Loan Officer in Oshkosh, WI

Here is a comprehensive career guide for Loan Officers considering a move to Oshkosh, Wisconsin.

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As a career analyst with deep roots in Wisconsin’s financial landscape, I’ve spent years tracking regional job markets. Oshkosh isn’t just the home of the EAA AirVenture and its famous "Airshow of the Century"; it’s a stable, mid-sized market with a distinct flavor. For Loan Officers, Oshkosh represents a classic Midwestern balance: a lower cost of living that stretches your paycheck, but a market where local reputation and relationships mean everything. This guide cuts through the generic advice and gives you the on-the-ground data you need to decide if Oshkosh is your next career move.

The Salary Picture: Where Oshkosh Stands

Let’s start with the numbers that matter most. The salary landscape for Loan Officers in Oshkosh is solid but sits slightly below the national average, a reflection of the region's overall cost of living. According to the latest data, the median salary for a Loan Officer in Oshkosh is $74,074 per year, which breaks down to an hourly rate of $35.61. For context, the national average for Loan Officers is $76,200 per year, meaning Oshkosh is only about 2.8% below the U.S. median—a very manageable gap, especially when you factor in living costs.

The job market itself is modest but steady. There are approximately 132 Loan Officer jobs in the Oshkosh metro area. The 10-year job growth projection is 3%, which aligns with national trends for the sector. This isn't a booming, high-turnover market like you might find in a major coastal city. Instead, it’s a market built on stability, long-term client relationships, and serving the core needs of a community with a strong manufacturing and healthcare backbone.

Salary Breakdown by Experience Level

While the median is a useful benchmark, your actual earnings will depend heavily on your experience, specialization (e.g., residential mortgage, commercial lending, SBA loans), and performance. Here’s a realistic breakdown for the Oshkosh market:

Experience Level	Annual Salary Range (Oshkosh)	Key Responsibilities
Entry-Level	$52,000 - $65,000	Processing applications, learning underwriting guidelines, building a client portfolio, working under a senior officer.
Mid-Level	$68,000 - $82,000	Managing a full client pipeline, handling complex files, direct client acquisition, mentoring junior staff.
Senior-Level	$80,000 - $95,000+	High-net-worth client focus, complex commercial or agricultural loans, leadership/management roles, driving branch profitability.
Expert/Principal	$95,000 - $120,000+	Niche expertise (e.g., medical professional loans, large-scale commercial real estate), partner/principal track, significant business development.

Note: These ranges are estimates based on local job postings, industry surveys, and BLS data for the region. Commission and bonus structures can significantly impact total compensation, often adding 10-25% to base salary for top performers.

How Oshkosh Compares to Other Wisconsin Cities

Oshkosh’s salary is competitive within its peer group of mid-sized Wisconsin cities. It often sits in the middle of the pack, offering a strong value proposition when weighed against cost of living.

City	Median Salary	Cost of Living Index (US Avg=100)	Key Local Industries
Oshkosh	$74,074	90.7	Manufacturing (Oshkosh Corp), Healthcare (Ascension), Education (UW-Oshkosh)
Green Bay	$72,500	91.0	Manufacturing, Healthcare, Sports (Packers)
Appleton	$73,800	92.5	Manufacturing, Paper, Healthcare
Madison	$78,400	101.2	Government, Education (UW), Healthcare, Tech
Milwaukee	$76,900	95.5	Finance, Manufacturing, Healthcare

Source: BLS, Sperling's BestPlaces, local job market analysis.

Insider Tip: While Madison and Milwaukee pay more, their cost of living, especially housing, is significantly higher. Oshkosh offers a salary that provides a higher quality of life for a single person or young family compared to the state's larger metros.

The Real Take-Home: After Taxes and Rent

A $74,074 salary in Oshkosh goes much further than in other parts of the country. Let's break down a realistic monthly budget for a Loan Officer earning the median salary, assuming a single filer with standard deductions.

Monthly Take-Home Pay (Estimate):

• Gross Monthly Salary: $6,172.83
• Estimated Taxes (Federal, FICA, State): ~$1,450
• Net Monthly Take-Home: ~$4,722

Monthly Budget Breakdown:

Expense Category	Estimated Cost	Notes
Rent (1BR Apartment)	$779	This is the citywide average. A nicer place in a prime neighborhood might be $900-$1,100.
Utilities (Electric, Gas, Water, Internet)	$200 - $250	Varies by season; heating costs can spike in winter.
Groceries	$350 - $450	Reasonable for one person; Oshkosh has several major grocers (Pick 'n Save, Woodman's, Aldi).
Car Payment/Insurance/Gas	$400 - $600	Public transit (Oshkosh Transit) exists but a car is highly recommended for commuting and client meetings.
Health Insurance (if not employer-provided)	$300 - $500	Varies widely; many local employers offer good plans.
Discretionary/Savings	$1,643 - $2,093	This is where the Oshkosh advantage shines.

Can They Afford to Buy a Home?
Absolutely. With the average 1BR rent at $779/month, the monthly savings potential is significant. Let's say you save $1,800/month. In just two years, you'd have a $43,200 down payment.

The median home price in Oshkosh is around $220,000. A 20% down payment is $44,000. With a 30-year mortgage at 7%, your monthly principal and interest would be approximately $1,170. This is highly affordable on a $74,074 salary, especially compared to renting in larger cities where mortgages can be double the rent.

Insider Tip: Property taxes in Winnebago County are a consideration. They can add $3,000-$5,000 annually to your housing costs, so factor that into your mortgage pre-approval calculations.

Where the Jobs Are: Oshkosh's Major Employers

The Oshkosh job market for Loan Officers is anchored by a mix of national banks, local credit unions, and the massive industrial and healthcare sectors that create constant demand for both personal and commercial lending. Here are the key players:

1. Associated Bank: A dominant regional player headquartered in Green Bay with a major presence in Oshkosh. They are consistently hiring for residential mortgage loan officers and commercial lenders. Their focus on community banking means you'll be deeply involved in local events and organizations.
2. Oshkosh Corporation (Oshkosh Defense, Pierce Manufacturing): While not a lender, this Fortune 500 company is the city's economic engine. Its thousands of employees represent a prime market for mortgage, auto, and personal loans. Lenders who specialize in serving the manufacturing workforce (understanding shift work, bonus structures) have a distinct advantage.
3. UW-Oshkosh: The university is a major employer and a hub for student loans, first-time homebuyer programs for staff, and commercial lending for campus expansion projects. Working with university staff and faculty can be a steady niche.
4. Ascension Wisconsin (formerly Mercy Medical Center): One of the largest healthcare providers in the region. Doctors, nurses, and administrative staff are a reliable clientele for mortgage and personal loans. Understanding physician mortgage programs (which often don't require PMI) is a valuable skill here.
5. Local Credit Unions (e.g., Community First Credit Union, Fox Communities Credit Union): Credit unions are incredibly strong in Wisconsin. They often offer more competitive rates and personalized service, attracting a loyal customer base. Jobs here may be less commission-heavy but offer excellent stability and benefits.
6. Community Banks (e.g., Bank First, First National Bank & Trust): Institutions like these are the backbone of local commercial lending—small business loans, agricultural loans, and real estate development financing. Breaking into this space requires deep local knowledge and relationships.

Hiring Trends: Post-pandemic, there's a steady demand for Loan Officers who are comfortable with hybrid/remote work for client meetings but can be in the office for key collaboration. There's also a growing need for officers with expertise in construction and renovation loans, given the ongoing housing demand and the city's older housing stock.

Getting Licensed in WI

Becoming a licensed Loan Officer in Wisconsin is a regulated process. The primary path is through the Nationwide Multistate Licensing System (NMLS).

State-Specific Requirements & Costs:

1. Pre-Licensing Education: You must complete 20 hours of NMLS-approved education. This covers federal and state law, ethics, and mortgage lending. Cost: ~$200 - $400.
2. NMLS Licensing Exam: After completing education, you schedule the national and state components of the exam. Cost: ~$110 for the exam fee.
3. State Background Check & Credit Report: Wisconsin requires a background check and a credit report review. Cost: ~$75 - $100.
4. Surety Bond: Most employers will sponsor your license, meaning they cover the cost of the required surety bond (typically $125,000 for a company). As an individual, you won't pay this directly.
5. Application Fees: The NMLS state licensing fee for Wisconsin is $300.

Total Estimated Upfront Cost (if self-studying): $685 - $985.

Timeline to Get Started:

• Weeks 1-2: Enroll in and complete your 20-hour pre-licensing course.
• Week 3: Schedule and pass your NMLS exam.
• Week 4-6: Submit your application through the NMLS, including background and credit checks. Wisconsin's processing time can vary, but expect 2-4 weeks for approval.
• Total Time: 4-8 weeks from starting your course to being fully licensed.

Insider Tip: Many local banks and credit unions (like Associated Bank or Community First) have internal training programs for new hires. If you're hired without a license, they will often sponsor and pay for your education and exam fees, a huge financial benefit.

Best Neighborhoods for Loan Officers

Choosing where to live in Oshkosh depends on your lifestyle and commute. The city is compact, so most neighborhoods are within a 15-minute drive of downtown.

Neighborhood	Vibe & Commute	Rent Estimate (1BR)	Best For...
Downtown Oshkosh	Urban, walkable, vibrant. Close to restaurants, bars, and the Riverwalk. Commute to most offices is <5 mins.	$850 - $1,200	Young professionals who want nightlife and a short commute.
Northside	Established, residential, quiet. Close to Lake Winnebago and Menominee Park. A 10-15 minute commute to downtown offices.	$700 - $900	Those seeking a quieter, family-friendly environment with easy lake access.
Sunnyview	Suburban, modern. Home to the Oshkosh North High School area. Features newer apartment complexes and single-family homes.	$750 - $950	Young families or professionals who want suburban comfort with city convenience.
West Oshkosh	Growing, near the EAA grounds and the airport. Mix of older homes and new developments. Commute is 10-15 minutes.	$700 - $850	Aviation enthusiasts or those looking for slightly more space and newer construction.

Insider Tip: The area near UW-Oshkosh (Southside) has a high concentration of rentals, but it can be noisier due to student activity. It's a good budget option if you're not sensitive to the campus environment.

The Long Game: Career Growth

Staying in Oshkosh doesn't mean stagnation. The career path for Loan Officers here is about deepening expertise and building a reputation.

• Specialty Premiums: Officers who develop niches can command higher commissions. In Oshkosh, valuable specialties include:
  • Agricultural Lending: Understanding Winnebago and surrounding counties' farming operations.
  • SBA 504/7(a) Loans: Serving the small business community that supports Oshkosh Corp and the healthcare sector.
  • Physician/Professional Loans: Tapping into the stable, high-income workforce at Ascension and other medical facilities.
• Advancement Paths: The typical progression is from a residential loan officer to a Senior Loan Officer, then to Branch Manager or Regional Commercial Lender. In Oshkosh, moving into a leadership role often means taking responsibility for a team and the branch's P&L. Another path is moving from a bank to a mortgage broker, where you have more product flexibility but less stability.
• 10-Year Outlook: The 3% growth is modest but stable. The key to long-term success in Oshkosh is relationship-building. The market is small enough that your reputation follows you. Officers who are visible in community organizations (like the Oshkosh Chamber of Commerce) and who provide exceptional service will have a durable career. The rise of fintech and online lenders poses a threat, but the local, trust-based aspect of banking remains a powerful advantage in this community.

The Verdict: Is Oshkosh Right for You?

Making a career move is a big decision. Here’s a clear breakdown of the pros and cons for a Loan Officer in Oshkosh.

Pros	Cons
Excellent Cost of Living: Your $74,074 salary stretches much further than in major metros.	Smaller Job Market: Fewer opportunities than in Milwaukee or Madison; you may need to be patient to find the perfect role.
Stable, Relationship-Driven Market: Success is built on trust and community integration, not just sales volume.	Limited Niche Specialties: Fewer ultra-high-net-worth or complex international lending opportunities exist.
Major Anchor Employers: Oshkosh Corp and Ascension provide a stable, deep client pool.	Compensation Ceiling: Top-end earnings may be lower than in a major financial center, though the quality of life offset is significant.
Outdoor Recreation: Unbeatable access to Lake Winnebago, hiking, and the famous EAA Airshow.	Winters are Harsh: If you're not used to long, cold, snowy winters, it can be a difficult adjustment.
Central Location: Easy 1-hour drive to Appleton, 2 hours to Milwaukee, 2.5 hours to Madison.	Limited Diversity in Dining/Arts: While improving, the cultural scene is smaller than in a major city.

Final Recommendation:

Oshkosh is an excellent choice for a Loan Officer who values a high quality of life, stability, and building deep, long-term client relationships over chasing the highest possible commission in a cutthroat market. It's ideal for those looking to buy a home, start a family, or enjoy outdoor recreation without the financial pressure of a large city. If you're a self-starter who can network within the community and specialize in serving the local industries (manufacturing, healthcare, small business), you can build a very successful and fulfilling career here.

FAQs

Q: What is the typical commission structure for a Loan Officer in Oshkosh?
A: Most local banks and credit unions use a base salary plus commission model. Commissions are often tied to loan volume (e.g., a basis point per loan) and can add 10-25% to your base salary. At mortgage brokerages, you might see a higher commission split (e.g., 70-90%) but no base salary, so income is more variable.

Q: Is it necessary to know a second language, like Spanish, to be successful?
A: While not a strict requirement, knowing Spanish is a significant advantage. Oshkosh has a growing Hispanic community, and being able to serve non-English speaking clients can open up a substantial and often underserved market segment.

Q: How competitive is the housing market for someone looking to buy a home?
A: The Oshkosh housing market is moderately competitive. It's not as frenzied as markets like Denver or Austin, but desirable homes in good school districts (like Northside or Sunnyview) can receive multiple offers. Having a pre-approval letter from a local lender (like Associated Bank or Community First) is crucial and shows sellers