Loan Officer in Fall River, MA

The Salary Picture: Where Fall River Stands

As a local, I'll tell you straight up: the salary for a Loan Officer in Fall River sits in a peculiar spot. It’s competitive for the region but doesn’t command the premium you’d see in Boston or Worcester. You’re trading the high-stakes hustle of a major metro for a lower cost of living and a tighter-knit professional network. The data reflects this reality. The Median Salary: $76,405/year is just a hair above the National Average: $76,200/year. This suggests that while Fall River’s financial sector is stable, it doesn’t have the sheer volume of mega-banks or institutional lenders that push average salaries significantly higher.

Your earning potential is heavily dictated by experience and the type of lending you specialize in. A loan officer focusing on residential mortgages in a local bank branch will have a different trajectory than one handling commercial lending for local manufacturing or maritime businesses.

Here’s a realistic breakdown of salary expectations based on experience levels common in the South Coast market:

Experience Level	Years of Experience	Estimated Annual Salary Range (Fall River)	Key Responsibilities
Entry-Level	0-2 years	$55,000 - $68,000	Processing applications, learning underwriting guidelines, building a client portfolio, support roles at local banks.
Mid-Career	3-7 years	$68,000 - $82,000	Managing a full portfolio, specialized knowledge (FHA, VA, local CHFA programs), consistent production, networking in the community.
Senior	8-15 years	$82,000 - $95,000+	Leading a team, handling complex commercial or jumbo loans, acting as a subject matter expert, significant referral networks.
Expert/Principal	15+ years	$95,000 - $120,000+	Managing a branch, developing lending products for local markets, high-level strategic partnerships, ownership stake in a lending firm.

When you stack Fall River against other Massachusetts cities, the disparity becomes clear. Boston’s median for Loan Officers often pushes into the $85,000 - $95,000 range due to a higher cost of living and more corporate headquarters. Worcester is closer to Fall River’s benchmark, and Providence’s market directly competes with it, though the salary can vary by state. The key is that Fall River’s 10-Year Job Growth: 3% is modest. This isn’t a boomtown for this profession; it’s a stable, long-term market. There are Jobs in Metro: 187, which indicates a consistent, but not explosive, demand. This growth rate aligns with broader economic trends in older industrial cities—steady, but not flashy.

Insider Tip: Don't just look at the base salary. In Fall River, a significant portion of a mid-career loan officer’s compensation often comes from commissions and bonuses tied to loan volume. A strong performer at a local credit union or a branch of a regional bank like Bristol County Savings Bank can exceed the median by a solid margin. Your local reputation is your best asset; word-of-mouth referrals from satisfied clients in neighborhoods like The Flint Village or the North End are worth their weight in gold.

The Real Take-Home: After Taxes and Rent

Let's get real about the numbers. With a median salary of $76,405/year, your take-home pay after taxes (federal, state, Social Security, and Medicare) will be approximately $57,000 - $59,000 annually, or about $4,750 - $4,910 per month. This is a crucial starting point because your housing cost is your largest variable.

The Average 1BR Rent: $1,398/month is a key benchmark. It’s higher than the national average but significantly lower than Boston or Cambridge (where 1BRs easily top $2,000). This gives you breathing room. The Cost of Living Index: 100.9 (US avg = 100) confirms you’re paying a slight premium over the national average, but again, it's manageable.

Here’s a sample monthly budget for a Loan Officer earning the median salary:

Category	Estimated Monthly Cost	Notes & Local Context
Gross Monthly Income	$6,367	Based on $76,405/year
Estimated Take-Home (After Tax)	$4,800	A conservative estimate
Rent (1BR Apartment)	$1,398	Average across the city. Can be lower in some parts of the North End or higher in newer developments near the waterfront.
Utilities (Elec, Gas, Internet)	$250	Varies with season; older homes (like many in Fall River) can be less efficient.
Car Payment & Insurance	$500	Public transit (BAT) is limited. A car is a near-necessity for commuting to employers like Southcoast Health or meetings in neighboring towns.
Groceries & Food	$400	Access to fresh seafood at the waterfront markets can be a perk (and a budget item!).
Health Insurance (Employer Share)	$300	This can vary widely; many local employers offer decent plans.
Loan/Debt Payments	$400	Assumes some student debt or credit card payments.
Retirement Savings (401k)	$300	Critical for long-term growth.
Discretionary Spending	$652	This is your buffer. It covers gas, entertainment, dining out, and unexpected costs.

Can they afford to buy a home? Absolutely, with a plan. The median home price in Fall River hovers around $350,000 - $400,000. With a $76,405 salary, a 20% down payment ($70,000-$80,000) is a significant hurdle, but not impossible over several years of saving. Many local buyers use first-time homebuyer programs like the Massachusetts Housing Partnership (MHP) or the Massachusetts Housing Finance Agency (MassHousing) to reduce the down payment requirement. A monthly mortgage payment on a $360,000 home with a 5% down payment (using a conventional loan or FHA) could be in the $2,200 - $2,400 range, including taxes and insurance. That’s higher than rent, but it’s equity. As a Loan Officer, you’d have an inside track on navigating these programs and finding lenders who specialize in them.

Insider Tip: The biggest financial advantage in Fall River isn’t just the lower rent—it’s the type of housing stock. You can find a single-family home with a yard for the price of a cramped 1BR in Boston. This makes building family wealth more accessible, albeit within a market that requires careful inspection due to the age of many properties.

Where the Jobs Are: Fall River's Major Employers

Fall River’s job market for Loan Officers is anchored by a mix of traditional financial institutions, regional healthcare systems, and the lingering needs of its industrial past. The 187 jobs in the metro are not spread evenly; they cluster around these entities.

1. Bristol County Savings Bank (Headquarters: Taunton, MA): As one of the largest independent banks in the region, their Fall River branches are a primary employer. They offer personal, business, and commercial lending. Hiring tends to be steady, with a focus on local community reinvestment. Their commercial loan officers often handle accounts for the city’s many small manufacturing and logistics companies.

2. Southcoast Health System: While a healthcare provider, Southcoast is a massive economic engine for the region, with Charlton Memorial Hospital in Fall River as its flagship. They employ thousands, including in their internal finance and real estate departments. Loan Officers here might work on financing for hospital expansions, physician practice acquisitions, or even internal employee mortgage assistance programs. It’s a niche but stable sector.

3. BankFive (Headquarters: Fall River, MA): This is a true local powerhouse. As a community bank with deep roots in the South Coast, BankFive is a major employer for residential and commercial loan officers. Their hiring is directly tied to local economic health. With their headquarters at 1050 North Main Street, they have a strong pulse on the city’s development projects, from waterfront revitalization to affordable housing initiatives.

4. Fall River Municipal Credit Union: Credit unions are a cornerstone of the local financial landscape. FFCU serves city employees and residents, offering competitive rates on mortgages and auto loans. The environment is member-focused, and loan officers here often build long-term relationships with families across generations. It’s a less corporate, more community-centric career path.

5. Local Mortgage Brokerages & Independent Lenders: A significant number of Loan Officers in Fall River work for independent brokerages. These firms often have access to a wide array of lenders (including national ones) but are based locally. They specialize in navigating the complex Massachusetts regulatory environment and can be more agile than big banks. Examples include firms that partner with national names but are headquartered in the region.

6. City of Fall River Government: The city’s office of economic development and its finance department occasionally have positions related to loan administration for city grants, small business loans, or HUD programs. These are public-sector roles that offer stability and benefits, though the salary ceiling is often lower than the private sector.

Hiring Trends: The hiring is consistent but competitive. The 10-year job growth of 3% means openings are often created by retirements or people changing firms, not from rapid expansion. Networking is everything. Attending events at the Greater Fall River Chamber of Commerce or volunteering with local housing nonprofits can open doors. The trend is toward officers who can handle both residential mortgages (a steady market) and the more complex commercial loans needed by the city’s industrial and maritime businesses.

Getting Licensed in MA

Massachusetts has a clear but stringent licensing path for Loan Officers. It’s a regulated market, and cutting corners isn’t an option. The process is managed primarily by the Massachusetts Division of Banks (DOB) and the NMLS (Nationwide Multistate Licensing System).

Step-by-Step Requirements & Costs:

1. Pre-Licensing Education: You must complete 20 hours of NMLS-approved education. This covers federal law, ethics, and non-traditional mortgage lending. In Massachusetts, you also need an additional 2-hour Massachusetts-specific module.

   • Cost: $300 - $500 for the course.
   • Timeline: You can complete this online in a week or two.

2. NMLS Licensing Exam: After education, you must pass the National and State components of the SAFE MLO exam.

   • Cost: $90 (exam fee).
   • Timeline: Schedule the exam upon completion of coursework. Study time varies (1-3 months is common).

3. Background Check & Credit Report: You must submit fingerprints for a criminal background check and authorize a credit report through the NMLS.

   • Cost: ~$100 for the background check/credit report.
   • Timeline: Concurrent with the exam prep.

4. State Application & Fees: Apply through the NMLS for a Massachusetts MLO license. You’ll need a licensed sponsor (your future employer) to vouch for you.

   • Cost: $1,000 for the state license application fee (MA is one of the more expensive states). The total startup cost, including education and fees, is typically $1,500 - $2,000.
   • Timeline: 4-8 weeks for processing after you pass the exam and your sponsor submits their paperwork.

5. Surety Bond: You must be covered by a surety bond. For a Residential Mortgage Loan Originator (RMLO) in Massachusetts, the bond amount is typically $25,000. The cost to you (the premium) is a small percentage, usually $200 - $500 annually, and is often paid by the employer.

   • Timeline: Arranged upon hiring.

Total Estimated Cost: $1,800 - $2,500 (before potential employer reimbursement).
Total Timeline: From starting education to holding a license, expect 3-5 months.

Insider Tip: Many local employers in Fall River will hire you as a trainee before you’re fully licensed, with the condition that you complete the requirements within 90 days. They often cover the licensing costs. When interviewing, ask about their sponsorship and reimbursement policies. It’s a standard part of the hiring process here.

Best Neighborhoods for Loan Officers

Choosing where to live in Fall River impacts your commute, lifestyle, and professional networking. The city is diverse, and your neighborhood choice can subtly influence your career.

1. The North End: While the name evokes Boston’s Little Italy, Fall River’s North End is a dense, historic, and largely residential neighborhood. It’s close to downtown and the waterfront. You’ll find older brick triple-deckers and single-family homes. Rent Estimate: $1,200 - $1,600 for a 1BR/2BR.

   • Commute: Excellent. You’re close to BankFive, the municipal credit union, and many brokerages downtown.
   • Lifestyle: Walkable to local eateries and parks. A strong sense of community, though parking can be tough.

2. The Flint Village: A working-class neighborhood with a mix of older single-family homes and multi-families. It’s more affordable and has a tight-knit feel. Rent Estimate: $1,000 - $1,400 for a 1BR/2BR.

   • Commute: Good. A short drive to major employers like Southcoast Health or the industrial parks off I-195.
   • Lifestyle: Family-oriented, with local churches and community centers. A great place to build a referral base by getting involved.

3. The Highlands: Located in the northern part of the city, this area offers more suburban-style living. You’ll find well-kept single-family homes, some with larger lots. Rent Estimate: $1,400 - $1,800 for a 1BR/2BR; house prices are higher here.

   • Commute: Easy access to Route 24 and I-195. A 10-15 minute drive to most major employers.
   • Lifestyle: Quieter, more residential. Popular with young professionals and families. Close to shopping plazas.

4. Maplewood: A neighborhood on the eastern side, offering a mix of housing and good access to the city’s amenities and the border with Somerset. Rent Estimate: $1,250 - $1,600 for a 1BR/2BR.

   • Commute: Good for access to the Southcoast Health campus and the commercial corridors along Route 6.
   • Lifestyle: Balanced, with a mix of residential and commercial spaces. Good for someone who wants a quieter home base but easy city access.

5. Downtown/Waterfront: The revitalizing downtown area and the emerging waterfront district are where you’ll find newer apartment complexes and lofts in converted mill buildings. Rent Estimate: $1,500 - $2,200+ for a modern 1BR.

   • Commute: Walkable to many downtown offices and the ferry terminal (for connections to Providence).
   • Lifestyle: Urban, with a growing arts scene, restaurants, and events. The cost is higher, and inventory is more competitive. Best for those who want a dynamic, modern lifestyle.

Insider Tip: If you’re a new Loan Officer building your book, living in a diverse, affordable neighborhood like The Flint Village or the North End can be an advantage. You’re more accessible to potential clients who are first-time homebuyers or looking for small business loans. The Highlands might be better for established professionals with families.

The Long Game: Career Growth

In Fall River, career growth for a Loan Officer is more about deepening your expertise and community ties than rapid vertical climbing. The 3% job growth means you won’t see massive new departments popping up. Instead, you grow by becoming indispensable.

Specialty Premiums: You can command a higher salary by specializing in niches that are relevant to the local economy.

• Commercial & Industrial (C&I) Lending: Understanding the needs of local manufacturers, distributors, and businesses in the Port of Fall River can lead to higher commissions. This is where you move beyond residential mortgages.
• USDA Rural Development Loans: While Fall River itself isn’t eligible, many Loan Officers serve clients in the surrounding South Coast towns (like Somerset, Freetown) that are. This is a high-demand, low-down-payment product.
• First-Time Homebuyer Programs: Expertise in MassHousing, MHP, and local city programs makes you a go-to resource for a large segment of the population. This builds a reliable referral pipeline.

Advancement Paths:

1. Senior Loan Officer to Branch Manager: The classic path. You prove you can build and manage a portfolio, then take over a branch (e.g., for BankFive or a regional bank). This moves you from commission-only to a salary-plus-bonus structure.
2. Specialist to Underwriter: Some loan officers with a sharp eye for detail transition to the underwriting side, often within the same institution. It’s more stable but can be less lucrative.
3. Brokerage Owner: With experience and a strong network, you can start your own independent brokerage. This is high-risk, high-reward, and requires deep knowledge of compliance and marketing.
4. Private Banking/Wealth Management: For those who excel at client relationships