Career Guide: Loan Officer in West Des Moines, IA

As a career analyst who’s watched the Des Moines metro economy for over a decade, I can tell you that West Des Moines offers a unique blend of opportunity and affordability that’s hard to find in many mid-sized cities. It’s not the headline-grabbing financial hub like New York or San Francisco, but for a Loan Officer who values a manageable cost of living, a strong local business community, and a high quality of life, it’s a market worth serious consideration. This guide breaks down the real numbers, the local landscape, and what your day-to-day life could look like.

The Salary Picture: Where West Des Moines Stands

Let's cut to the chase: the compensation for a Loan Officer in West Des Moines is solid, sitting just below the national average but significantly bolstered by a low cost of living. The median salary is $74,531/year, which translates to an hourly rate of $35.83/hour. This figure, which includes base salary and typical commissions, is a realistic benchmark for a mid-career professional. It’s important to note that this is the median—the point where half of all Loan Officers in the metro area earn more and half earn less. The national average for the role is $76,200/year, meaning West Des Moines is only about 2% lower, a negligible difference when you factor in what your paycheck can buy locally.

The job market itself is tight but stable. There are approximately 144 Loan Officer jobs available in the metro area at any given time, according to the Bureau of Labor Statistics. This isn't a massive volume, which means competition can be fierce, but it also indicates a stable, established financial services sector. The 10-year job growth is projected at 3%, which is modest but positive, reflecting a steady demand for mortgage and commercial lending expertise in a growing region.

Experience-Level Breakdown

Salaries in this field are heavily influenced by experience, commission structures, and specialization. Here’s a realistic breakdown for the West Des Moines area:

Experience Level	Typical Years	Estimated Annual Salary Range	Key Responsibilities
Entry-Level	0-2 years	$55,000 - $65,000	Processing applications, learning loan products, building initial client relationships under supervision.
Mid-Level	3-7 years	$70,000 - $85,000	Managing a full pipeline, underwriting complex files, independently handling client consultations.
Senior-Level	8-15 years	$85,000 - $110,000+	Managing key accounts, specializing in commercial or jumbo loans, mentoring junior staff.
Expert/Lead	15+ years	$110,000 - $140,000+	Branch management, developing lending programs, acting as a market specialist for high-net-worth clients.

Note: Ranges are estimates based on local job postings and industry surveys. Commission and bonus structures can significantly alter total compensation.

Comparison to Other Iowa Cities

How does West Des Moines stack up against its Iowa peers?

City	Median Salary	Cost of Living Index (US Avg=100)	Key Differentiator
West Des Moines	$74,531	92.7	Balanced market, strong corporate presence, excellent suburbs.
Des Moines (City)	$73,800	90.1	Higher volume of jobs, more competitive, urban core focus.
Cedar Rapids	$71,200	87.5	Heavily tied to manufacturing and agriculture lending.
Davenport (Quad Cities)	$70,100	86.8	More commercial/industrial lending opportunities.
Iowa City	$72,500	91.2	Influenced by university and healthcare systems.

West Des Moines hits a sweet spot: higher compensation than Cedar Rapids or Davenport, with a cost of living only slightly above the state average. The presence of major corporate headquarters gives it an edge in commercial and high-income residential lending.

The Real Take-Home: After Taxes and Rent

The median salary of $74,531 sounds good, but what does it mean for your monthly budget? Let’s break it down for a single filer with no dependents.

• Gross Monthly Income: $74,531 / 12 = $6,210.92
• Estimated Taxes (Federal, State, FICA): 22-25% = **$1,366 - $1,553/month**
• Net (Take-Home) Pay: ~$4,657 - $4,844/month

Now, factor in the average 1BR rent of $899/month. This leaves you with $3,758 - $3,945/month for all other expenses (utilities, car, insurance, food, savings, entertainment). This is a very manageable ratio. The Cost of Living Index of 92.7 confirms you’re spending about 7.3% less than the national average on goods and services.

Can they afford to buy a home? Absolutely. The median home price in West Des Moines hovers around $275,000. With a 20% down payment ($55,000), a 30-year mortgage at 6.5% would have a monthly payment (PITI) of approximately $1,380. This is well within the 28-30% of gross income guideline for a single earner making $74,531. Many Loan Officers I've spoken with leverage their professional knowledge to secure excellent rates and terms, making homeownership a realistic and often attractive goal within their first few years in the market.

Where the Jobs Are: West Des Moines's Major Employers

The job market here is driven by a mix of national bank branches, local credit unions, and specialized mortgage firms. The corporate corridor along I-235 and the I-80/35 interchange is a hotspot.

1. Wells Fargo Home Mortgage: While their national presence is well-known, their Des Moines metro headquarters (just east of West Des Moines in Clive) is a massive employer for loan officers, especially in processing and underwriting. Hiring trends here are stable but competitive.
2. Principal Financial Group: Headquartered in downtown Des Moines, Principal is a giant in retirement and investment services, but they also have a significant commercial lending arm. They seek Loan Officers with experience in commercial real estate and corporate finance.
3. MidWestOne Bank: A regional powerhouse with a strong presence in West Des Moines. They focus on community-based lending and have a reputation for promoting from within. Their hiring is often tied to local market growth.
4. Veridian Credit Union: Based in Waterloo but with a growing footprint in the Des Moines metro, Veridian is a major player in the credit union space. They emphasize member service and are often hiring for residential mortgage loan officers.
5. Bankers Trust: A locally headquartered commercial bank with a significant presence in the metro. They specialize in business and commercial lending, offering a path for Loan Officers who want to move beyond residential mortgages.
6. Mortgage Brokers & Independent Shops: Firms like Neighborhood Mortgage or PrimeLending have local offices. These often offer more flexibility and higher commission potential but less stability. Hiring trends here are directly tied to the real estate market's temperature.

Insider Tip: The best jobs at large institutions like Principal or Wells Fargo are often filled internally or through networking. Attending Des Moines Area Association of Realtors (DMAAR) events is a crucial first step for an out-of-towner.

Getting Licensed in Iowa

Iowa has a clear, regulated path to becoming a licensed Loan Officer. You cannot legally originate loans without the proper credentials.

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 principles. Cost: $300 - $500.
2. NMLS Nationwide Mortgage Licensing System: You must create an account and pass the national exam (SAFE MLO Exam). Exam fee: $80.
3. Iowa State-Specific Test: Iowa requires a separate state exam. Fee: $100.
4. Background Check & Credit Report: Required as part of your NMLS application. Cost: ~$50.
5. Iowa Finance Authority (IFA) License: Once you pass your exams and the NMLS processes your application, you must also apply for a state license through the IFA. Fee: $200.
6. Surety Bond: Iowa requires a $10,000 surety bond. As a new entrant, you'll pay a premium (typically 1-3% of the bond amount), so expect an annual cost of $100 - $300.

Total Estimated Startup Cost: $830 - $1,230 (excluding any course provider fees).

Timeline to Get Started:

• Weeks 1-2: Complete pre-licensing education.
• Week 3: Study for and schedule exams (national and state). Allow 1-2 weeks for study.
• Weeks 4-6: Pass exams, submit NMLS application, and complete background check. Processing can take 2-4 weeks.
• Week 7-8: Apply for Iowa IFA license and secure your surety bond.
• Total Time: 2-3 months from start to being fully licensed and ready to apply for jobs.

Pro Tip: Many employers will sponsor your licensing costs if you sign a contract, so negotiate this during your job offer.

Best Neighborhoods for Loan Officers

Where you live affects your commute, lifestyle, and networking opportunities. Here are top picks:

1. Jordan Creek Area: The epicenter of West Des Moines' corporate and retail life. You’re minutes from the Principal campus, Wells Fargo offices, and the upscale Jordan Creek Town Center. A 1BR here runs about $1,100/month. Commute times are under 10 minutes to most major employers. Ideal for networking and a fast-paced lifestyle.
2. Historic Valley Junction: This charming, walkable district offers a unique small-town feel within the city. You’ll find local coffee shops, boutiques, and a strong community vibe. Rents for a 1BR are around $950/month. Commute to the corporate corridor is 10-15 minutes. Perfect for those who value character over convenience.
3. Clive (Adjacent City): Just north of West Des Moines, Clive is a premier suburban address with top-rated schools and quiet, tree-lined streets. It’s home to many banking executives. Rents for a 1BR are slightly higher at $1,050/month, but the lifestyle is family-oriented and safe. A 10-15 minute commute to West Des Moines offices.
4. Downtown Des Moines (for Urbanites): If you want to be in the heart of the action, downtown Des Moines (a 10-15 minute commute via I-235) offers a vibrant urban core. Rents for a 1BR are around $1,000 - $1,200/month. You’re closer to networking events, fine dining, and the state capitol, which is helpful for commercial lending roles.
5. Windsor Heights: A small, independent city nestled between West Des Moines and Des Moines. It’s affordable, with 1BR rents around $850/month, and offers a quick commute to either downtown or the western suburbs. It’s a practical choice for a cost-conscious professional.

The Long Game: Career Growth

A Loan Officer’s career in West Des Moines is not stagnant. The path forward involves specialization and building a robust professional network.

• Specialty Premiums: Moving into commercial lending (via employers like Bankers Trust or Principal) can command a 10-20% salary premium over general residential loan officers. Specializing in USDA loans (popular in Iowa’s rural-adjacent areas) or jumbo mortgages for high-net-worth clients also increases earning potential.
• Advancement Paths: The typical trajectory is Loan Officer → Senior Loan Officer → Branch Manager or Sales Manager. The next step is often into regional management or corporate lending strategy. An MBA or a Certified Mortgage Banker (CMB) designation can accelerate this path.
• 10-Year Outlook (3% Growth): The growth is steady, not explosive. This means the market will not be flooded with new jobs, but experienced, well-connected professionals will always be in demand. The key to longevity is adapting to technology (like automated underwriting systems) and maintaining a strong referral network with real estate agents. The rise of fintech may change how loans are processed, but the need for a trusted advisor to guide clients through the process will remain.

The Verdict: Is West Des Moines Right for You?

For a Loan Officer who values stability, a reasonable cost of living, and a strong community, West Des Moines is an excellent choice. It’s a market where you can build a career without the intense pressure of a coastal city.

Pros	Cons
Affordable Living: Your $74,531 salary goes much further here.	Limited Job Volume: Only 144 jobs in the metro means competition is real.
Stable Market: Steady 3% job growth indicates a healthy, non-volatile industry.	Slower Pace: Less "high-stakes" finance energy compared to major hubs.
Networking Access: A compact metro makes it easy to build relationships with realtors and other professionals.	Commission Caps: Some local firms may have lower commission caps than national players.
Quality of Life: Safe neighborhoods, easy commutes, and access to outdoor activities.	Specialization Limits: Fewer niche lending opportunities (e.g., maritime, international).
Path to Homeownership: The math makes buying a home very feasible on the median salary.	Harsh Winters: A practical consideration for those from warmer climates.

Final Recommendation: West Des Moines is an ideal market for a mid-career Loan Officer looking to establish roots, buy a home, and build a sustainable career. It’s less suitable for someone seeking the fast-track, ultra-high-earning potential of a Wall Street or Silicon Valley, but for the vast majority of professionals, it offers a superior balance of work and life.

FAQs

1. Is commission a big part of the salary in West Des Moines?
Yes, for most Loan Officers, commission makes up 30-50% of total compensation. The median salary of $74,531 includes base and commission. Your earning potential is directly tied to your sales volume, so your actual income can vary significantly from year to year.

2. Do I need a college degree to be a Loan Officer here?
Not legally. Iowa’s licensing requirements do not mandate a college degree. However, most employers (especially banks and large credit unions) strongly prefer candidates with a bachelor’s degree in business, finance, or a related field. It’s a major competitive advantage.

3. How is the work-life balance?
Generally better than in larger financial centers. The culture in West Des Moines is more 9-5, with less expectation for late nights. However, it’s still a sales-driven role, so you’ll need to be available for client calls and networking events, especially during busy real estate seasons (spring and summer).

4. What’s the biggest challenge for new Loan Officers in this market?
Building a referral network. The established professionals have long-standing relationships with top real estate agents. As a newcomer, you must hustle to connect with agents, attend local events, and provide exceptional service to get those first referrals. It takes 12-18 months to build a stable pipeline.

5. Are remote/hybrid work options common?
Post-pandemic, many firms have adopted hybrid models. However, in-person networking with realtors and clients is a critical success factor. You’ll be expected to be in the office or out in the community a few days a week. Fully remote roles are less common for entry-level positions.

Sources: Bureau of Labor Statistics (BLS), NMLS, Iowa Finance Authority, local real estate market reports, and industry salary surveys. All salary and cost-of-living data are based on the figures provided in the prompt.