Prevailing Wage for Loan Officers
Prevailing wage requirements for Loan Officers, including Commercial Bankers, Commercial Loan Officers, and corporate banking professionals, are set by the DOL under SOC 13-2072. The DOL publishes four experience-based wage levels for this occupation, and the floor varies significantly by metropolitan area, so the city where you'll work matters as much as the level your employer files.
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Entry-level loan officers with limited experience, typically recent graduates or those new to credit analysis. Work is closely supervised, with tasks confined to routine loan processing and basic borrower evaluations under direct guidance from senior staff.
Qualified officers with two or more years of hands-on lending experience who work with moderate supervision. Level 2 is the most common filing level for Loan Officers, covering professionals managing standard commercial or mortgage loan portfolios independently.
Experienced professionals who handle complex credit decisions, mentor junior staff, and operate with considerable independence. Typically five or more years in lending, with demonstrated expertise across multiple loan categories or specialized sectors such as real estate or commercial credit.
Senior loan officers or team leads with deep specialized expertise, broad discretionary authority, and responsibility for high-value portfolios or policy development. These professionals typically set underwriting standards or manage relationships with large institutional borrowers.
Prevailing Wage for Loan Officers by OES area
Each shape is a DOL OES area, the unit prevailing wage is published for.
What’s an OES area?
The Department of Labor publishes prevailing wages for geographic zones called OES areas. Every U.S. county belongs to exactly one, and the wage floor applies across the whole area. A worker in Oakland gets the San Francisco metro wage, not a separate Oakland wage.
Top 10 cities · Level 1
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See which U.S. employers are actively hiring for Loan Officers and sponsoring H-1B, OPT, and green card visas at or above the prevailing wage.
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Watch how commission income affects wage compliance
Loan officers are frequently paid partly on commission. DOL prevailing wage compliance counts only guaranteed base salary, not incentive pay or origination bonuses, so confirm your base salary alone clears the floor for your assigned wage level.
Confirm your worksite before the LCA is filed
Mortgage and commercial lending roles often involve visiting multiple branch locations or client sites. The prevailing wage on your LCA must match the metropolitan area where you physically work, not your employer's headquarters city.
Check which employers sponsor Loan Officers on Migrate Mate
Banks, credit unions, and mortgage companies vary widely in sponsorship history. Migrate Mate shows which employers have actually sponsored Loan Officers in the past, so you can prioritize outreach to lenders with a demonstrated track record.
Avoid title mismatches that trigger the wrong SOC
Titles like Financial Aid Officer or Financial Aid Counselor share O*NET alternate titles with Loan Officers but may be filed under a different SOC by some employers. Verify your petition cites SOC 13-2072 so the correct prevailing wage floor applies.
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Find Jobs for Loan OfficersPrevailing Wage by Reported Job Title
DOL classifies these titles under SOC 13-2072.00 alongside Loan Officers, so the same four-tier wage schedule applies to each. Tap a title to see the full breakdown.
Commercial Banker Prevailing Wage
Commercial Banker Prevailing Wage
Commercial Banker positions fall under SOC 13-2072.00 (Loan Officers). DOL OFLC publishes one four-tier prevailing wage schedule for the entire classification; employers filing H-1B, E-3, or PERM petitions for this title use the levels below.
Commercial Loan Officer Prevailing Wage
Commercial Loan Officer Prevailing Wage
When a U.S. employer sponsors a Commercial Loan Officer for a work visa or green card, DOL applies the prevailing wage schedule for SOC 13-2072.00 (Loan Officers). Wage level reflects the role's experience and responsibility, not the title itself.
Corporate Banking Officer Prevailing Wage
Corporate Banking Officer Prevailing Wage
Corporate Banking Officer is an O*NET-reported job title within SOC 13-2072.00 (Loan Officers). All roles in this SOC share the same prevailing wage tiers. The level an employer files at depends on what the role requires, not which title is used.
Financial Aid Advisor Prevailing Wage
Financial Aid Advisor Prevailing Wage
Financial Aid Advisor positions fall under SOC 13-2072.00 (Loan Officers). DOL OFLC publishes one four-tier prevailing wage schedule for the entire classification; employers filing H-1B, E-3, or PERM petitions for this title use the levels below.
Financial Aid Counselor Prevailing Wage
Financial Aid Counselor Prevailing Wage
When a U.S. employer sponsors a Financial Aid Counselor for a work visa or green card, DOL applies the prevailing wage schedule for SOC 13-2072.00 (Loan Officers). Wage level reflects the role's experience and responsibility, not the title itself.
Financial Aid Officer Prevailing Wage
Financial Aid Officer Prevailing Wage
Financial Aid Officer is an O*NET-reported job title within SOC 13-2072.00 (Loan Officers). All roles in this SOC share the same prevailing wage tiers. The level an employer files at depends on what the role requires, not which title is used.
Financial Counselor Prevailing Wage
Financial Counselor Prevailing Wage
Financial Counselor positions fall under SOC 13-2072.00 (Loan Officers). DOL OFLC publishes one four-tier prevailing wage schedule for the entire classification; employers filing H-1B, E-3, or PERM petitions for this title use the levels below.
Loan Counselor Prevailing Wage
Loan Counselor Prevailing Wage
When a U.S. employer sponsors a Loan Counselor for a work visa or green card, DOL applies the prevailing wage schedule for SOC 13-2072.00 (Loan Officers). Wage level reflects the role's experience and responsibility, not the title itself.
Mortgage Loan Officer Prevailing Wage
Mortgage Loan Officer Prevailing Wage
Mortgage Loan Officer is an O*NET-reported job title within SOC 13-2072.00 (Loan Officers). All roles in this SOC share the same prevailing wage tiers. The level an employer files at depends on what the role requires, not which title is used.
Frequently Asked Questions
How does the DOL set the prevailing wage for Loan Officers?
DOL uses Occupational Employment and Wage Statistics survey data, collected by the Bureau of Labor Statistics from employers across every metropolitan area, to calculate median wages by experience level for SOC 13-2072. OFLC then publishes four wage levels derived from that data. Employers sponsoring a Loan Officer on an H-1B or PERM application must pay at least the level that corresponds to the job's actual duties and required experience.
What do the four wage levels mean and how do I know which applies to me?
The four levels reflect experience and supervision. Level 1 covers entry-level officers under close supervision. Level 2 applies to qualified professionals working with moderate independence, and is the most common filing level for this occupation. Level 3 covers experienced officers handling complex credit decisions. Level 4 applies to senior or lead professionals with broad discretionary authority. The level must match the actual duties in the job description, not just the title.
Why does the prevailing wage for the same Loan Officer role differ so much by city?
DOL calculates wages separately for each metropolitan statistical area using regional OES survey data, which captures local labor market conditions. A dense financial center like New York commands significantly higher wages than smaller or lower-cost metros. Critically, the LCA must list the actual worksite location, and the prevailing wage on that LCA must match the metro where you work, regardless of where your employer's main office is located.
What happens if a job offer is below the prevailing wage for a sponsored position?
For H-1B and PERM-based green card cases, DOL will not certify an LCA or labor certification where the offered wage falls below the applicable prevailing wage. USCIS can deny or issue a request for evidence on petitions where wage compliance is not demonstrated. The employer must either increase the offered salary to meet the floor or re-evaluate the wage level designation before filing.
How do I find and verify the prevailing wage for a Loan Officer position in a specific U.S. city?
Use the OFLC Wage Search tool to look up SOC 13-2072 wages by metropolitan area and experience level. Select the correct metro for your worksite, not your employer's headquarters. You can also cross-reference BLS data for that area. Migrate Mate lists employers with active sponsorship history for Loan Officers, filtered by location, so you can compare posted salaries against the prevailing wage floor for your target city.
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