Career Guide for Loan Officers in Quincy, MA

Quincy isn't just a city on the T—it's a living, breathing hub of history, grit, and opportunity. As someone who’s watched the South Shore evolve over decades, I can tell you that Quincy offers a unique blend of urban access and neighborhood intimacy that’s rare in the Greater Boston area. For a Loan Officer, this means a stable housing market, a diverse client base, and a cost of living that, while high, is more manageable than Boston proper. But let's cut through the fluff and look at the numbers, the neighborhoods, and the real career path here. This guide is for the pragmatic professional who wants the facts before packing their bags.

The Salary Picture: Where Quincy Stands

Let’s start with the bottom line: a Loan Officer in Quincy earns a median salary of $78,851/year, which breaks down to an hourly rate of $37.91/hour. This sits slightly above the national average of $76,200/year, but it’s crucial to understand the local context. Quincy is part of the Boston-Cambridge-Newton metro area, where the cost of living is significantly higher, so that salary needs to be viewed through that lens.

The job market here is stable but not explosive. There are approximately 203 Loan Officer jobs in the metro area (which includes Quincy and its surrounding suburbs), with a 10-year job growth of 3%. This indicates a steady, predictable demand rather than a high-growth frenzy. For a Loan Officer, this stability can be a good thing—it means less cutthroat competition than in a boomtown, but also a requirement to build a strong, local network to thrive.

Experience-Level Breakdown

Salaries in this field are heavily tied to experience and performance. Here’s how the numbers generally break down for Quincy and the immediate South Shore:

Experience Level	Typical Years	Quincy Median Salary Range	Key Responsibilities
Entry-Level	0-2 years	$55,000 - $65,000	Processing applications, learning underwriting guidelines, assisting senior officers.
Mid-Level	3-7 years	$70,000 - $90,000	Managing own pipeline, direct client interaction, complex loan structuring (FHA, VA).
Senior-Level	8-15 years	$90,000 - $110,000+	Jumbo loans, portfolio lending, mentoring junior staff, strong referral networks.
Expert/Managerial	15+ years	$115,000+ (with bonuses)	Branch management, underwriting oversight, strategic planning, high-net-worth clients.

Note: These ranges are estimates based on local job postings and industry reports. Commission and bonus structures can significantly alter total compensation, especially for production-based roles.

Comparison to Other MA Cities

To understand Quincy’s place, we have to look at its neighbors:

• Boston: Median salary is higher (closer to $85,000), but the cost of living is punishing. The commute from Quincy via the Red Line is often faster and cheaper than living within Boston proper.
• Worcester: Salaries are lower (around $72,000), and the cost of living is more affordable. Quincy offers better access to the core financial market.
• Brockton: Salaries are roughly comparable ($76,000), but Quincy has a more diverse and stable housing stock, and a stronger local economy.

Quincy’s sweet spot is its balance: it’s close enough to the high-salary Boston market but operates with a slightly lower cost baseline. For a Loan Officer, this means you can service clients in Boston and live in Quincy without the 2-hour commute from the western suburbs.

The Real Take-Home: After Taxes and Rent

A $78,851 salary sounds solid, but in Massachusetts, it goes through the wringer. Let’s break down a realistic monthly budget for a single Loan Officer living in Quincy. We’ll assume a gross monthly income of $6,571.

Assumptions:

• Taxes: MA state tax (5%), Federal (assuming single, standard deduction), FICA (7.65%). This can easily consume 28-32% of gross pay.
• Rent: We’ll use the city-wide average of $2,377/month for a 1BR.
• Utilities & Insurance: ~$250/month (electric, internet, renters insurance).
• Transportation: ~$200/month (MBTA pass, occasional gas/Uber).
• Food & Groceries: $500/month (eating out is expensive in Quincy; cooking helps).
• Miscellaneous (Debt, Entertainment, etc.): $500/month.

Monthly Budget Breakdown:

Category	Estimated Cost	Notes
Gross Monthly Income	$6,571	Based on $78,851 annual salary
Estimated Take-Home (After Taxes)	~$4,800	~73% of gross pay
Rent (1BR Avg.)	$2,377	Biggest expense, varies by neighborhood
Utilities & Insurance	$250	Varies by season (heating costs in winter)
Transportation	$200	MBTA is reliable; car insurance is steep in MA
Food & Groceries	$500	Quincy has great markets (Stop & Shop, local butchers)
Miscellaneous	$500	Savings, debt payments, entertainment
Remaining Balance	$473	This is your potential savings or buffer

Can they afford to buy a home? With the current median home price in Quincy hovering around $550,000, a 20% down payment is $110,000. On a $78,851 salary, qualifying for a ~$440,000 mortgage is challenging without a significant down payment or dual income. The Debt-to-Income (DTI) ratio would be high. Insider Tip: Many Loan Officers in Quincy partner with local credit unions like Rockland Trust or HarborOne for better first-time homebuyer programs. It's common to rent for a few years while building savings and a stronger client base.

Where the Jobs Are: Quincy's Major Employers

The job market for Loan Officers in Quincy is anchored by a mix of large institutions and community-focused lenders. You won’t find the hyper-competitive, “eat what you kill” environment of downtown Boston banks, but rather a more relationship-driven scene. Here are the key players:

1. Rockland Trust: Headquartered in nearby Rockland, they have a massive presence in Quincy, with branches on Hancock Street and in the Marina Bay area. They are aggressively hiring for loan officers who understand the South Shore market. Their focus is on commercial real estate and residential mortgages.
2. HarborOne Credit Union: Based in Brockton but with a strong Quincy footprint, they are a major employer. They emphasize member relationships and offer a wide range of loan products, from auto to mortgages. Hiring tends to be steady, with a focus on local candidates.
3. Eastern Bank: A New England stalwart with several Quincy branches. They have a robust mortgage division and often look for loan officers with existing networks in the city’s diverse communities (e.g., the Italian-American and Irish-American neighborhoods).
4. Sovereign/Santander Bank: With branches on Southern Artery and near the T stations, Santander is a key player. They are known for their focus on the Portuguese-speaking community, a significant demographic in Quincy. Bilingual Portuguese/English loan officers are in high demand here.
5. Local Mortgage Brokerages: Firms like Quincy Mortgage or South Shore Mortgage (based in nearby Hingham) often hire Loan Officers to work their pipelines. These roles can be commission-heavy but offer more flexibility and a wider array of lender products.
6. Insurance & Financial Services Firms: Companies like Liberty Mutual (with a major office in nearby Boston) and Liberty Bay Credit Union often have openings for loan officers who can cross-sell insurance and investment products. This is a growing trend in the industry.

Hiring Trends: There’s a noticeable shift toward digital and hybrid roles. Employers want Loan Officers who are comfortable with video consultations and online applications but can still build trust through local, in-person meetings—a perfect fit for Quincy’s tight-knit neighborhoods.

Getting Licensed in MA

Becoming a licensed Loan Officer in Massachusetts is a regulated process. It’s not as simple as just applying for a job; you need the proper credentials. The NMLS (Nationwide Multistate Licensing System & Registry) is your gateway.

State-Specific Requirements:

1. Pre-Licensing Education (PE): You must complete 20 hours of NMLS-approved education. This covers federal law, ethics, and non-traditional mortgage lending. Local providers like the Massachusetts Association of Mortgage Brokers (MAMB) offer courses, often in a hybrid format.
2. NMLS Exam: After PE, you must pass the National SAFE Mortgage Loan Originator Test with a score of 75% or higher. This is a challenging, proctored exam.
3. State Requirements: Massachusetts requires a $300 application fee to the state banking department, a $30 NMLS processing fee, and a $150 credit report fee. You must also provide a $25,000 surety bond (or a corporate guarantee if employed by a bank). Your employer will typically handle the bond.
4. Background Check: A criminal background check is mandatory.

Timeline to Get Started:

• Weeks 1-2: Enroll in and complete your 20-hour PE course.
• Week 3: Schedule your NMLS exam. Study time is critical—allow 2-3 weeks of dedicated prep.
• Week 4-5: Pass the exam and submit your state application through the NMLS portal.
• Week 6-8: Processing and approval. In MA, this can take 4-6 weeks. Total time from start to license: 6-8 weeks.

Cost Breakdown:

• PE Course: $200 - $350
• NMLS Exam Fee: $80
• State Application & Fees: ~$480 (includes bond setup)
• Total Estimated Cost: $760 - $910

Insider Tip: Many employers in Quincy will sponsor a new hire’s licensing costs if you sign a contract, so always ask about this during interviews.

Best Neighborhoods for Loan Officers

Where you live in Quincy impacts your commute, your social life, and your ability to network. Here’s a breakdown of key areas, with rent estimates for a 1BR apartment.

Neighborhood	Vibe & Commute	Rent (1BR Estimate)	Why It's Good for Loan Officers
Downtown Quincy (Hancock St.)	Urban, walkable, near T. The heart of the city.	$2,200 - $2,500	Walk to branches, coffee shops for client meetings. Best for networking with local businesses.
Quincy Center	Transitional, new development (The Point), quieter.	$2,000 - $2,300	Slightly more affordable. Easy access to the T and I-93. Good for a low-key lifestyle.
Marina Bay	Waterfront, upscale, quieter. 15-min drive to T.	$2,400 - $2,800	Very desirable area. Clients may feel more comfortable meeting here. Car is recommended.
North Quincy	Student-heavy (UMass Boston), vibrant, diverse.	$2,100 - $2,400	Excellent to understand a diverse market. Close to the T and great Asian markets.
West Quincy	Residential, family-oriented, near Blue Hills.	$1,900 - $2,200	More affordable, quieter. Good for settling down. Commute requires a car or bus to T.

Insider Tip: If you’re new to the city, start in North Quincy or Downtown. The density and walkability will help you learn the city quickly and build a local presence. Marina Bay is a great goal for when your income stabilizes.

The Long Game: Career Growth

In Quincy, the path to advancement is less about jumping to a new giant and more about deepening your expertise and network. The 3% job growth means you need to stand out.

• Specialty Premiums: The biggest premiums are in Commercial Real Estate (CRE) and Luxury Residential. Quincy has a growing commercial corridor along the Fore River and a luxury market in Marina Bay and Houghs Neck. CRE loan officers can earn 15-25% more than residential-focused peers. Another high-demand area is SBA Lending for small business owners in Quincy’s many retail and service sectors.
• Advancement Paths:
  1. Production to Management: Move from a loan officer role to a Branch Manager or Regional Manager at a bank like Rockland Trust. This path emphasizes team leadership and P&L responsibility.
  2. Brokerage to Underwriting: Some loan officers pivot to the underwriting side, especially with a bank. This offers a stable salary (often $85,000 - $95,000+) and a 9-5 schedule, but less upside.
  3. Specialist to Consultant: Build a reputation in a niche (e.g., FHA 203(k) rehab loans for Quincy’s older housing stock) and consult for other loan officers or realtors.
• 10-Year Outlook: The 3% growth suggests a stable market. The industry is shifting toward tech integration, so Loan Officers who master CRM tools and digital marketing will outpace those who don’t. Quincy’s aging housing stock (lots of 1950s-70s capes and ranches) means refinance and home equity loan opportunities will remain steady. The key to longevity here is building a referral network with the city’s realtors, attorneys, and accountants.

The Verdict: Is Quincy Right for You?

Pros	Cons
Stable Job Market: Anchored by established local banks and credit unions.	High Cost of Living: Rent and taxes eat into the median salary.
Accessible Commute: Red Line connects you to Boston’s financial core in 20 mins.	Fierce Local Competition: You must network aggressively to build a client base.
Diverse Client Base: Portuguese, Irish, Italian, and Asian communities offer niche opportunities.	Limited High-Growth: The 3% growth means fewer explosive career leaps.
Community Feel: Strong neighborhoods foster trust—a key asset for a Loan Officer.	Weather: Long, cold winters can affect the housing market and morale.
Path to Homeownership: More feasible than Boston, but still challenging for a single income.	Saturation in Entry-Level: Many locals are already in the pipeline, so breaking in takes effort.

Final Recommendation: Quincy is an excellent choice for a Loan Officer who values stability, community, and work-life balance over chasing the highest possible salary in a cutthroat market. It’s ideal for someone 3-7 years into their career who wants to build a lasting, local practice. If you’re a new graduate looking for explosive growth and high-energy diversity, you might find Boston or Cambridge more stimulating. For a pragmatic professional, Quincy offers a sustainable path to a solid career.

FAQs

1. Is the license I get in Massachusetts good for working in Boston too?
Yes, your MA NMLS license allows you to originate loans anywhere in the state. You can live in Quincy and work for a bank with offices in downtown Boston, which is a very common arrangement.

2. How important is bilingualism in Quincy?
Extremely valuable. While English is the primary language, a significant portion of the population speaks Portuguese, Spanish, or Italian. Being fluent in Portuguese, for instance, can make you a top candidate at banks like Santander and open up a huge, underserved market. It’s a direct path to a premium salary.

3. What’s the biggest challenge for a new Loan Officer in Quincy?
Building a referral network. The market is relationship-driven. You need to connect with realtors at firms like William Raveis or Coldwell Banker on the South Shore, network with local attorneys (especially those handling closings), and get involved in community groups. The trust is built locally, not through digital ads.

4. Do I need a car in Quincy?
It depends on where you live and work. If you’re in Downtown or North Quincy and your office is on the Red Line, you can manage with the MBTA and occasional Ubers. However, if you plan to meet clients in neighborhoods like Marina Bay or Houghs Neck, or work for a bank with branches in the suburbs (like Weymouth or Hingham), a car becomes very useful. Factor in MA’s high insurance costs.

5. How competitive is the housing market for a Loan Officer’s salary?
It’s competitive, but possible. The key is the down payment. With a $78,851 salary, you’ll be looking at homes in the $350,000 - $400,000 range, which requires a smaller down payment. These exist in the more residential parts of West Quincy or in condos. Many Loan Officers here partner with a spouse or wait 2-3 years to build savings. Rent