Loan Specialist Salary in Detroit, MI

A Loan Specialist in Detroit, MI, earns an average yearly salary of $71,317. This role involves helping people get loans for homes, cars, or other needs. The salary can vary based on experience and the type of loans handled. Many Loan Specialists earn between $40,000 and $121,330 each year.

The salary range for Loan Specialists in Detroit shows a wide variety. About 53.77% of specialists earn between $40,000 and $60,332. Another 16.13% earn between $60,332 and $80,665. Those with more experience and those working with larger loans often earn more. The top earners, about 3.58%, make over $161,995 each year. This range offers good opportunities for those who want to grow in this field.

1. Birmingham, MI
   Average Salary: $292,643
   Birmingham offers a thriving environment for financial professionals. With many banks and credit unions, you can find diverse opportunities. Companies like Fifth Third Bank and Huntington Bank are prominent employers.
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2. Troy, MI
   Average Salary: $178,245
   Troy is known for its strong financial sector. Working here means you'll be close to major banks and financial institutions. Companies like JPMorgan Chase and KeyBank are hiring.
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3. Dearborn, MI
   Average Salary: $156,340
   In Dearborn, you'll find a mix of traditional and modern financial services. The city is home to Ford Motor Company, which offers various financial roles. Local banks also provide opportunities.
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4. Southfield, MI
   Average Salary: $154,009
   Southfield has a vibrant financial industry. Many large banks and credit unions operate here. Companies like Ally Financial and Comerica Bank are looking for skilled professionals.
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5. Novi, MI
   Average Salary: $131,812
   Novi is a growing hub for financial services. The city attracts many financial institutions. Companies like PNC Bank and TD Bank offer various positions.
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6. Royal Oak, MI
   Average Salary: $131,667
   Royal Oak provides a dynamic environment for finance professionals. The area is home to several banks and credit unions. Companies like Chase Bank and Fifth Third Bank are hiring.
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7. Farmington Hills, MI
   Average Salary: $126,725
   Farmington Hills offers many opportunities in the financial sector. The city is known for its strong banking presence. Local banks and credit unions are actively recruiting.
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8. Livonia, MI
   Average Salary: $122,575
   Livonia has a robust financial industry. The city is home to many banks and credit unions. Companies like Huntington Bank and Fifth Third Bank are looking for qualified candidates.
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9. Grand Rapids, MI
   Average Salary: $91,736
   Grand Rapids is a key city for financial services in Michigan. The area has many banks and financial institutions. Companies like VanTrust Bank and TCF Bank are hiring.
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10. Toledo, OH
    Average Salary: $75,357
    Toledo offers a variety of opportunities in the financial sector. The city is home to many banks and credit unions. Companies like Fifth Third Bank and Huntington Bank are actively recruiting.
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1. Rocket Companies
   Average Salary: $49,405
   Rocket Companies offers Loan Specialist jobs in Detroit, MI. They provide a dynamic work environment with opportunities for growth. Their offices are located in downtown Detroit, offering a vibrant urban setting.
   

   
   

2. Amrock/Rocket Companies
   Average Salary: $40,000
   Amrock, a part of Rocket Companies, provides Loan Specialist positions in Detroit, MI. They focus on customer service and support. Their offices are located in the heart of Detroit, making it easy to commute.
   

1. Loan Servicing Specialist
   Average Salary: $148,500
   This role involves managing loan accounts and ensuring timely payments. It requires strong communication skills to interact with clients. Companies like Chase and Wells Fargo offer these positions.
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2. Commercial Loan Officer
   Average Salary: $131,500
   This position involves assessing and approving loans for businesses. It requires a solid understanding of business finances. Local banks such as Fifth Third Bank and Huntington Bank hire for these roles.
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3. Credit Analyst
   Average Salary: $126,634
   Credit analysts evaluate the creditworthiness of potential borrowers. They analyze financial data to make informed decisions. Companies like JPMorgan Chase and Bank of America have openings for this role.
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4. Portfolio Manager
   Average Salary: $118,100
   Portfolio managers oversee investment portfolios for clients. They make strategic decisions to maximize returns. Investment firms like Fidelity and Vanguard offer these positions.
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5. Sales Specialist
   Average Salary: $102,302
   Sales specialists promote financial products and services. They build relationships with clients to meet sales goals. Companies like Edward Jones and Morgan Stanley have openings for sales specialists.
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6. Mortgage Loan Originator
   Average Salary: $89,976
   This role involves helping clients apply for mortgage loans. It requires excellent customer service skills. Local mortgage companies like Quicken Loans and Rocket Mortgage offer these positions.
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7. Financial Advisor
   Average Salary: $88,410
   Financial advisors provide personalized financial advice. They help clients achieve their financial goals. Firms like Merrill Lynch and UBS offer these roles.
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8. Risk Analyst
   Average Salary: $74,783
   Risk analysts assess potential risks in financial transactions. They develop strategies to mitigate these risks. Companies like Deloitte and PwC offer these positions.
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9. Operations Analyst
   Average Salary: $72,178
   Operations analysts improve business processes. They analyze data to find areas for improvement. Local companies like General Motors and Ford offer these roles.
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10. Branch Manager
    Average Salary: $68,973
    Branch managers oversee the daily operations of a financial branch. They ensure smooth operations and customer satisfaction. Banks like PNC and BB&T offer these positions.
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