The average annual and hourly salaries for loan officers in the state of Michigan are shown in Table 1 and Table 2, respectively. The comparison of the salary statistics of loan officers amongst Michigan metropolitan areas is shown in Table 3. The salary statistics are based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2017 and published in April 2018 .
|Percentile Bracket||Average Annual Salary|
|10th Percentile Wage||$27,790|
|25th Percentile Wage||$37,230|
|50th Percentile Wage||$49,520|
|75th Percentile Wage||$67,850|
|90th Percentile Wage||$102,460|
Table 1 shows the average annual salary for loan officers in Michigan in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $102,460. The median (50th percentile) annual salary is $49,520. The average annual salary for the bottom 10 percent is $27,790.
The table and chart below show the trend of the median salary of loan officers from 2012 to 2017. Note that there is no salary data for some years between 2012 and 2017.
|Year||Median Salary||Growth||3-Year Growth|
Table 3 shows the median annual salary of loan officers in some Michigan cities and metropolitan areas. We note that the median annual salary of loan officers in state of Michigan ranges from $29,970 to $61,750. The highest paying area for loan officers in Michigan is Balance of Lower Peninsula of Michigan nonmetropolitan area with a median annual salary of $61,750. The second highest paying city/area in Michigan State is Detroit-Warren-Livonia (mean annual salary $56,060). The lowest paying area is Detroit-Livonia-Dearborn with a median annual salary of $29,970.
|Cities/Areas||Median Annual Salary|
|Balance of Lower Peninsula of Michigan nonmetropolitan area|| |
|Ann Arbor|| |
|Northwest Lower Peninsula of Michigan nonmetropolitan area|| |
|Holland-Grand Haven|| |
|Battle Creek|| |
|South Bend-Mishawaka|| |
|Grand Rapids-Wyoming|| |
|Warren-Troy-Farmington Hills|| |
|Niles-Benton Harbor|| |
|Upper Peninsula of Michigan nonmetropolitan area|| |
|Bay City|| |
|Lansing-East Lansing|| |
|Muskegon-Norton Shores|| |
|Northeast Lower Peninsula of Michigan nonmetropolitan area|| |
|Saginaw-Saginaw Township North|| |