Loan Officer salary in Michigan
Loan Officers in Michigan earn a median of $74,470 a year ($35.80 an hour), based on BLS data for 11,340 workers.
Pay ranges from $36,830 for the lowest-paid 10% to $135,700 for the top 10%. That is 3% lower than the national median of $76,690. Michigan ranks 27th of 51 states for loan officers pay. There are 2.6 loan officers per 1,000 jobs here — the job is 1.5× more common than nationally. The average (mean) salary is $83,990, above the median because a few high earners pull it up.
Pay range for loan officers in Michigan
| Pay level | Yearly | Hourly |
|---|---|---|
| 10th percentile (entry level) | $36,830 | $17.71 |
| 25th percentile | $50,280 | $24.17 |
| Median | $74,470 | $35.80 |
| 75th percentile | $101,150 | $48.63 |
| 90th percentile (top earners) | $135,700 | $65.24 |
| Average (mean) | $83,990 | $40.38 |
Half of loan officers earn more than the median and half earn less. Percentiles show the spread: 10% earn less than the 10th percentile, and 10% earn more than the 90th.
Median paycheck, before taxes
| Pay period | Amount |
|---|---|
| Monthly | $6,205.83 |
| Semi-monthly (24 a year) | $3,102.92 |
| Biweekly (26 a year) | $2,864.23 |
| Weekly | $1,432.12 |
| Hourly | $35.80 |
Based on a full-time year of 2,080 hours. Convert any amount with the hourly to salary converter.
Buying a home? On a $74,470 salary, see how much house you can afford in Michigan at today's mortgage rates, or work out a payment with the mortgage calculator.
Loan Officer salary in cities in Michigan
| Metro area | Median salary | Workers |
|---|---|---|
| Ann Arbor, MI | $77,820 | 320 |
| Detroit-Warren-Dearborn, MI | $76,260 | 7,200 |
| Lansing-East Lansing, MI | $72,890 | 420 |
| Kalamazoo-Portage, MI | $72,330 | 140 |
| Grand Rapids-Wyoming-Kentwood, MI | $71,760 | 790 |
| Midland, MI | $66,880 | 60 |
| Flint, MI | $65,050 | 230 |
| Niles, MI | $64,250 | 130 |
| Traverse City, MI | $63,820 | 130 |
| South Bend-Mishawaka, IN-MI | $63,130 | 160 |
| Saginaw, MI | $62,740 | 140 |
| Muskegon-Norton Shores, MI | $62,190 | 60 |
| Jackson, MI | $60,540 | 110 |
| Battle Creek, MI | $59,640 | 70 |
| Monroe, MI | $56,450 | 30 |
Highest-paying states for loan officers
| State | Median salary |
|---|---|
| Massachusetts | $101,600 |
| Connecticut | $95,730 |
| New York | $95,710 |
| Minnesota | $95,170 |
| Colorado | $94,520 |
| Oregon | $94,440 |
| New Jersey | $92,920 |
| District of Columbia | $92,890 |
| Vermont | $88,710 |
| Kansas | $86,970 |
Related jobs in Michigan
| Job | Median salary | Hourly |
|---|---|---|
| Accountants and Auditors | $78,820 | $37.89 |
| Financial and Investment Analysts | $95,420 | $45.88 |
| Personal Financial Advisor | $77,930 | $37.47 |
| Financial Specialists, All Other | $75,040 | $36.08 |
| Insurance Underwriter | $77,380 | $37.20 |
| Property Appraisers and Assessors | $64,270 | $30.90 |
| Tax Preparer | $46,400 | $22.31 |
| Credit Analyst | $74,640 | $35.89 |
| Credit Counselor | $52,160 | $25.08 |
| Financial Risk Specialist | $103,940 | $49.97 |
| Tax Examiners and Collectors, and Revenue Agents | $63,440 | $30.50 |
| Budget Analyst | $96,430 | $46.36 |
| Financial Examiner | $71,050 | $34.16 |
| Human Resources Specialist | $69,520 | $33.42 |
More: Business and Financial Operations Occupations · all salaries in Michigan
Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics, May 2025 estimates, occupation code 13-2072. Wages include base pay, tips, commissions and shift pay, but not overtime, bonuses or benefits, and exclude the self-employed.
Frequently asked questions
How much does a loan officer make in Michigan?
The median salary for loan officers in Michigan is $74,470 a year, or $35.80 an hour. Pay ranges from $36,830 for the lowest-paid 10% to $135,700 for the top 10%.
How much do the highest-paid loan officers make in Michigan?
The top 10% of loan officers in Michigan earn at least $135,700 a year. The top 25% earn $101,150 or more.
What is the starting pay for loan officers in Michigan?
Entry-level pay (the 10th percentile) is about $36,830 a year, and a quarter of loan officers earn $50,280 or less.
How many loan officers work in Michigan?
About 11,340 loan officers are employed in Michigan, not counting the self-employed.