Loan Officer in Fargo, ND

Here is a comprehensive career guide for Loan Officers considering a move to Fargo, ND.

---

The Salary Picture: Where Fargo Stands

As a local, I can tell you that Fargo’s economy is surprisingly resilient, anchored by North Dakota State University (NDSU) and a robust healthcare and agricultural sector. For Loan Officers, this translates to steady demand, but it’s not a "get rich quick" market. You need to know the numbers.

The median salary for a Loan Officer in Fargo is $73,776/year, which breaks down to an hourly rate of $35.47/hour. When compared to the national average of $76,200/year, Fargo sits slightly below the curve. However, this gap is misleading without context. The cost of living in Fargo (Index: 89.4) is significantly lower than the US average (100), meaning your dollar goes further here than in major coastal cities.

The job market is stable, not booming. There are approximately 264 Loan Officer jobs in the metro area, with a 10-year job growth projection of 3%. This is slower than the national average, indicating a mature market where relationships and reputation matter more than rapid turnover.

Experience-Level Breakdown

Salaries in Fargo scale predictably based on experience. Here is a realistic breakdown:

Experience Level	Years of Experience	Estimated Salary Range (Annual)
Entry-Level	0-2 Years	$55,000 - $65,000
Mid-Level	3-7 Years	$70,000 - $85,000
Senior	8-15 Years	$85,000 - $110,000
Expert/Management	15+ Years	$110,000+ (Commission-heavy)

Note: Ranges are estimates based on local market data and industry trends. Top performers in any bracket can exceed these figures.

Comparison to Other ND Cities

Fargo is the economic engine of the state, but it’s not alone. Here’s how it stacks up against North Dakota’s other major hubs:

City	Median Salary	Cost of Living Index	Job Market Vibe
Fargo	$73,776	89.4	Diverse, stable, competitive
Bismarck	$72,500	91.2	Government/Insurance focused
Grand Forks	$69,000	88.1	University/Ag driven, smaller
Minot	$71,000	93.5	Oil & Gas/hospitality volatility

Fargo offers the best balance of salary potential and job variety. Bismarck is close behind but has a more conservative, insurance-heavy market. Grand Forks is smaller and more seasonal. Minot is heavily tied to the energy sector, which can be boom-or-bust.

The Real Take-Home: After Taxes and Rent

Let’s get real. A salary of $73,776 sounds solid, but what’s left after Uncle Sam and your landlord?

Assumptions for this breakdown:

• Gross Annual Salary: $73,776
• Federal & State Taxes (Est.): ~22% (Fargo is in North Dakota, which has a progressive income tax)
• Fargo Average 1BR Rent: $781/month
• Utilities/Internet: $150/month
• Health Insurance: $200/month (employee contribution)
• Retirement (401k, 5%): $307/month

Monthly Budget Breakdown for a Loan Officer

Item	Monthly Cost	Notes
Gross Income	$6,148	$73,776 / 12
Taxes & Deductions	-$1,352	Est. 22% effective rate
Net Income (Take-Home)	$4,796	$35.47/hour net
Rent (1BR Average)	-$781	Downtown or South Fargo premium
Utilities/Internet	-$150	Xcel Energy & Comcast/Clarity
Groceries	-$400	Based on local pricing
Car Payment/Insurance	-$450	Essential in Fargo; public transit is limited
Health Insurance	-$200	Through employer
Retirement Savings	-$307	5% of gross
Discretionary Spending	-$1,508	Dining, entertainment, savings
Remaining Buffer	$1,008	Approx. $12k/year savings potential

Can They Afford to Buy a Home?

Yes, absolutely. This is Fargo’s biggest advantage. With a median home price around $275,000 (as of 2024), a Loan Officer earning $73,776 is well within the 28/36 debt-to-income ratio guidelines.

• 20% Down Payment: $55,000 (requires savings discipline)
• Mortgage at 7%: ~$1,460/month (Principal & Interest)
• Taxes/Insurance: ~$400/month
• Total Housing Payment: ~$1,860/month

This is roughly 30% of your gross income, which is considered affordable. Many local banks (like Gate City Bank or Bell Bank) offer first-time homebuyer programs with lower down payments, making entry easier.

Where the Jobs Are: Fargo's Major Employers

Fargo’s financial sector is competitive but relationship-driven. You won’t find Wall Street firms, but you will find stable, community-focused institutions.

1. Gate City Bank: A Fargo-born institution and the largest community bank in North Dakota. They have a massive presence and are always hiring for residential and commercial loan officers. Insider Tip: They value community involvement heavily. If you volunteer at events like the Fargo Marathon, you’ll stand out.
2. Bell Bank: Another North Dakota powerhouse, Bell is employee-owned and known for its "Pay It Forward" program. They have a strong mortgage division and are expanding in the region.
3. Bremer Bank: A regional bank with deep roots in the Red River Valley. They focus on agricultural lending, which is a huge niche here. If you have ag experience, this is your target.
4. U.S. Bank: A national player with a significant operational center in Fargo. They hire for both retail and private client banking roles, which often lead to loan officer positions.
5. First International Bank & Trust: Based in Watford City but with a strong Fargo presence. They are aggressive in residential lending and offer competitive commission structures.
6. BNC Bank: A community bank focused on commercial and real estate lending. Smaller teams mean more autonomy but less training structure.
7. Mortgage Brokers: Firms like Affordable Mortgage Solutions or Valley Mortgage offer flexibility and access to multiple lenders. This is a great path if you prefer an independent, commission-based model over a traditional bank branch.

Hiring Trends: Hiring is steady, not explosive. Demand peaks in spring and summer (construction season). Most firms are looking for candidates with 2-3 years of experience who already have their ND license.

Getting Licensed in ND

North Dakota has clear but strict licensing requirements overseen by the North Dakota Department of Financial Institutions (DFI). You cannot legally originate loans without it.

Step-by-Step Process:

1. Pre-Licensing Education (PE): You must complete 20 hours of NMLS-approved courses. This includes federal law, ethics, and state-specific ND regulations. Local providers like Rockwell Institute offer these online or in-person. Cost: ~$300-$500.
2. Nationwide Mortgage Licensing System (NMLS) Account: Create an account and pay the $30 processing fee.
3. State Licensing Exam: After PE, you must pass the National and State components of the SAFE MLO exam. The pass rate is high with good study. Exam Fee: $110.
4. Credit & Background Check: The NMLS will run a credit report and background check. You need a credit score above 640 and no recent felonies. Cost: ~$50-$100.
5. Fingerprinting: Required for the background check. Can be done at various locations in Fargo. Cost: ~$50.
6. State Application Fee: Pay the ND DFI application fee. Cost: $350.

Total Estimated Cost: $800 - $1,200
Timeline: If you start studying today, you can be licensed in 6-8 weeks. It’s faster if you have prior experience in finance.

Insider Tip: Your license is portable, but you must maintain it with continuing education (8 hours annually). If you move to Minnesota (just across the river), you’ll need a separate MN license, but the NMLS process is streamlined.

Best Neighborhoods for Loan Officers

Where you live affects your commute and your networking. Fargo is a driving city, but traffic is minimal (15-20 minutes max from any suburb).

1. Downtown Fargo: The heart of the action. Walkable to restaurants, bars, and the Fargodome. Home to many bank headquarters (Gate City, Bell). Commute: 5-10 minutes by car, or walk/bike. Rent (1BR): $900 - $1,300. Best for: Young professionals who want to network after work.
2. South Fargo (Hickory/40th Ave S): The fastest-growing area. Modern apartments, big-box stores, and new subdivisions. Many loan officers live and work here. Commute: 10-15 minutes to downtown. Rent (1BR): $850 - $1,100. Best for: Those seeking a balance of amenities and quiet.
3. West Fargo: A separate city but part of the metro. Excellent schools, family-oriented, and a booming commercial corridor. Commute: 15-20 minutes to downtown Fargo. Rent (1BR): $750 - $950. Best for: Families or those seeking value.
4. North Fargo (NDSU Area): Vibrant and youthful due to the university. More rental options, older buildings, and a lively atmosphere. Commute: 10 minutes to downtown. Rent (1BR): $700 - $900. Best for: Recent graduates or those who enjoy a college-town vibe.
5. Moorhead, MN: Just across the Red River. Lower taxes (no state income tax), cheaper rents, but you’ll deal with MN licensing. Commute: 10-15 minutes to Fargo. Rent (1BR): $650 - $850. Best for: Cost-conscious professionals.

The Long Game: Career Growth

The 10-year outlook for Loan Officers in Fargo is stable, not explosive. With only 3% growth, you must specialize to increase your earnings.

Specialty Premiums:

• USDA/Rural Development Loans: Huge in the outlying areas of ND. Knowing this niche makes you invaluable.
• VA Loans: With Grand Forks AFB and Minot AFB nearby, military buyers are a steady stream.
• Jumbo Loans: While less common, high-net-worth clients in South Fargo and West Fargo require expertise.
• Commercial Lending: Transitioning from residential to commercial real estate (CRE) can double your income potential. This requires more experience and networking with developers.

Advancement Paths:

1. Senior Loan Officer: Increase commission split, manage a small team.
2. Branch Manager: Oversee a local branch (Gate City or Bell have many). Salary + bonus structure.
3. Underwriter/Processor: Move to the back-office side for stable salary (often $65k-$85k).
4. Mortgage Broker: Start your own shop. Higher risk, higher reward.

10-Year Outlook: The market will not crash, but it will become more digital. The Loan Officers who survive and thrive will be those who blend tech-savvy with local, face-to-face trust. Automation will handle paperwork, but you will be the advisor.

The Verdict: Is Fargo Right for You?

Pros	Cons
Low Cost of Living: Your $73,776 salary feels like $90k+ in many cities.	Harsh Winters: 6-7 months of cold, snow, and wind. A real lifestyle factor.
Stable Job Market: 264 jobs and 3% growth mean low unemployment.	Slower Growth: Not a "hot" market; income potential caps lower than coastal cities.
Strong Community: Easy to network and build a reputation.	Limited Diversity: Less cultural variety than major metros.
Homeownership is Accessible: Affordable housing market.	Car Dependency: You need a reliable vehicle. Public transit is limited.
Great for Families: Top-rated schools, safe communities.	Entertainment Options: Improving, but not comparable to Minneapolis or Denver.

Final Recommendation:
Fargo is an excellent choice for a Loan Officer who values stability, affordability, and work-life balance. If you are chasing the highest possible income in a high-energy, high-cost city, look elsewhere. However, if you want to build a solid career, buy a home, and raise a family without financial stress, Fargo is a hidden gem. The median salary of $73,776 provides a comfortable life here, and the local financial community is tight-knit and rewarding.

FAQs

1. Do I need a car in Fargo?
Yes, absolutely. While you can live downtown without one, it is a major inconvenience. Fargo is spread out, public transit is sparse (essentially one bus line per major road), and winters make walking/biking impractical for months.

2. How does the weather affect my work as a Loan Officer?
It slows things down. In January and February, real estate activity drops significantly. Use this time for professional development, networking, and processing paperwork. The busy season is May through September. You must be prepared for "spring flooding" events, which can delay closings.

3. Is it better to work for a bank or a broker in Fargo?
It depends on your style. Banks (Gate City, Bell) offer stability, benefits, and a steady stream of leads. Brokers offer flexibility, higher commission splits (often 80/20 or 90/10), and more product variety. For a newcomer, a bank provides better training. For an experienced LO, a broker offers higher earning potential.

4. What's the biggest challenge for new Loan Officers here?
Building a referral network. Fargo is a "who you know" town. You cannot just cold-call. You need to join the Chamber of Commerce, volunteer, and get involved with real estate investor groups (like the FMREIA). The competition is friendly but present.

5. Can I work remotely for a national lender while living in Fargo?
Yes, but it’s tricky. Most national lenders require you to be licensed in the state where the property is located. If you want to work for a company like Rocket Mortgage, you’d still need a ND license. However, you could work for a Minnesota-based company (like Affinity Plus) and get your MN license, serving clients on both sides of the river.