Loan Officer in Jackson, TN

Of course. Here is a comprehensive career guide for Loan Officers considering a move to Jackson, Tennessee.

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The Salary Picture: Where Jackson Stands

For any career move, the numbers have to make sense. As a Loan Officer in Jackson, you're entering a market where the cost of living is a significant advantage. Let's break down the compensation reality.

The median salary for a Loan Officer in Jackson is $73,296/year, which translates to an hourly rate of $35.24/hour. It's important to understand that this isn't an entry-level figure; it represents the midpoint of the local market. This means half of all Loan Officers in the Jackson metro area earn more than this, and half earn less. Compared to the national average of $76,200/year, Jackson sits slightly below the curve, but the lower cost of living more than compensates for this difference.

Job availability is a critical factor. The Jackson metro area supports approximately 136 Loan Officer positions. This isn't a sprawling, hyper-competitive market like Nashville, but it's a stable one with a 10-year job growth projection of 3%. This growth isn't explosive, but it indicates consistent, steady demand driven by the local housing market and small business lending.

To give you a clearer picture, here’s how salaries typically break down by experience level in the Jackson area:

Experience Level	Estimated Annual Salary Range	Key Responsibilities
Entry-Level	$55,000 - $65,000	Processing applications, learning underwriting guidelines, building a referral network, focusing on customer service.
Mid-Career	$65,000 - $80,000	Managing a full pipeline, originating both purchase and refinance loans, developing relationships with local realtors and builders.
Senior/Expert	$80,000 - $95,000+	Handling complex loan files (Jumbo, FHA, VA), mentoring junior officers, cultivating high-value client relationships, potentially managing a team.

Insider Tip: Your earning potential is heavily influenced by your commission structure. While base salaries at local banks may be competitive, independent mortgage brokers and credit unions in Jackson can offer higher commission splits, which can push your total compensation well above the median if you're a strong producer.

How Jackson Compares to Other Tennessee Cities

To put Jackson's $73,296 median salary in perspective, it's helpful to look at other markets in the state. The data shows a clear correlation between a higher cost of living and higher nominal salaries.

City	Median Salary (Est.)	Cost of Living Index (US Avg = 100)	Notes
Jackson	$73,296	87.3	Lower cost of living, stable local market.
Nashville	$85,000+	110.3	High competition, higher salary potential, much higher living costs.
Memphis	$78,500	91.2	Larger market, more diverse loan products (e.g., USDA rural loans in surrounding areas).
Knoxville	$76,800	92.1	Strong university influence and steady housing demand.
Chattanooga	$75,200	90.5	Growing market with a focus on regional business lending.

As you can see, Jackson offers a solid middle ground. You won't command the top-tier salaries of Nashville, but your purchasing power will be significantly stronger.

The Real Take-Home: After Taxes and Rent

Let's get practical. A salary figure is meaningless without understanding your monthly cash flow. Using the median salary of $73,296, here’s a realistic monthly budget breakdown for a single Loan Officer living in Jackson.

Assumptions:

• Gross Monthly Income: $73,296 / 12 = $6,108
• Estimated Taxes (Federal, State, FICA): ~22% = -$1,344
• Net Take-Home Pay: ~$4,764/month
• Rent for a 1BR Apartment (Jackson Average): $866/month

Monthly Expense Category	Estimated Cost	Percentage of Take-Home	Notes
Rent & Utilities	$866 + $150	21%	Includes electricity, water, internet.
Groceries	$350	7%	Based on a single person's budget.
Transportation	$450	9%	Car payment, insurance, gas. Essential in Jackson.
Health Insurance	$300	6%	Varies widely; this is an estimate for an employer plan.
Retirement Savings (10%)	$476	10%	Crucial for long-term financial health.
Discretionary Spending	$1,172	25%	Entertainment, dining out, shopping, etc.
Debt/Student Loans	$200	4%	Varies per individual.
Emergency Fund	$200	4%	Building a 3-6 month safety net.
Remaining	$450	9%	Buffer for unexpected costs or savings goals.

Can They Afford to Buy a Home?

Absolutely, yes. This is where living in Jackson becomes a major career and lifestyle advantage. Let's look at the math for a median-priced home.

• Median Home Price (Jackson Metro): Approximately $240,000
• Down Payment (5%): $12,000
• Loan Amount: $228,000
• Estimated Monthly Mortgage (P&I at 6.5%): $1,442
• Estimated Property Taxes & Insurance: $350
• Total Estimated Monthly Housing Payment: $1,792

With a net take-home of $4,764, a $1,792 mortgage payment represents 38% of your take-home pay. While this is on the higher end of what's recommended (typically 28-30%), it's a manageable ratio for a single income earner, especially with the potential for salary growth through commissions. In major metro areas, this same payment would be nearly impossible on a median salary. Jackson makes homeownership a realistic goal for Loan Officers.

Where the Jobs Are: Jackson's Major Employers

The Jackson job market is anchored by major regional employers, which creates a stable demand for residential mortgages and small business loans. As a Loan Officer, you need to know who's hiring and who your potential clients are.

1. Union Bank & Trust: A prominent local and regional bank headquartered in Jackson. They have a strong residential lending department and are a primary employer for Loan Officers looking for a stable, bank-based role with benefits. They also have a significant commercial and agricultural lending presence.

2. First Citizens Bank: A major regional player with a solid footprint in West Tennessee. They actively hire for personal bankers who often transition into loan officer roles, making them a great entry point. Their mortgage division is well-regarded for conventional and government-backed loans.

3. Jackson Energy Authority (JEA): While a utility, JEA is one of the largest employers in the region. The stability it provides its thousands of employees translates directly into a reliable pool of potential mortgage clients. Building relationships with JEA employees is a classic local strategy.

4. West Tennessee Healthcare: This is the economic engine of the city. As a major hospital system (including Jackson-Madison County General Hospital), it employs a vast number of professionals—doctors, nurses, administrators—all of whom are potential homebuyers. Their complex income structures (bonuses, shift differentials) require skilled Loan Officers who understand how to underwrite them.

5. Dyersburg State Community College (Jackson Campus) & Lane College: The educational sector provides a steady stream of new residents and first-time homebuyers. Faculty and staff have stable, verifiable incomes, making them ideal clients. The student population also creates demand for rental properties, a potential market for investors.

6. Regional Manufacturers (e.g., Kellogg's, Gerdau Ameristeel): Jackson has a strong industrial base. These companies provide stable, often unionized jobs with good benefits. Employees here are prime candidates for FHA and VA loans, which are common for first-time buyers in this demographic.

Hiring Trend Insight: The market is competitive but not saturated. Local banks and credit unions (like First Federal Bank or Tennessee Credit Union) are the primary sources of traditional W-2 employment for Loan Officers. For higher earning potential and more autonomy, many experienced officers move to independent mortgage brokerages, where they can shop rates from multiple lenders and build their own book of business.

Getting Licensed in Tennessee

You cannot work as a Loan Officer in Tennessee without the proper credentials. The process is regulated by the Nationwide Multistate Licensing System (NMLS), and the Tennessee Department of Financial Institutions (DFI) is the state authority.

State-Specific Requirements

1. Pre-Licensing Education: You must complete 20 hours of NMLS-approved pre-licensing education. This covers federal and state law, ethics, and mortgage lending. This can be done online through providers like The CE Shop or Kaplan.
2. NMLS Licensing Exam: After completing your education, you must schedule and pass the national SAFE MLO exam (with a Tennessee state supplement). You'll need a score of 75% or higher.
3. Background Check & Credit Report: You must submit to a criminal background check and a credit report as part of your NMLS application. Tennessee requires a minimum credit score of 550.
4. Surety Bond: You must be sponsored by a licensed Tennessee mortgage company (your employer). The company will ensure you are covered under their $25,000 surety bond.
5. Fingerprints: You must submit your fingerprints for an FBI background check.

Costs and Timeline

The total cost to get licensed is relatively low compared to other financial professions, making it an accessible career change.

Cost Item	Estimated Amount
Pre-Licensing Education (20 hours)	$300 - $500
NMLS Exam Fee (National + State)	$110
NMLS Application Fee	$30
Background Check & Credit Report	$75
Total Estimated Cost	$515 - $715

Timeline: From start to finish, you can expect the process to take 2-4 months.

• Weeks 1-4: Complete your 20-hour pre-licensing course.
• Week 5: Schedule your exam (can sometimes have a 1-2 week wait for a slot).
• Week 6: Pass your exam and begin the NMLS application process with your sponsoring employer.
• Weeks 7-12: NMLS processing and state approval. Once approved, you can officially originate loans.

Insider Tip: Start networking before you're fully licensed. Connect with local loan officers and managers at banks in Jackson on LinkedIn. Express your interest in the field and ask about potential sponsorship and training programs. This can significantly speed up your job search once you're licensed.

Best Neighborhoods for Loan Officers

Where you live in Jackson affects your commute, your lifestyle, and your networking opportunities. Here are four distinct areas to consider:

1. North Jackson (The "Executive" Corridor)

   • Vibe: Established, quiet, and family-friendly. This area is home to many doctors, lawyers, and business executives who work at the hospital or downtown.
   • Commute: Excellent. 10-15 minutes to downtown corporate offices, major banks, and the hospital. Easy access to I-40.
   • Lifestyle: Great public schools, proximity to shopping at Old Hickory Mall, and scenic parks like Rotary Park.
   • Rent (1BR): $900 - $1,100/month
   • Best For: A Loan Officer looking for a quiet home base and aiming to build a high-net-worth client base.

2. Downtown Jackson

   • Vibe: Historic, vibrant, and increasingly trendy. The heart of local culture, with the Rock-A-Billy Hall of Fame, unique restaurants, and local coffee shops.
   • Commute: Walkable or a very short drive to many downtown offices. You're in the middle of the action.
   • Lifestyle: Perfect for someone who wants to be close to nightlife, community events, and the growing local arts scene. Great for networking informally.
   • Rent (1BR): $800 - $1,000/month (in renovated historic buildings or lofts)
   • Best For: A younger Loan Officer or someone who values an urban, connected lifestyle.

3. South Jackson / Airport Area

   • Vibe: Practical and convenient. This area is dominated by commercial development, hotels, and restaurants, with easy access to McKeller-Sipes Regional Airport.
   • Commute: 10-20 minutes to most parts of the city. The best access for those who travel frequently for work or pleasure.
   • Lifestyle: More affordable, with newer apartment complexes and a huge variety of chain restaurants and stores. Less historic charm, more modern convenience.
   • Rent (1BR): $750 - $900/month
   • Best For: A Loan Officer who travels often, is budget-conscious, or works for a company located in the commercial corridor.

4. Medina / The Suburbs

   • Vibe: Small-town charm with a quick commute. Just 15 minutes east of Jackson, Medina offers a tight-knit community feel with excellent schools.
   • Commute: A straightforward 15-25 minute drive to Jackson's core employment centers.
   • Lifestyle: Quieter, with more green space and a strong community feel. It's a popular choice for those starting families.
   • Rent (1BR): Fewer large complexes; often find rentals in nearby Medon or Humboldt for $700 - $850/month.
   • Best For: A Loan Officer prioritizing schools and a quieter lifestyle while staying close to the city's job market.

The Long Game: Career Growth

A career as a Loan Officer in Jackson is not a dead-end job; it's a platform for growth. The key is to specialize and build a reputation.

Specialty Premiums:

• USDA Loans: Jackson is in a prime position for USDA Rural Development loans. Many surrounding areas (like Gibson and Madison counties) are eligible. Becoming a USDA expert can set you apart, as these loans are popular with first-time buyers in the region.
• VA Loans: With West Tennessee Healthcare and several military families in the area, VA loan expertise is highly valuable. This requires understanding the specific requirements for veterans, active-duty personnel, and their families.
• FHA Specialist: Given the median income levels, FHA loans (with their lower down payment requirements) are a staple of the Jackson market. Mastering the FHA underwriting guidelines is essential for steady business.

Advancement Paths:

1. Senior Loan Officer: Focus on high-production and complex files. This path is primarily about increasing your income through volume and expertise.
2. Branch Manager: After proving your production, you can move into management, overseeing a team of Loan Officers. This role involves recruiting, training, and P&L responsibility, often with a lower direct commission but a higher base salary and overrides.
3. Underwriter/Processor: For those who prefer the analytical side, moving into an underwriting or processing role at a bank or mortgage insurer can offer a stable, salaried career path with a deep understanding of credit and policy.
4. Mortgage Brokerage Owner: The ultimate entrepreneurial move. After years of building a network, you can open your own brokerage, leveraging relationships with multiple lenders to offer the best products and retain more of the commission.

10-Year Outlook: The 3% job growth may seem modest, but it reflects a stable, mature market. The real growth will come from the revitalization of downtown Jackson and continued expansion of the healthcare sector. As West Tennessee Healthcare continues to grow, so will the demand for housing in the surrounding areas. Loan Officers who build deep relationships with realtors and builders focused on these growth corridors will see their income outpace the median average.

The Verdict: Is Jackson Right for You?

Deciding on Jackson requires weighing its unique set of advantages and disadvantages.

Pros	Cons
Low Cost of Living: Your salary goes much further, making homeownership highly attainable.	Limited Market Size: Fewer total jobs (136) than a major metro; competition for top listings can be fierce.
Stable Job Market: Anchored by healthcare, manufacturing, and education for steady demand.	Modest Growth: 10-year growth is only 3%; don't expect rapid market expansion.
Strong Local Network: A smaller market makes it easier to build a reputation and connect with key players.	Limited Diversity: The economy is less diverse than in Nashville or Memphis, making it sensitive to the performance of a few major employers.
Accessible Career Path: Low barriers to entry for licensing and a manageable job market for new MLOs.	"Small-Town" Feel: Fewer cultural amenities and dining options compared to larger cities.
Excellent Work-Life Balance: Short commutes and a less hectic pace allow for a better quality of life.	Lower Top-End Salary: While the median is strong, the ceiling is lower than in competitive markets like Nashville.

Final Recommendation:

**Jackson,