The annual salary statistics of loan officers in South Bend-Mishawaka, Michigan is shown in Table 1. The wage information of loan officers in South Bend-Mishawaka is based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2022 and published in April 2023 [1].
| Percentile Bracket | Average Annual Salary |
|---|---|
| 10th Percentile Wage | $45,580 |
| 25th Percentile Wage | $52,720 |
| 50th Percentile Wage | $69,260 |
| 75th Percentile Wage | $106,990 |
| 90th Percentile Wage | $148,190 |
Table 1 shows the average annual salary for loan officers in South Bend-Mishawaka, Michigan in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $148,190. The median (50th percentile) annual salary is $69,260. The average annual salary for the bottom 10 percent earners is $45,580.
The table and chart below show the trend of the median salary of loan officers from 2012 to 2022.
| Year | Median Salary | Yearly Growth | 10-Year Growth |
|---|---|---|---|
| 2022 | $69,260 | 11.10% | 22.37% |
| 2021 | $61,570 | 7.24% | - |
| 2020 | $57,110 | 11.73% | - |
| 2019 | $50,410 | -6.94% | - |
| 2018 | $53,910 | 2.15% | - |
| 2017 | $52,750 | -8.85% | - |
| 2016 | $57,420 | -7.14% | - |
| 2015 | $61,520 | 4.03% | - |
| 2014 | $59,040 | 1.36% | - |
| 2013 | $58,240 | 7.68% | - |
| 2012 | $53,770 | - | - |
From Table 3 we note that the median annual salary of $69,260 in South Bend-Mishawaka is in the middle of salary range for loan officers in state of Michigan. In comparison, the annual salary of loan officers in South Bend-Mishawaka is 17.1 percent (17.1%) lower than that in the highest paying Detroit-Warren-Livonia and 56.7 percent (56.7%) higher than that in the lowest paying Detroit-Livonia-Dearborn.