Loan Officer in Scranton, PA

The Salary Picture: Where Scranton Stands

If you're looking at a move to Scranton for a career as a Loan Officer, the numbers paint a clear, if not spectacular, picture. The median salary for a Loan Officer in the Scranton metro area is $74,599/year, which breaks down to an hourly rate of $35.86/hour. This is slightly below the national average of $76,200/year, reflecting Scranton's lower cost of living. The job market is stable but not booming; there are 151 jobs listed for Loan Officers in the Scranton metro, with a projected 10-year job growth of 3%. This isn't the explosive growth you'd see in a major financial hub like Philadelphia or New York, but it indicates a steady, predictable demand.

Understanding how experience translates to pay in this market is crucial for setting realistic expectations. Here’s a breakdown of the typical salary progression for a Loan Officer in Scranton, PA:

Experience Level	Estimated Annual Salary (Scranton)	Key Responsibilities
Entry-Level	$55,000 - $65,000	Licensed, processing applications, learning underwriting guidelines.
Mid-Level	$70,000 - $85,000	Managing a full pipeline, handling complex files, building a referral network.
Senior-Level	$85,000 - $100,000	Specializing in a product (FHA/VA), mentoring juniors, leading a small team.
Expert/Top Producer	$100,000+	Niche markets (commercial, jumbo loans), high-volume production, branch management.

Data is synthesized from local job postings, BLS data, and industry averages, anchored to the provided median salary.

When you compare Scranton to other Pennsylvania cities, its position becomes clearer. While it doesn't compete with the high salaries of Philadelphia or Pittsburgh, its lower cost of living makes the take-home pay more competitive. A Loan Officer in Philadelphia might earn a median salary closer to $85,000, but their rent and living expenses will be significantly higher. Scranton offers a middle ground: a stable career with a quality of life that's difficult to match in larger cities.

Insider Tip: The $74,599 median likely represents a mature, established LO who has a solid book of business. Your first year will be a grind, and you should budget for a lower income as you build your pipeline. Don't expect to hit the median immediately upon arrival.

The Real Take-Home: After Taxes and Rent

The median salary of $74,599 looks good on paper, but what does it mean for your monthly budget in Scranton? Let’s run the numbers for a single person with no dependents, using a standard tax estimate (federal, state, and FICA).

• Gross Monthly Salary: $74,599 / 12 = $6,216.58
• Estimated Monthly Taxes (25%): -$1,554.15
• Net Monthly Income: ~$4,662.43

Now, let's factor in Scranton's cost of living. The average rent for a 1-bedroom apartment is $854/month. The Cost of Living Index is 93.0, meaning it's 7% cheaper than the national average.

Monthly Budget Breakdown:

Category	Average Cost (Scranton)	% of Net Income
Rent (1BR)	$854	18.3%
Utilities (Elec/Gas)	$120	2.6%
Groceries	$350	7.5%
Transportation (Car Ins/Gas)	$250	5.4%
Health Insurance	$300	6.4%
Misc. (Dining, Entertainment)	$400	8.6%
Total Expenses	$2,274	48.8%
Remaining for Savings/Debt/Investment	$2,388.43	51.2%

This budget leaves a very healthy 51.2% of your take-home pay for savings, student loans, or aggressive investing. This is Scranton's primary financial advantage.

Can They Afford to Buy a Home?
Absolutely. With a median salary of $74,599, a Loan Officer in Scranton is in a strong position to purchase a home. Let's look at the local housing market. While prices have risen, the median home price in Scranton is around $180,000 - $200,000. Using a standard 20% down payment ($40,000 on a $200k home), the mortgage payment (principal, interest, taxes, insurance) would be roughly $1,200 - $1,400/month. This is very manageable on a $4,662 net monthly income, keeping housing costs well under the recommended 30% of gross income.

Insider Tip: As a Loan Officer, you have an inside track on the mortgage process. Use this knowledge to get pre-approved quickly and understand the best local lenders. Consider a credit union like Visions Federal Credit Union or First National Bank of Pennsylvania for potentially better rates on your own mortgage.

Where the Jobs Are: Scranton's Major Employers

Scranton's lending market is dominated by regional banks, credit unions, and a few national players. It’s not a city with a Wall Street street presence, but there are solid, stable employers. Here are the key places to look for jobs:

1. First National Bank of Pennsylvania: A major regional player headquartered in the area. They have a significant retail banking presence and a robust mortgage division. They frequently hire Loan Officers for their branches throughout Lackawanna County. Hiring is steady, often tied to local real estate cycles.
2. Visions Federal Credit Union: Based in nearby Endicott, NY, Visions has a strong foothold in Northeast Pennsylvania. Credit unions are member-focused and often offer a great work environment. They are a major employer for consumer lending officers. They tend to promote from within.
3. Community Bank, N.A.: Another large regional bank with a strong presence in Scranton. Their mortgage team handles a mix of conventional, FHA, and VA loans. They have a reputation for stability and good training programs for new LOs.
4. M&T Bank: A national bank with a solid branch network in Scranton. They offer a wide range of loan products and can be a good option for LOs who want to work for a larger institution with more resources.
5. Local Mortgage Brokerages: This is where you can find more independent, commission-heavy roles. Firms like Scranton Mortgage Group or J.G. Financial Services operate in the area. These are often for more experienced, self-driven LOs who want to work on a pure commission/ split model.
6. Penn State Health - Geisinger Commonwealth School of Medicine: While not a direct employer of Loan Officers, the growing healthcare sector in Scranton (anchored by Geisinger and Moses Taylor Hospital) creates a stable, professional class that fuels the housing and loan market. This indirectly supports the demand for mortgage and commercial loan officers.
7. University of Scranton & Marywood University: The universities are major employers and create a consistent need for both student loans (through the financial aid office) and commercial lending for growth projects. They also feed a steady stream of young professionals into the local housing market.

Hiring Trends: The market is not aggressive. Most hiring happens through internal referrals and local networking. Jobs are posted on company websites and local job boards like Indeed and LinkedIn. The 3% job growth means openings are filled as people retire or move, not due to massive expansion. Your best bet is to connect with branch managers directly, especially at the regional banks and credit unions.

Getting Licensed in PA

Pennsylvania has specific requirements for Mortgage Loan Originators (MLOs). You cannot work as an MLO without the proper license. Here’s the breakdown:

Step 1: Education & Testing

• NMLS Pre-Licensing Education: You must complete 20 hours of approved NMLS pre-licensing education. This covers federal and state law, ethics, and mortgage origination.
  • Cost: ~$200 - $400 (varies by provider).
• National & State Exams: After education, you must pass the National SAFE MLO Exam and the Pennsylvania State Law Exam.
  • Cost: $110 (National) + $90 (State) = $200.
  • Timeline: Study (2-4 weeks), schedule and pass exams (1-2 weeks).

Step 2: Background Check & Credit Report

• FBI Criminal Background Check: $36.25 (via IdentoGO).
• Credit Report: Your sponsoring company will typically pull this, but you must authorize it. There is a fee, usually around $15-$25.

Step 3: License Application & Sponsorship

• Apply for License: You must apply through the NMLS for a Pennsylvania MLO license. The application fee is $300.
• Sponsorship: This is critical. You cannot be licensed independently. You must be sponsored by a Pennsylvania-licensed mortgage company or bank. Your sponsor submits your application and is responsible for you.
  • Insider Tip: Secure a job offer before you start the licensing process. Many companies will sponsor you and may even reimburse your education and exam costs if you sign a contract.

Step 4: Ongoing Requirements

• Continuing Education (CE): You must complete 8 hours of NMLS-approved CE each year to renew your license.
• License Renewal: Annual renewal fee of $300 (PA) plus NMLS processing fees.

Total Estimated Startup Cost (if self-funded): $750 - $1,000 (Education, Exams, Background, Application). The timeline from zero to licensed is typically 2-3 months if you study intensively and have a sponsor lined up.

Best Neighborhoods for Loan Officers

Scranton is a city of distinct, historic neighborhoods. Your choice will depend on your commute, lifestyle, and budget. Here are top picks for a Loan Officer:

1. Green Ridge: This is arguably Scranton's most desirable neighborhood. It's known for its beautiful, tree-lined streets, large Victorian and Colonial homes, and excellent walkability. It's close to the University of Scranton and has a mix of young professionals and established families. Commute to downtown is under 10 minutes.

   • Vibe: Upscale, quiet, safe.
   • 1BR Rent Estimate: $900 - $1,100/month.
   • Best For: Established LOs with a higher budget who want a premium lifestyle.

2. Downtown Scranton (City Center): For the LO who wants to be in the heart of the action. You're steps away from banking headquarters, restaurants, and the Scranton Cultural Center. Parking can be a challenge, but the commute is nonexistent if you work downtown. It's ideal for networking and easy access to everything.

   • Vibe: Urban, bustling, historic.
   • 1BR Rent Estimate: $800 - $1,000/month (often in historic buildings).
   • Best For: LOs who are social, value convenience, and want to build a local network quickly.

3. South Scranton: A more affordable, residential area with a mix of single-family homes and apartments. It's a straightforward commute to downtown (10-15 minutes) and has easy access to I-81. It's a practical choice for a new LO on a tighter budget.

   • Vibe: Family-friendly, practical, no-frills.
   • 1BR Rent Estimate: $750 - $900/month.
   • Best For: New LOs starting out, or those who prioritize saving money.

4. West Side: This area is known for its strong community feel, historic row houses, and proximity to the Nay Aug Park area. It's a bit more residential but still has a great local vibe. Commute to downtown is about 10 minutes.

   • Vibe: Historic, community-oriented, scenic.
   • 1BR Rent Estimate: $700 - $950/month.
   • Best For: LOs who want a balance between city access and a neighborhood feel.

5. Dunmore (Borough): Technically a separate borough, but part of the Scranton metro. It's home to the Holy Cross campus and has its own charming, small-town feel while being only 5-10 minutes from downtown Scranton. It offers a great mix of affordability and community.

   • Vibe: College-town, quiet, suburban.
   • 1BR Rent Estimate: $750 - $950/month.
   • Best For: LOs who want a slightly more suburban feel without a long commute.

The Long Game: Career Growth

In Scranton, the path to higher earnings isn't about explosive market growth; it's about specialization and building a deep, local network.

Specialty Premiums: While the base median is $74,599, specializing can push you to the top of the range ($100k+).

• VA Loans: Scranton has a veteran population. Being an expert in VA loan guidelines can make you the go-to LO for military personnel and their families, especially with the VA hospital in Wilkes-Barre.
• FHA/USDA Loans: Given Scranton's mix of urban and rural areas (like parts of Lackawanna County), expertise in FHA (for lower-income buyers) and USDA (for rural properties) loans is highly valuable.
• Commercial Lending: This is a different world but offers higher earning potential. It requires different skills and connections, often with local businesses like the Scranton Chamber of Commerce members, manufacturers, and healthcare facilities.

Advancement Paths:

1. Senior MLO: Focus on high-volume, complex refinances and purchase loans. Deepen ties with top real estate agents (see who sells the most homes in Green Ridge or Dunmore).
2. Branch Manager: Move into management, overseeing a team of LOs. This often comes with a base salary plus a override on your team's production. You'll need leadership skills and a proven track record.
3. Commercial/ Business Banking: Transition to a commercial loan officer role at a larger bank like M&T or First National Bank. This requires additional education and networking in the local business community.
4. Mortgage Broker: The ultimate entrepreneurial path. After building a strong network and book of business, you could open your own brokerage. This carries more risk but offers the highest potential income, as you keep the full commission split.

10-Year Outlook (3% Growth): The growth is slow, but it's stable. Demand will be driven by the local economy, which is anchored by healthcare, education, and a resilient manufacturing sector. The key to long-term success will be building relationships that transcend market cycles—being the LO that real estate agents, financial planners, and past clients trust for life. In a city like Scranton, your reputation is your greatest asset.

The Verdict: Is Scranton Right for You?

Scranton isn't for everyone, but for the right person, it's an excellent place to build a career and a life.

Pros	Cons
Very Low Cost of Living: Your $74,599 salary goes much further here.	Slower Job Market: 3% growth means limited openings and competition for them.
Stable, Predictable Market: No dramatic boom cycles, less risk of a bust.	Lower Ceiling: Top-end salaries are lower than in major metros.
Strong Professional Network: It's a "small big city" where relationships matter.	Limited Niche Opportunities: Fewer roles in ultra-specialized fields like jumbo loans.
Quality of Life: Historic neighborhoods, easy access to outdoor recreation (Poconos).	Car-Dependent: Public transit is limited; you'll need a reliable car.
Great for Homeownership: Affordable housing market.	Young Professional Scene: Smaller than in Philadelphia or Pittsburgh.

Final Recommendation:
Scranton is an ideal choice for a Loan Officer who values stability over high-risk, high-reward opportunities. It's perfect for someone who wants to buy a home, build a family, or enjoy a manageable pace of life without sacrificing a professional career. It's not the place for someone looking to get rich quick or who thrives in a hyper-competitive, fast-paced financial center. If you are patient, relationship-driven, and want to make your money go further, Scranton is a fantastic, underrated choice.

FAQs

1. Do I need to know Scranton well to be a successful Loan Officer here?
Yes, absolutely. Local knowledge is key. Knowing which neighborhoods are in high demand (like Green Ridge), understanding the property tax differences between Scranton and Dunmore, and being familiar with the major employers (Geisinger, the University) allows you to give better advice and build trust with clients. It's a city where personal connections and local insight matter.

2. Is it possible to work remotely for a national lender while living in Scranton?
Yes, and it's becoming more common. Many national online lenders (like Rocket Mortgage or Better.com) hire licensed MLOs to work from home. This can offer a potentially higher earning