Business & Finance Detroit, MI Pop. 639,111

Loan Officer Salary in Detroit, Michigan

The median loan officer salary in Detroit, MI is $57,851 per year, which is 12% below the national median and 2.2% below the Michigan state average.

City Median
$57,851
vs State Avg
$-1,315
vs National
$-7,889
Cost of Living
88%

Loan Officer Salary in Detroit by Experience

In Detroit, an entry-level loan officer earns around $33,440, while experienced professionals earn up to $114,400 per year. The local cost of living index is 88% of the national average.

Entry Level (0-2 yrs)
$33,440
$-4,560 vs national
Mid Level (3-7 yrs)
$58,080
$-7,920 vs national
Senior Level (8+ yrs)
$114,400
$-15,600 vs national

Salary Percentiles in Detroit, MI

Percentile Detroit
10th Percentile $30,976
25th Percentile $39,952
Median (50th) $57,851
75th Percentile $88,000
90th Percentile $135,344

Loan Officer Salary in Other Michigan Cities

Ann Arbor, MI
$69,027
Pop. 123,851
Grand Rapids, MI
$59,166
Pop. 198,917
Warren, MI
$57,851
Pop. 139,387
Lansing, MI
$56,536
Pop. 112,644

How to Become a Loan Officer in Detroit

Education

Most loan officer positions require a bachelor's degree. Detroit and the surrounding Michigan area have institutions offering relevant programs.

Key Skills

Credit AnalysisMortgage LendingCustomer ServiceRegulatory ComplianceSalesFinancial Software

Job Outlook

Nationally, loan officer employment is projected to grow 3% over the next decade (as fast as average). Demand in Detroit may vary based on local industry and population growth.

Find Loan Officer Jobs in Detroit

Browse open loan officer positions in Detroit, MI:

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Frequently Asked Questions: Loan Officer Salary in Detroit

How much does a Loan Officer make in Detroit, MI? ▼
The median loan officer salary in Detroit, Michigan is $57,851 per year, which is 12% below the national median of $65,740. Salaries range from $30,976 (10th percentile) to $135,344 (90th percentile).
How much does a Loan Officer make per hour in Detroit? ▼
Based on the median annual salary of $57,851, a loan officer in Detroit earns approximately $28 per hour assuming a standard 2,080-hour work year.
How does Detroit compare to the Michigan state average for loan officer pay? ▼
Detroit's median loan officer salary of $57,851 is 2.2% below the Michigan state average of $59,166. The local cost of living index is 88% of the national average.
What is the cost of living in Detroit, MI? ▼
Detroit has a cost of living index of 88% compared to the national average. This means a loan officer salary of $57,851 in Detroit has more purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Detroit? ▼
Most loan officer positions in Detroit require a bachelor's degree. Key skills include Credit Analysis, Mortgage Lending, Customer Service, Regulatory Compliance. The job market is projected to grow 3% nationally over the next decade.