Loan Officer Salary in Michigan
Based on 11K+ workers in Michigan
Median Annual Salary (MI)
$74,470
$35.80/hr
vs National Average
$76,354
-2.5% vs national median
Salary Range (10th–90th)
$37K – $136K
11K employed in Michigan
Loan Officer salary in Michigan averages $74,470 per year, according to the latest employment data. This figure represents compensation for approximately 11,340 workers in the state. While this is competitive, Michigan's loan officer salaries are about 2% below the national average, reflecting regional economic differences and cost of living variations.
Several factors influence loan officer compensation across Michigan. Experience level, educational background, and professional certifications significantly impact earning potential. Additionally, the type of lending institution—whether mortgage companies, banks, or credit unions—affects salary ranges. Geographic location within the state, loan volume handled, and individual performance metrics also play important roles in determining total compensation packages.
Salary Distribution — Loan Officer in Michigan
| Percentile | Annual Salary |
|---|---|
| 10th percentile | $36,830 |
| 25th percentile | $50,280 |
| Median (50th percentile) | $74,470 |
| 75th percentile | $101,150 |
| 90th percentile | $135,700 |
Top-Paying Industries for Loan Officer (U.S.)
Which industries pay Loan Officers the most — nationwide figures (industry-level data is not available by state). Loan Officers in Michigan tend to follow these industry patterns.
| Industry (U.S.) | Median Salary | Employed (U.S.) |
|---|---|---|
| Retail Trade | $103,260 | 12K |
| Real Estate and Rental and Leasing | $84,090 | 3K |
| Government (excl. schools, hospitals & USPS) | $81,330 | 6K |
| Management of Companies and Enterprises | $79,570 | 12K |
| Other Services (except Public Administration) | $77,140 | 560 |
Source: U.S. BLS OEWS National Industry-Specific estimates, May 2025. National figures (not state-specific).
Historical Salary Trend — Loan Officer in Michigan vs National
| Year | Median Salary (Michigan) |
|---|---|
| 2022 | $79,000 |
| 2023 | $73,080 |
| 2024 | $72,680 |
| 2025 | $74,470 |
| 2026 (projected) | $76,304 |
The latest year is a projection based on recent wage trends — BLS has not yet released that year’s data.
| Year | Michigan Median | National Median |
|---|---|---|
| 2022 | $79,000 | $68,453 |
| 2023 | $73,080 | $70,692 |
| 2024 | $72,680 | $73,485 |
| 2025 | $74,470 | $76,354 |
| 2026 (projected) | $76,304 | $78,234 |
Loan Officer Salary by Experience Level in Michigan
| Experience Level | Years | Median Annual Salary |
|---|---|---|
| Junior | 0-2 yrs | $50,280 |
| Mid-level | 3-5 yrs | $74,470 |
| Senior | 6-9 yrs | $101,150 |
| Staff / Lead | 10+ yrs | $135,700 |
Loan Officer Salary in Other States
Related Loan Officer Salaries in Michigan
How other high-demand occupations in Michigan compare to Loan Officer ($74,470 median).
| Occupation | Median Salary | vs Loan Officer | Hourly |
|---|---|---|---|
| Financial Manager in MI | $139,370 | +87.1% | $67.00/hr |
| Economist in MI | $106,350 | +42.8% | $51.13/hr |
| Actuary in MI | $100,640 | +35.1% | $48.38/hr |
| Budget Analyst in MI | $96,430 | +29.5% | $46.36/hr |
| Financial Analyst in MI | $95,420 | +28.1% | $45.88/hr |
| Accountant in MI | $78,820 | +5.8% | $37.89/hr |
| Personal Financial Advisor in MI | $77,930 | +4.6% | $37.47/hr |
| Compliance Officer in MI | $77,390 | +3.9% | $37.21/hr |
| Tax Examiner in MI | $75,040 | +0.8% | $36.08/hr |
| Credit Analyst in MI | $74,640 | +0.2% | $35.88/hr |
| Securities Sales Agent in MI | $73,480 | -1.3% | $35.33/hr |
| Financial Examiner in MI | $71,050 | -4.6% | $34.16/hr |
Frequently Asked Questions
How much do loan officers make in Michigan?
- Loan officers in Michigan earn a median salary of $74,470 per year, or approximately $36 per hour. This is slightly below the national average, representing a 2.5% difference. The salary range varies significantly, from $36,830 at the lower end to $135,700 for experienced professionals.
What is the starting salary for a loan officer in Michigan?
- Entry-level loan officers in Michigan can expect to start at around $36,830 per year. As you gain experience and move up in the field, earning potential increases substantially, with experienced loan officers reaching salaries of $135,700 or more.
Is the loan officer salary in Michigan competitive compared to the US average?
- Michigan's median loan officer salary of $74,470 is slightly below the national average, at 2.5% lower. While this is a minor difference, loan officers in Michigan still earn a solid middle-class income with opportunities to reach the upper salary range of $135,700.
How many loan officers work in Michigan?
- There are approximately 11,340 loan officers currently employed in Michigan, making it a substantial employment market for this profession in the state.