Loan Officers in Michigan
Considering working as a Loan Officers in Michigan? Below are the key facts. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.
What do Loan Officers Make in Michigan?
For a loan officers working in Michigan, wages run about $72,680 per year (or about $34.94/hour).Pay can range from $34,690 at the 10th percentile to $136,390 at the 90th percentile.
| Wage Statistic | Annual | Hourly |
|---|---|---|
| 10th percentile | $34,690 | $16.68 |
| 25th percentile | $49,540 | $23.82 |
| Median (50th) | $72,680 | $34.94 |
| 75th percentile | $103,180 | $49.61 |
| 90th percentile | $136,390 | $65.57 |
The job concentration index in Michigan relative to the national average — is 1.32, meaning that loan officers are more concentrated here than the national average.
National Wage Comparison
Nationally, loan officers earn a median of $79,088 per year ($38.02/hour), below the Michigan median.
Employment Outlook
National employment for 299,565 loan officers across the United States. In Michigan alone, approximately 10,910 people work in this role. That puts the state above the typical state, which employs around 3,990 loan officers.
Top Michigan Metros for Loan Officers
The metro areas below employ the most loan officers in Michigan.
| Metro Area | Number Employed | Annual Median Salary |
|---|---|---|
| Detroit-Warren-Dearborn, MI | 6,340 | $76,710 |
| Grand Rapids-Wyoming-Kentwood, MI | 890 | $73,490 |
| Lansing-East Lansing, MI | 460 | $60,740 |
| Ann Arbor, MI | 340 | $63,470 |
| Flint, MI | 290 | $60,620 |
| Kalamazoo-Portage, MI | 250 | $58,110 |
| Niles, MI | 170 | $59,600 |
| Traverse City, MI | 140 | $59,510 |
| Saginaw, MI | 130 | $59,190 |
| Jackson, MI | 110 | $59,550 |
| Muskegon-Norton Shores, MI | 80 | $50,920 |
| Midland, MI | 70 | $62,200 |
| Battle Creek, MI | 60 | $56,270 |
| Monroe, MI | 50 | $55,000 |
| Bay City, MI | 30 | $48,600 |
Top States for Loan Officers Employment
The table below shows the states where the most loan officers work.
| State | Number Employed |
|---|---|
| California | 27,420 |
| Texas | 24,070 |
| Florida | 19,750 |
| North Carolina | 11,890 |
| New York | 11,850 |
| Arizona | 11,420 |
| Michigan | 10,910 |
| Ohio | 10,340 |
| Illinois | 10,330 |
| Georgia | 9,480 |
| Virginia | 9,170 |
| Pennsylvania | 8,820 |
| Tennessee | 7,610 |
| Missouri | 7,000 |
| Minnesota | 6,950 |
| Washington | 6,480 |
| New Jersey | 5,690 |
| Alabama | 5,680 |
| Utah | 5,590 |
| Wisconsin | 5,020 |
Highest-Paying States for Loan Officers
Where loan officers earn the most: loan officers.
| State | Annual Median Salary |
|---|---|
| District of Columbia | $102,200 |
| New York | $98,940 |
| New Jersey | $95,090 |
| Massachusetts | $93,430 |
| Vermont | $86,490 |
| Minnesota | $84,480 |
| North Dakota | $82,990 |
| Kansas | $82,540 |
| Delaware | $80,760 |
| Iowa | $80,070 |
Skills
The most important loan officers skills, rated on an importance scale of 0 to 5:
Knowledge Areas
Key knowledge areas for this occupation, rated on an importance scale of 0 to 5:
Abilities
Key abilities for loan officers, rated on an importance scale of 0 to 5:
Daily Tasks
Day-to-day, loan officers typically:
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Submit applications to credit analysts for verification and recommendation.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Review and update credit and loan files.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Handle customer complaints and take appropriate action to resolve them.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
Work Activities
- Getting Information
- Evaluating Information to Determine Compliance with Standards
- Establishing and Maintaining Interpersonal Relationships
- Processing Information
- Analyzing Data or Information
- Working with Computers
- Communicating with People Outside the Organization
- Making Decisions and Solving Problems
- Communicating with Supervisors, Peers, or Subordinates
- Organizing, Planning, and Prioritizing Work
- Updating and Using Relevant Knowledge
- Documenting/Recording Information
Tools & Technology
Common tools and software used in this occupation include: Hot technologies: Microsoft Access, Microsoft Excel In-demand technologies: Microsoft Excel
What Major Will Prepare You For This Career?
Related college programs include:
- Finance & Financial Management
Featured schools near , edit
Related Careers
Other careers like loan officers include:
- Financial Managers
- Accountants and Auditors
- Credit Analysts
- Financial and Investment Analysts
- Personal Financial Advisors
- Insurance Underwriters
Also Known As
Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Banker, Branch Lending Officer, Business Banker, Business Banking Officer, Commercial Banker, Commercial Lender, Commercial Loan Collection Officer, Commercial Loan Officer, Commercial Mortgage Broker, Commercial Relationship Manager, Consumer Lending Specialist.
References
- U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics — https://www.bls.gov/oes/
- O*NET Online — https://www.onetonline.org/
- BLS Employment Projections — https://www.bls.gov/emp/
- O*NET-SOC code: 13-2072.00
BusinessDegreeCentral.com provides higher-education, college and university, degree, program, career, salary, and other helpful information to students, faculty, institutions, and other internet audiences. Presented information and data are subject to change. Inclusion on this website does not imply or represent a direct relationship with the company, school, or brand. Information, though believed correct at time of publication, may not be correct, and no warranty is provided. Contact the schools to verify any information before relying on it. Financial aid may be available for those who qualify. The displayed options may include sponsored or recommended results, not necessarily based on your preferences.
© BusinessDegreeCentral.com – All Rights Reserved.