMR), taking 27.8% of the median take-home. That's within the 30% rule, though not by much. Regional Price Parity sits at 89.78 (national = 100), meaning everyday costs run about 10% cheaper here. Your dollar stretches further than the headline salary suggests. Use the affordability calculator above to model your specific situation.
Compensation breakdown
Annual earnings by percentile, Tennessee
Entry-level loan officers (10th percentile) start around $38K. Mid-career wages sit at $63K. Top earners bring in $113K or more, a $75K spread from bottom to top.
Loan Officers salary by metro in Tennessee
10 metro areas with BLS data, ranked by median pay
| Metro area | Median salary | vs. state | Employment |
|---|---|---|---|
| Knoxville | $64K | +2% | 930 |
| Johnson City | $64K | +1% | 190 |
| Memphis | $63K | +1% | 930 |
| Nashville-Davidson--Murfreesboro--Franklin | $63K | +0% | 1,770 |
| Chattanooga | $62K | -1% | 480 |
| Jackson | $62K | -2% | 150 |
| Clarksville | $60K | -4% | 210 |
| Kingsport-Bristol | $60K | -4% | 260 |
| Cleveland | $57K | -9% | 90 |
| Morristown | $47K | -25% | 50 |
Compare to other states
Track loan officers salary changes
BLS updates this data quarterly. We'll email you when Tennessee numbers change.
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Frequently asked questions
Can a loan officer afford a 2BR apartment alone in Tennessee?
Yes — at the median salary of $63K, rent takes 27.8% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $1,215/month. That stays under the 30% guideline most financial planners use.
What’s the entry-level salary for loan officers in Tennessee?
The 10th-percentile wage — what new loan officers typically earn — is $38K/year. Take-home on that works out to about $2,294/month. At HUD’s $1,215/month FMR, rent would take 53% of that take-home — above the 30% guideline, so a 1-bedroom or shared housing is likely necessary starting out.
Is loan officer a high-paying job in Tennessee?
Local pay runs 18% below the national median — $63K here vs. $77K nationally. Cost of living is 10% below the national average, which narrows that gap in real purchasing power.
How does Tennessee compare to the national average for loan officers?
Tennessee pays $63K median vs. the U.S. average of $77K — that’s -18%. After adjusting for local cost of living (RPP 89.78), the purchasing-power equivalent is $70K — below the national median.
How much do loan officers make in Tennessee?
The median is $62,800 a year, that works out to about $30 an hour. But the range is wide: entry-level workers start around $38,240, and experienced loan officers can clear $113,290. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $63K enough to live in Tennessee?
On that salary, you'd take home roughly $4,375/month after taxes. A 2-bedroom here rents for about $1,215/month, which eats 27.8% of your paycheck. That's under the 30% guideline most financial planners use, so the numbers work.
How far does a loan officers salary go in Tennessee?
Tennessee has a Regional Price Parity of 89.78 (100 is the national average). That's below average, your money stretches further here than the raw salary number suggests. After cost-of-living adjustment, the median loan officers salary is worth about $69,949 in national-average purchasing power.
Where do loan officers get paid the most?
The table above ranks every state by median pay for this role. Keep in mind that the highest-paying states tend to have the highest costs of living, so the top salary doesn't always mean the most money in your pocket.