How Much Does a Bank Loan Officer Make in Michigan?

Updated May 28, 2024
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Individually reported data submitted by users of our website

Normal Confidence
$47,849/yr
Average Base Pay
Low $38,529
Average $47,849
High $54,844
The average salary for Bank Loan Officer is $47,849 per year in Michigan.

Related Job Titles to Bank Loan Officer

Bank Of America Loan Officer
$100,237
Michigan
Per Year
Loan Officer I
$54,630
Michigan
Per Year
Loan Officer III
$99,000
Michigan
Per Year
Loan Officer II
$76,070
Michigan
Per Year

Similar Job Salaries to Bank Loan Officer by Company

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Company average base salary in (usd) range
$92,797/yr
$76,845
$108,750
RANGE: $76,845 - $108,750
New American Funding
Loan Officer
$58,849/yr
$50,466
$67,232
RANGE: $50,466 - $67,232
$92,521/yr
$76,616
$108,426
RANGE: $76,616 - $108,426
Lend-A-Loan LLC
Loan officer
$74,330/yr
$60,503
$88,157
RANGE: $60,503 - $88,157
$92,889/yr
$76,921
$108,858
RANGE: $76,921 - $108,858
Hall Financial
Loan Officer
$74,330/yr
$60,503
$88,157
RANGE: $60,503 - $88,157
$121,662/yr
$96,767
$146,556
RANGE: $96,767 - $146,556
Lakeview Lending LLC
Loan Officer/Loan Officer Assistant
$82,031/yr
$68,570
$95,493
RANGE: $68,570 - $95,493
$50,640/yr
$41,847
$59,432
RANGE: $41,847 - $59,432

Open Bank Loan Officer Jobs in Michigan

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Top 10 Highest Paying Cities For Bank Loan Officer Jobs in Michigan

It is important to understand how location impacts your career prospects in the United States. There are some cities where a Bank Loan Officer can find a job easily with a greater salary paid then achieve a higher standard of living. Below is the top cities list for Bank Loan Officer job salaries in Michigan. Some cities can pay higher salaries for Bank Loan Officer jobs, which can indicate that there is a large demand for Bank Loan Officer positions in this city.
The following table shows top 10 cities where the Bank Loan Officer salary is higher than other cities in Michigan. Ann Arbor takes first place in this list, followed by Canton, Novi. The Bank Loan Officer salary is $49,740 in Ann Arbor, which is higher than the national average. There are 18 cities' Bank Loan Officer salary higher than national average in Michigan.
The average salary for a Bank Loan Officer in Michigan is $47,849, but we found that the city with the highest salary for Bank Loan Officer jobs is Ann Arbor, MI, and it is higher than Canton. Bank Loan Officer jobs in Ann Arbor can have the opportunity to earn higher salaries than in other cities in Michigan.
CITY ANNUAL SALARY MONTHLY PAY WEEKLY PAY HOURLY WAGE
Ann Arbor $49,740 $4,145 $957 $24
Canton $49,643 $4,137 $955 $24
Novi $49,497 $4,125 $952 $24
Westland $49,110 $4,092 $944 $24
West Bloomfield $48,916 $4,076 $941 $24
Detroit $48,867 $4,072 $940 $23
Warren $48,867 $4,072 $940 $23
Dearborn $48,867 $4,072 $940 $23
Waterford $48,867 $4,072 $940 $23
Dearborn Heights $48,819 $4,068 $939 $23

What Does a Bank Loan Officer Do?

The loan officer is responsible for the initial screening process and is unlikely to proceed with an application from someone who does not meet the lender's qualifications.
Updated October 21, 2021
Except for consumer loan officers, who spend most of their time in offices, these workers may travel to visit clients.
Updated December 22, 2021
If you can meet with or speak to a loan officer, you can make your case for loan approval to a human being rather than a machine.
Updated December 22, 2021
If the underwriter approves your loan, your loan officer will then collect and prepare the appropriate loan closing documents.
Updated December 20, 2021
This is why banks may have several branches — they want to serve the potential borrowers in various areas who want to meet face-to-face with a loan officer.
Updated December 20, 2021

Frequently Asked Questions About a Bank Loan Officer Salaries

What is the average of a Bank Loan Officer in Michigan?

The Bank Loan Officer salary range is from $38,529 to $54,844, and the average Bank Loan Officer salary is $47,849/year in Michigan. The Bank Loan Officer's salary will change in different locations.

Which location pays the highest Bank Loan Officer salary in the United States?

The Bank Loan Officer salary in San Jose, CA is $60,841 which is the highest in the US.

What kinds of reasons will influence the Bank Loan Officer's salary?

Besides the location, employees' education degree, related skills, and work experience also will influence the salary. Try to improve your skills and experience to get a higher salary for the position of Bank Loan Officer.

What is the growth rate of the Bank Loan Officer's salary?

If you are thinking of becoming a Bank Loan Officer or planning the next step in your career, find the detailed salary report of a Bank Loan Officer.