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Loan Officer Salary Information in Michigan

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 [1].

Table 1 & 2. Annual & Hourly Salary of Loan Officers in Michigan

Percentile BracketAverage 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.

Salary Trend (2012 to 2017)

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.

YearMedian Salary Growth3-Year Growth
2015
$49,520
-3.98% 11.09%
2014
$51,490
-1.22% -
2013
$52,120
15.52% -
2012
$44,030
- -

Table 3. Median Annual Salary of Loan Officers in Michigan Cities

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
$61,750
Detroit-Warren-Livonia
$56,060
Kalamazoo-Portage
$55,970
Ann Arbor
$55,510
Flint
$55,310
Northwest Lower Peninsula of Michigan nonmetropolitan area
$54,510
Holland-Grand Haven
$53,610
Battle Creek
$53,120
South Bend-Mishawaka
$52,750
Grand Rapids-Wyoming
$51,110
Warren-Troy-Farmington Hills
$50,570
Niles-Benton Harbor
$50,130
Upper Peninsula of Michigan nonmetropolitan area
$49,490
Bay City
$49,000
Lansing-East Lansing
$48,950
Muskegon-Norton Shores
$45,020
Northeast Lower Peninsula of Michigan nonmetropolitan area
$44,200
Monroe
$43,390
Saginaw-Saginaw Township North
$40,010
Jackson
$37,490
Detroit-Livonia-Dearborn
$29,970




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