Loan Officer Salary in Michigan
Based on 11K+ workers in Michigan
Median Annual Salary (MI)
$74,470
$35.803/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 |
Historical Salary Trend — Loan Officer in Michigan vs National
| Year | Median Salary (United States) |
|---|---|
| 2022 | $79,000 |
| 2023 | $73,080 |
| 2024 | $72,680 |
| 2025 | $74,470 |
| 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 |
Loan Officer Salary by Experience Level in Michigan
Loan Officer Salary in Other States
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.