Loan Officer salary in Traverse City, MI
Loan Officers in the Traverse City, MI metro area earn a median of $63,820 a year ($30.68 an hour), based on BLS data for 130 workers.
Pay ranges from $41,050 for the lowest-paid 10% to $118,390 for the top 10%. That is 17% lower than the national median of $76,690. Pay here is 14% lower than the Michigan statewide median of $74,470. There are 2.0 loan officers per 1,000 jobs here — close to the national average. The average (mean) salary is $74,970, above the median because a few high earners pull it up.
Pay range for loan officers in Traverse City, MI
| Pay level | Yearly | Hourly |
|---|---|---|
| 10th percentile (entry level) | $41,050 | $19.74 |
| 25th percentile | $51,560 | $24.79 |
| Median | $63,820 | $30.68 |
| 75th percentile | $92,700 | $44.57 |
| 90th percentile (top earners) | $118,390 | $56.92 |
| Average (mean) | $74,970 | $36.04 |
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 | $5,318.33 |
| Semi-monthly (24 a year) | $2,659.17 |
| Biweekly (26 a year) | $2,454.62 |
| Weekly | $1,227.31 |
| Hourly | $30.68 |
Based on a full-time year of 2,080 hours. Convert any amount with the hourly to salary converter.
Buying a home? On a $63,820 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 other metro areas nearby
| 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 |
| 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 |
See Loan Officer pay in every state or the Michigan statewide figures.
Related jobs in Traverse City, MI
| Job | Median salary | Hourly |
|---|---|---|
| Accountants and Auditors | $74,820 | $35.97 |
| Personal Financial Advisor | $88,100 | $42.36 |
| Insurance Underwriter | $69,500 | $33.41 |
| Financial and Investment Analysts | $80,100 | $38.51 |
| Property Appraisers and Assessors | $63,880 | $30.71 |
| Market Research Analysts and Marketing Specialists | $59,460 | $28.59 |
| Human Resources Specialist | $64,480 | $31.00 |
| Project Management Specialist | $83,720 | $40.25 |
| Buyers and Purchasing Agents | $61,920 | $29.77 |
| Training and Development Specialists | $61,280 | $29.46 |
| Business Operations Specialists, All Other | $78,520 | $37.75 |
| Cost Estimator | $63,070 | $30.32 |
| Claims Adjusters, Examiners, and Investigators | $76,540 | $36.80 |
| Fundraiser | $63,400 | $30.48 |
More: Business and Financial Operations Occupations · all salaries in Traverse City, MI
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 Traverse City, MI?
The median salary for loan officers in the Traverse City, MI metro area is $63,820 a year, or $30.68 an hour. Pay ranges from $41,050 for the lowest-paid 10% to $118,390 for the top 10%.
How much do the highest-paid loan officers make in Traverse City, MI?
The top 10% of loan officers in the Traverse City, MI metro area earn at least $118,390 a year. The top 25% earn $92,700 or more.
What is the starting pay for loan officers in Traverse City, MI?
Entry-level pay (the 10th percentile) is about $41,050 a year, and a quarter of loan officers earn $51,560 or less.
How many loan officers work in Traverse City, MI?
About 130 loan officers are employed in the Traverse City, MI metro area, not counting the self-employed.