Business & Finance Grand Rapids, MI Pop. 198,917

Loan Officer Salary in Grand Rapids, Michigan

The median loan officer salary in Grand Rapids, MI is $59,166 per year, which is 10% below the national median and 0.0% above the Michigan state average.

City Median
$59,166
vs State Avg
+$0
vs National
$-6,574
Cost of Living
90%

Loan Officer Salary in Grand Rapids by Experience

In Grand Rapids, an entry-level loan officer earns around $34,200, while experienced professionals earn up to $117,000 per year. The local cost of living index is 90% of the national average.

Entry Level (0-2 yrs)
$34,200
$-3,800 vs national
Mid Level (3-7 yrs)
$59,400
$-6,600 vs national
Senior Level (8+ yrs)
$117,000
$-13,000 vs national

Salary Percentiles in Grand Rapids, MI

Percentile Grand Rapids
10th Percentile $31,680
25th Percentile $40,860
Median (50th) $59,166
75th Percentile $90,000
90th Percentile $138,420

Loan Officer Salary in Other Michigan Cities

Ann Arbor, MI
$69,027
Pop. 123,851
Detroit, MI
$57,851
Pop. 639,111
Warren, MI
$57,851
Pop. 139,387
Lansing, MI
$56,536
Pop. 112,644

How to Become a Loan Officer in Grand Rapids

Education

Most loan officer positions require a bachelor's degree. Grand Rapids 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 Grand Rapids may vary based on local industry and population growth.

Find Loan Officer Jobs in Grand Rapids

Browse open loan officer positions in Grand Rapids, MI:

Indeed → LinkedIn → ZipRecruiter → Glassdoor →

Frequently Asked Questions: Loan Officer Salary in Grand Rapids

How much does a Loan Officer make in Grand Rapids, MI? ▼
The median loan officer salary in Grand Rapids, Michigan is $59,166 per year, which is 10% below the national median of $65,740. Salaries range from $31,680 (10th percentile) to $138,420 (90th percentile).
How much does a Loan Officer make per hour in Grand Rapids? ▼
Based on the median annual salary of $59,166, a loan officer in Grand Rapids earns approximately $28 per hour assuming a standard 2,080-hour work year.
How does Grand Rapids compare to the Michigan state average for loan officer pay? ▼
Grand Rapids's median loan officer salary of $59,166 is 0.0% above the Michigan state average of $59,166. The local cost of living index is 90% of the national average.
What is the cost of living in Grand Rapids, MI? ▼
Grand Rapids has a cost of living index of 90% compared to the national average. This means a loan officer salary of $59,166 in Grand Rapids has more purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Grand Rapids? ▼
Most loan officer positions in Grand Rapids 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.