Loan Officer Salary in Michigan
The median loan officer salary in Michigan is $59,166 per year, which is 10% below the national median of $65,740.
Loan Officer Salary in Michigan by Experience
In Michigan, an entry-level loan officer earns around $34,200, while experienced professionals earn up to $117,000 per year. The cost of living index in Michigan is 90% of the national average.
Salary Percentiles in Michigan
| Percentile | MI Salary |
|---|---|
| 10th Percentile | $31,680 |
| 25th Percentile | $40,860 |
| Median (50th) | $59,166 |
| 75th Percentile | $90,000 |
| 90th Percentile | $138,420 |
Major Cities for Loan Officers in Michigan
The largest employment areas for loan officers in Michigan include Detroit, Grand Rapids, Ann Arbor, and Warren. Salaries in major metro areas may be higher due to increased demand and cost of living.
How to Become a Loan Officer in Michigan
Education
Most loan officer positions require a bachelor's degree. Michigan has several accredited institutions offering relevant programs.
Key Skills
Job Outlook in Michigan
Nationally, loan officer employment is projected to grow 3% over the next decade (as fast as average). Michigan's demand may vary based on local industry trends.