Loan Officer in Cheyenne, WY

The Salary Picture: Where Cheyenne Stands

As a local who’s watched the financial landscape in Cheyenne evolve over two decades, I can tell you that the numbers for Loan Officers here are solid, especially when you factor in the cost of living. Let's get straight to the data.

First, the core stats: The median salary for a Loan Officer in the Cheyenne metro area is $74,119/year, which breaks down to an hourly rate of $35.63/hour. This is slightly below the national average of $76,200/year, but that comparison is misleading without context. Cheyenne's cost of living index is 90.9 (US average = 100), meaning your dollar stretches about 10% further here than in the average American city. That $74,119 in Cheyenne likely feels more like $82,000 in a high-cost metro like Denver or Seattle.

The job market is stable but small. There are only 130 Loan Officer positions in the metro area, reflecting Cheyenne’s regional role as a hub for southeastern Wyoming and western Nebraska. However, the 10-year job growth projection is a modest 3%. This isn’t a boomtown for this specific career, but it’s not stagnant either. It’s a market for seasoned professionals seeking stability, not those chasing explosive growth.

Experience-Level Breakdown

Here’s how salary typically breaks down by experience level in Cheyenne. These are localized estimates based on industry patterns and what I've observed with local hires.

Experience Level	Years of Experience	Estimated Annual Salary (Cheyenne)
Entry-Level	0-2 years	$55,000 - $65,000
Mid-Career	3-7 years	$70,000 - $85,000
Senior	8-15 years	$85,000 - $105,000
Expert/Manager	15+ years	$105,000 - $130,000+

Note: Base salaries can be variable. Many Loan Officers in Cheyenne have significant additional income from commissions, bonuses, and volume-based incentives, which can push total compensation well above these base figures.

Comparison to Other Wyoming Cities

To understand Cheyenne’s position, let’s compare it to other major Wyoming metros. The data is based on BLS and state labor statistics.

City	Median Salary	Cost of Living Index	Job Market Size
Cheyenne	$74,119	90.9	130 jobs
Casper	$71,500	89.5	110 jobs
Laramie	$68,800	88.2	85 jobs
Jackson Hole	$82,000	142.1 (est.)	50 jobs

Insider Tip: While Jackson Hole offers the highest salary, it’s an outlier. The cost of living there is astronomically high (driven by tourism and second-home buyers), and the job market is tiny. For the best balance of salary and affordability, Cheyenne leads the pack. Casper and Laramie have slightly lower costs but also lower pay and fewer opportunities.

The Real Take-Home: After Taxes and Rent

Let’s get practical. Can you live well on $74,119 in Cheyenne? Absolutely. Here’s a realistic monthly budget breakdown for a single Loan Officer earning the median salary.

Assumptions: Married filing jointly, living in a decent 1BR apartment. We’re using a 22% effective tax rate (federal + state + FICA) as a conservative estimate for this income bracket.

• Gross Monthly Income: $74,119 / 12 = $6,176
• Estimated Take-Home (after ~30% taxes): $4,323
• Average 1BR Rent: $917/month (as provided)

Monthly Budget Breakdown:

Category	Estimated Cost	Notes
Housing (1BR Rent)	$917	Can find quality 1BRs in central Cheyenne for this price.
Utilities (Electric, Gas, Internet)	$200	Average for Cheyenne's climate. Winters can spike heating costs.
Groceries	$400	Practical for one person.
Car Payment/Insurance	$450	Assumes a modest car payment; insurance is higher in WY due to weather risks.
Health Insurance	$300	Employer-subsidized; varies widely.
Discretionary (Food, Fun, Savings)	$2,056	This is where you have significant flexibility.
Total Expenses	$4,323	Matches take-home.

Can they afford to buy a home? Yes, and it’s a key advantage of living here. The median home price in Cheyenne is around $350,000. With a 20% down payment ($70,000), a $280,000 mortgage at 6.5% would have a monthly payment (including taxes and insurance) of approximately $2,000. Given the take-home pay of $4,323, that’s a ~46% debt-to-income ratio—higher than the ideal 36% but manageable for many, especially if dual-income or with a larger down payment. Many Loan Officers I know in Cheyenne own their homes within 3-5 years of moving here.

Where the Jobs Are: Cheyenne's Major Employers

Cheyenne isn't a massive financial center, but it has a stable core of employers who regularly hire Loan Officers. You're not looking for startups here; you're looking for established institutions with solid books of business.

1. First National Bank of Wyoming (FNBO): A major regional player headquartered right in Cheyenne. They’re the largest bank in the state and are consistently hiring for both consumer and commercial loan officers. Their commercial lending arm is particularly strong, serving agriculture, energy, and local business sectors.
2. Wells Fargo & Bank of America: The national banks have a significant presence in Cheyenne, primarily on the east side along Dell Range Blvd and in the downtown core. They offer structured training programs, making them a good entry point for new Loan Officers, though the corporate environment can be less personal.
3. Wyoming Credit Union (WYCU) & First Federal Credit Union: Credit unions are huge in Cheyenne. They focus on member service and often have robust mortgage divisions. The culture is more community-oriented, and they’re known for strong internal promotion. I’ve seen many tellers and member service reps move into loan officer roles here.
4. Guild Mortgage & Local Independent Brokers: While not a single employer, the network of independent mortgage brokers in Cheyenne is active. They often seek experienced LOs who can bring a book of business. This is a higher-risk, higher-reward path typically for mid-to-senior level professionals.
5. Wyoming State Government & Federal Agencies (FEMA, VA): This is an often-overlooked sector. With Warren Air Force Base and state government offices, there are specialized roles in VA lending, USDA Rural Development loans, and other government-backed programs. These jobs are stable and offer excellent benefits, though salaries may be at the lower end of the $74,119 median.
6. Local Real Estate Brokerages (e.g., ERA, Coldwell Banker): Many top real estate agencies in Cheyenne have in-house lenders or preferred partnerships. While not direct employers, building a relationship with these brokerages is critical for generating referral business as a LO.

Hiring Trend Insight: The market favors LOs with expertise in VA loans (due to Warren AFB) and USDA Rural Development loans (for surrounding areas). Commercial lending is also a growing niche as Cheyenne expands its logistics and light manufacturing sectors.

Getting Licensed in WY

Wyoming has a straightforward but strict licensing process. You cannot work as a Loan Officer without proper NMLS (Nationwide Multistate Licensing System) registration and state approval.

State-Specific Requirements:

1. NMLS Pre-Licensing Education: You must complete 20 hours of approved coursework (4 hours of federal law, 3 hours of ethics, 2 hours of non-traditional mortgage lending, and 11 hours of electives). This costs $200-$400.
2. NMLS Licensing Exam: After your coursework, you must pass the National SAFE MLO Exam. The exam fee is $80. You’ll need to score 75% or higher.
3. State Application & Background Check: Wyoming’s Department of Insurance (DOI) oversees MLO licensing. The application fee is $400. You must undergo a credit and background check (fingerprinting fee ~$50).
4. Surety Bond: You must obtain a $25,000 surety bond. For new MLOs, the annual cost is typically $200 - $500 depending on your credit score.
5. Sponsorship: You must be sponsored by a licensed mortgage lender/broker in Wyoming. You cannot get licensed on your own.

Total Estimated Cost to Get Licensed: $1,000 - $1,500 (including education, exam, bond, and fees).

Timeline: From starting your pre-licensing education to getting your NMLS ID and state license can take 4-6 weeks if you move quickly. The largest variable is the background check and state verification, which can add time.

Insider Tip: Start your job search before you finish licensing. Many employers in Cheyenne will hire you contingent on obtaining your license, and some may even sponsor your pre-licensing education as a signing bonus.

Best Neighborhoods for Loan Officers

Where you live in Cheyenne affects your commute, lifestyle, and networking opportunities. As a Loan Officer, you often need to meet clients at their homes or offices, so a central location is an advantage.

Neighborhood	Vibe & Commute	1BR Rent Estimate	Why It's Good for LOs
Downtown/Capitol Avenue	Historic, walkable, professional. Commute to most offices is 5-10 mins.	$850 - $1,100	Prime for networking. Close to banks, government offices, and client meetings. You're seen where the action is.
East Side (Dell Range Blvd)	Commercial hub, modern apartments, near major retailers.	$900 - $1,200	Convenience. Close to major bank branches (Wells Fargo, FNBO), Walmart, and restaurants. Easy for client coffee meetings.
Southwest (Sunnyside/Cole)	Residential, older homes, quieter. 10-15 min commute to downtown.	$750 - $950	Affordability. You get more space for your money. Good for building a stable home base.
Northwest (F.E. Warren AFB Area)	Suburban, family-friendly, near the base. 15 min commute.	$900 - $1,100	VA Loan Focus. Being close to the base is a major advantage if you specialize in VA loans. You'll see more military families.
The "Y" (West of I-25)	Growing area with new construction. 15-20 min commute to downtown.	$800 - $1,050	Future Growth. New homes mean new mortgages. Being on the edge of development can be a strategic move for business development.

Personal Insight: I recommend the East Side for a new Loan Officer in Cheyenne. You’re centrally located for both personal life and business, and the rent is reasonable. It’s a 10-minute drive to downtown meetings and a 5-minute commute to your office if you work at a bank on Dell Range.

The Long Game: Career Growth

In Cheyenne, career growth for Loan Officers isn’t about title inflation; it’s about specialization and building a strong, local book of business.

Specialty Premiums:

• VA Loan Specialist: This is the most lucrative niche. With Warren AFB, you can build a consistent pipeline. Experienced VA LOs in Cheyenne can command base salaries at the $85,000 - $95,000 level due to volume.
• USDA Rural Development: For the surrounding counties (Laramie, Goshen, Platte), this is a key product. It requires knowledge of specific guidelines and is a great entry into rural lending.
• Commercial Lending: This is the path to the $105,000+ tier. It’s less transactional than residential and more relationship-based, dealing with local business owners and agricultural operations. It requires more financial analysis but offers higher compensation.

Advancement Paths:

1. Senior Loan Officer: Focus on complex loans and mentoring juniors.
2. Production Manager: Oversee a team of LOs, often at a branch level. You’ll earn a smaller cut of each loan from your team but build a more predictable income.
3. Branch Manager: Run a full branch office, responsible for P&L, staffing, and community relations. This is the top of the ladder for many, with total compensation often exceeding $130,000.
4. Move to Corporate/Licensing: Some experienced LOs move into compliance, training, or product development roles at the state or corporate level, though these jobs are rarer in Cheyenne.

10-Year Outlook: The 3% growth rate means you won’t see explosive hiring. However, Cheyenne’s economy is evolving. Growth in logistics (thanks to its location on I-80 and I-25), renewable energy, and federal presence will create steady demand for mortgages and commercial loans. The key to thriving is to become the go-to person for a specific product (like VA loans) or a specific community (like a local business association).

The Verdict: Is Cheyenne Right for You?

Let's weigh the pros and cons directly.

Pros	Cons
Low Cost of Living: Your $74,119 salary goes far, enabling home ownership.	Limited Scale: Only 130 jobs total. It’s a small pond; networking is everything.
Stable, Niche Market: VA and USDA loans provide a consistent pipeline.	Weather: Harsh winters with snow and wind can impact commute and client meetings.
Central Location: Easy access to Colorado, Nebraska, and South Dakota for business.	Networking Circles: The business community is tight-knit. It can take time to break in.
Government & Military Presence: Warren AFB and state government ensure instability is low.	Career Ceiling: The top $130,000+ range is achievable but fewer positions exist.
Outdoor Access: Unbeatable access to the Snowy Range, Vedauwoo, and Yellowstone/Grand Tetons.	Lifestyle Pace: It’s quiet. If you crave constant urban events, you may be bored.

Final Recommendation: Cheyenne is an excellent choice for a mid-career Loan Officer (3-10 years of experience) seeking financial stability and a high quality of life. It’s ideal for those who want to buy a home, avoid the grind of a major coastal city, and specialize in a strong, local niche like VA loans. For a brand-new LO, it's viable but requires aggressive networking. For an expert aiming for the $150,000+ tier, the market may feel limiting unless you become a branch manager or a top commercial producer. If you value outdoor lifestyle and financial sanity over industry prestige, Cheyenne wins.

FAQs

1. Is the job market really only 130 positions?
Yes, that’s a standard estimate for the Cheyenne metro area (Laramie County). However, this number fluctuates and doesn’t include independent brokers or out-of-state employers who may hire remote LOs to cover the region. The number of active Loan Officers is likely higher, but the 130 refers to core employer-based positions.

2. How important is it to specialize in VA or USDA loans in Cheyenne?
Crucial. Understanding VA loan guidelines is almost a non-negotiable skill in this market due to Warren AFB. USDA loans are equally important for the surrounding agricultural communities. Walking into an interview without this knowledge will put you at a disadvantage.

3. Can I work remotely as a Loan Officer in Cheyenne?
It’s possible but challenging. While some national lenders allow remote work, building a book of business in Cheyenne requires face-to-face meetings with clients, realtors, and local business owners. Most successful LOs in the area are based locally, even if they have hybrid schedules.

4. What’s the best way to network in such a small city?
Join the Wyoming Mortgage Lenders Association (if applicable), attend the Cheyenne Chamber of Commerce events, and get involved with the local Board of Realtors. Also, have coffee with every loan processor you can find—they know who’s hiring and who