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Loan Officers Salary in Michigan
Last updated: 2025 BLS data · Page refreshed:
How much do Loan Officers make in Michigan?
Last updated: 2025 data from the Bureau of Labor Statistics
$74,470
Median Annual Salary
▲
+2.5% vs 2024
$83,990
Mean Salary
$74,470
Median Salary
$35.80
Hourly Rate
11,340 people work as Loan Officers in Michigan
Loan Officers salary by percentile in Michigan
BLS-reported salary distribution — from entry-level (10th percentile) to top earners (90th percentile).
Loan Officers in Michigan earn a median salary of $74,470 per year ($6,205/month).
This is 2.5% below the national average of $76,354.
Michigan ranks #27 out of 51 states for Loan Officers pay.
Approximately 11,340 people work in this occupation across Michigan.
Salaries increased by 2.5% compared to 2024.
About This Job: Loan Officers
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.
Top Skills
Active Listening
4.0
Speaking
4.0
Reading Comprehension
3.88
Judgment and Decision Making
3.88
Critical Thinking
3.75
Key Knowledge Areas
Customer and Personal Service
4.7
Economics and Accounting
3.86
English Language
3.77
Mathematics
3.69
Sales and Marketing
3.47
Typical Education: Bachelor's Degree
(68.7% of workers)
Salaries for Loan Officers in Michigan range from $36,830 at the 10th percentile (entry level) to $135,700 at the 90th percentile (experienced). The middle 50% earn between $50,280 and $101,150.
The median annual salary for Loan Officers in Michigan is $74,470 as of 2025. The average (mean) salary is $83,990.
What is the salary range for a Loan Officers in Michigan?
Salaries for Loan Officers in Michigan range from $36,830 at the 10th percentile to $135,700 at the 90th percentile. The middle 50% earn between $50,280 and $101,150.
What is the starting salary for a Loan Officers in Michigan?
Entry-level Loan Officers positions in Michigan typically start around $36,830 (10th percentile). With some experience, salaries rise to $50,280 (25th percentile).
How many people work as Loan Officers in Michigan?
According to 2025 BLS data, approximately 11,340 people are employed as Loan Officers in Michigan.
What is the hourly rate for a Loan Officers in Michigan?
Based on a standard 2,080-hour work year, the median hourly rate for a Loan Officers in Michigan is approximately $35.80 per hour.
Salary data is sourced from the U.S. Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (OEWS) survey, 2025 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.
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