Salary distribution
Where Michigan loan officers fall on the wage curve.
Shaded band = interquartile range (where most full-time workers fall)
The middle 50% of workers earn between $49,540 and $103,180, with a median of $72,680.
Loan Officers pay by experience level in Michigan
Each band reflects DOL Wage Levels I-IV mapped onto a four-step ladder. Click a level to see the disclosed-wage range for that segment.
Wage trend
Median annual wage in Michigan over the past 2 BLS OES releases. Real values are CPI-adjusted to 2024 dollars.
Typical entry
Education
Bachelor's degree
Experience
None
On-the-job training
Moderate-term on-the-job training
Top skills (O*NET)
- 4.7 / 5
Customer and Personal Service
Knowledge
- 4.0 / 5
Written Comprehension
Ability
- 4.0 / 5
Speaking
Basic skill
- 4.0 / 5
Active Listening
Basic skill
- 4.0 / 5
Oral Expression
Ability
- 4.0 / 5
Oral Comprehension
Ability
- 3.9 / 5
Reading Comprehension
Basic skill
- 3.9 / 5
Judgment and Decision Making
Technical
Common tasks (O*NET)
- 01
Meet with applicants to obtain information for loan applications and to answer questions about the process.
- 02
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- 03
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- 04
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- 05
Submit applications to credit analysts for verification and recommendation.
- 06
Review loan agreements to ensure that they are complete and accurate according to policy.
- 07
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- 08
Review and update credit and loan files.
10-year outlook
Growth 2024 → 2034
+1.7%
Projected annual openings
—
BLS outlook
Slower than average
Source: BLS Employment Projections, 2024–2034 cycle.
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Metro-level salary data for loan officers in major Michigan metropolitan areas.
- Detroit$76,710
Compare Loan Officers pay across nearby states
Frequently asked questions
- What is the median salary for Loan Officers in Michigan?
- According to BLS Occupational Employment Statistics, the median annual wage for Loan Officers in Michigan is $72,680.
- How does Michigan compare to the national median for Loan Officers?
- The Michigan median is -0.5% versus the BLS national figure of $73,019.
- What is the salary range for Loan Officers in Michigan?
- BLS reports the 10th-percentile annual wage at $34,690 and the 90th-percentile at $136,390, which captures most full-time workers in the role.
- Is Loan Officers a growing field?
- BLS Employment Projections show employment growing by 1.7% over the projection cycle. See the 10-year outlook section above for details.
- What education is required for Loan Officers?
- BLS lists the typical entry-level education as Bachelor's degree. Many employers also weigh prior experience and credentials.
Information on this page is for general educational purposes only. It is not career, financial, or tax advice. Wage data reflects BLS estimates for the reference year shown and may not match individual offers, employer-specific ranges, or current market conditions. Confirm with a licensed professional before making career or compensation decisions.