How much does a Loan Officers make in Michigan?
Last updated: 2024 data from the Bureau of Labor Statistics
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.
Source: O*NET OnLine, U.S. Department of Labor
Salaries for Loan Officers in Michigan range from $34,690 at the 10th percentile (entry level) to $136,390 at the 90th percentile (experienced). The middle 50% earn between $49,540 and $103,180.
| Percentile | Annual Salary | Hourly Rate | Monthly |
|---|---|---|---|
| 10th Percentile (Entry Level) | $34,690 | $16.68 | $2,890 |
| 25th Percentile | $49,540 | $23.82 | $4,128 |
| Median (50th) | $72,680 | $34.94 | $6,056 |
| 75th Percentile | $103,180 | $49.61 | $8,598 |
| 90th Percentile (Experienced) | $136,390 | $65.57 | $11,365 |
Note: The mean (average) salary of $82,830 differs from the median because salary distributions are typically skewed by high earners.
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Compare Loan Officers pay across states — sorted by highest median salary.
Salary data is sourced from the U.S. Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (OEWS) survey, 2024 estimates. The OEWS survey covers approximately 1.1 million establishments nationwide.
Annual salaries are calculated based on a standard 2,080-hour work year. Actual compensation may vary based on experience, education, employer, and local market conditions. Figures do not include benefits, bonuses, or overtime pay.
Our Methodology · Data Sources · Source: BLS OEWS