Loan officer demographics and statistics in the US
Loan officer demographics research summary. Zippia estimates loan officer demographics and statistics in the United States by using a database of 30 million profiles. Our loan officer estimates are verified against BLS, Census, and current job openings data for accuracy. Zippia's data science team found the following key facts about loan officers after extensive research and analysis:
- There are over 239,324 loan officers currently employed in the United States.
- 44.7% of all loan officers are women, while 55.3% are men.
- The average loan officer age is 44 years old.
- The most common ethnicity of loan officers is White (63.9%), followed by Hispanic or Latino (15.7%), Black or African American (9.0%) and Asian (6.3%).
- Loan officers are most in-demand in Charlotte, NC.
- The finance industry is the highest-paying for loan officers.
- New York, NY pays an annual average wage of $59,863, the highest in the US.
- In 2022, women loan officers earned 87% of what men earned.
- 8% of all loan officers are LGBT.
- New Mexico is the best state for loan officers to live.
- Loan officers are 76% more likely to work at private companies in comparison to public companies.
On this page
Loan officer demographics by:
Loan officer gender statistics
44.7% of loan officers are women and 55.3% of loan officers are men.
- Male, 55.3%
- Female, 44.7%
Loan officer gender ratio
| Gender | Percentages |
|---|---|
| Male | 55.3% |
| Female | 44.7% |
Loan officer gender pay gap
Women earn 87¢ for every $1 earned by men
Male income
$49,578
Female income
$43,110
Loan officer gender ratio over time
This data breaks down the percentage of men and women in loan officer positions over time. Currently, 44.7% of loan officers are female.
Loan officer gender ratio by year
| Year | Male | Female |
|---|---|---|
| 2010 | 56.19% | 43.81% |
| 2011 | 53.87% | 46.13% |
| 2012 | 54.27% | 45.73% |
| 2013 | 55.31% | 44.69% |
| 2014 | 55.54% | 44.46% |
| 2015 | 52.96% | 47.04% |
| 2016 | 57.51% | 42.49% |
| 2017 | 55.49% | 44.51% |
| 2018 | 56.32% | 43.68% |
| 2019 | 54.21% | 45.79% |
| 2020 | 56.67% | 43.33% |
| 2021 | 55.34% | 44.66% |
Loan officer related jobs gender ratio
We compared loan officers with similar job titles to see how gender ratios vary. As you can see, renewable energy system finance specialist and chartered finance analyst have the biggest gender ratio gaps.
| Job title | Male | Female |
|---|---|---|
| Escrow Officer | 15% | 85% |
| Customs Verifier | 20% | 80% |
| Credit Assistant | 20% | 80% |
| Loan Officer | 55% | 45% |
| Head Analyst | 86% | 14% |
| Chartered Finance Analyst | 90% | 10% |
| Renewable Energy System Finance Specialist | 92% | 8% |
Male
Female
100%
75%
50%
25%
0%
0%
25%
50%
75%
100%
Loan officer demographics by race
The most common ethnicity among loan officers is White, which makes up 63.9% of all loan officers. Comparatively, 15.7% of loan officers are Hispanic or Latino and 9.0% of loan officers are Black or African American.
- White, 63.9%
- Hispanic or Latino, 15.7%
- Black or African American, 9.0%
- Asian, 6.3%
- Unknown, 4.6%
- American Indian and Alaska Native, 0.5%
Loan officer race
| Loan officer race | Percentages |
|---|---|
| White | 63.9% |
| Hispanic or Latino | 15.7% |
| Black or African American | 9.0% |
| Asian | 6.3% |
| Unknown | 4.6% |
| American Indian and Alaska Native | 0.5% |
Loan officer race and ethnicity over time
See how loan officer racial and ethnic diversity trended since 2010 according to the United States Census Bureau data.
Loan officer race and ethnicity by year
| Year | White | Black or African American | Asian | Hispanic or Latino |
|---|---|---|---|---|
| 2010 | 69.99% | 9.61% | 5.27% | 13.40% |
| 2011 | 69.41% | 9.90% | 5.35% | 13.50% |
| 2012 | 68.92% | 9.47% | 6.52% | 12.91% |
| 2013 | 68.74% | 9.26% | 6.56% | 13.05% |
| 2014 | 67.98% | 9.08% | 6.17% | 14.37% |
| 2015 | 69.65% | 8.44% | 6.20% | 13.28% |
| 2016 | 69.68% | 9.51% | 6.07% | 13.09% |
| 2017 | 70.20% | 8.73% | 5.79% | 13.11% |
| 2018 | 69.21% | 8.13% | 6.26% | 14.35% |
| 2019 | 68.23% | 8.24% | 6.66% | 14.60% |
| 2020 | 66.94% | 8.78% | 5.91% | 14.32% |
| 2021 | 63.89% | 9.05% | 6.31% | 15.66% |
Loan officer wage gap by race
According to our data, asian loan officers have the highest average salary compared to other ethnicities. Black or african american loan officers have the lowest average salary at $45,945.
| Ethnicity | Salary |
|---|---|
| Unknown | $50,532 |
| White | $50,921 |
| Black or African American | $45,945 |
| Asian | $52,916 |
| Hispanic or Latino | $47,880 |
Average loan officer age
See how the average age of loan officers varies based on ethnicity and gender.
Male
Female
Loan officer age by race and gender
| Race | Male age | Female age |
|---|---|---|
| Unknown | 43 | 41 |
| White | 44 | 46 |
| Black or African American | 42.5 | 42 |
| Asian | 42 | 45 |
| Hispanic or Latino | 40.5 | 41 |
Loan officer age breakdown
The average age of loan officers is 40+ years years old, representing 64% of the loan officer population.
Loan officer age breakdown
| Loan Officer Years | Percentages |
|---|---|
| 40+ years | 64% |
| 30-40 years | 26% |
| 20-30 years | 10% |
Loan officer educational attainment
The most common degree for loan officers is bachelor's degree, with 61% of loan officers earning that degree. The second and third most common degree levels are associate degree degree at 17% and associate degree degree at 11%.
- Bachelor's, 61%
- Associate, 17%
- High School Diploma, 11%
- Master's, 6%
- Other Degrees, 5%
Loan officers by degree level
| Loan officer degree | Percentages |
|---|---|
| Bachelor's | 61% |
| Associate | 17% |
| High School Diploma | 11% |
| Master's | 6% |
| Other Degrees | 5% |
Loan officer jobs you might like
Loan officer wage gap by degree level
According to the data, loan officers with a Master's degree earn more than those without, at $56,842 annually. With a Bachelor's degree, loan officers earn a median annual income of $51,818 compared to $45,442 for loan officers with an Associate degree.
| Education | Salary |
|---|---|
| Master's Degree | $56,842 |
| High School Diploma or Less | $45,011 |
| Bachelor's Degree | $51,818 |
| Some College/ Associate Degree | $45,442 |
Loan officer employment statistics
Most loan officers work for a private in the finance industry.
Company size where loan officers work
Below, you can see the size of companies where loan officers work.
Loan officer jobs by employer size
| Company size | Percentages |
|---|---|
| < 50 employees | 7% |
| 50 - 100 employees | 23% |
| 100 - 500 employees | 26% |
| 500 - 1,000 employees | 10% |
| 1,000 - 10,000 employees | 22% |
| > 10,000 employees | 12% |
Loan officer jobs by company type
Employees with the loan officer job title have their preferences when it comes to working for a company. For instance, most loan officers prefer to work at private companies over public companies.
Loan officer jobs by sector
| Company type | Percentages |
|---|---|
| Education | 0% |
| Public | 23% |
| Private | 76% |
| Government | 1% |
Loan officer jobs by industry
The most common industries for loan officers are finance, professional and real estate.
Loan officer industry statistics
| Industry | Percentages |
|---|---|
| Finance | 72% |
| Fortune 500 | 6% |
| Professional | 4% |
| Real Estate | 3% |
| Manufacturing | 2% |
| Insurance | 2% |
| Non Profits | 1% |
| Government | 1% |
| Media | 1% |
| Start-up | 1% |
| Health Care | 1% |
| Construction | 1% |
| Internet | 1% |
| Transportation | 1% |
| Hospitality | 1% |
| Retail | 1% |
| Technology | 1% |
Loan officer turnover and employment statistics
Loan officer unemployment rate over time
The unemployment rate for loan officers between 2008 and the most recent data has varied, according to the Bureau of Labor Statistics.
Loan officer unemployment rate by year
| Year | Loan officer unemployment rate |
|---|---|
| 2010 | 7.62% |
| 2011 | 6.08% |
| 2012 | 4.66% |
| 2013 | 3.31% |
| 2014 | 4.27% |
| 2015 | 2.27% |
| 2016 | 2.06% |
| 2017 | 1.56% |
| 2018 | 1.99% |
| 2019 | 1.92% |
| 2020 | 1.62% |
| 2021 | 2.33% |
Average loan officer tenure
The average loan officer stays at their job for 1-2 years, based on the 51,188 loan officers resumes in Zippia's database.
Loan officer tenure statistics
| Number of years | Percentages |
|---|---|
| Less than 1 year | 21% |
| 1-2 years | 44% |
| 3-4 years | 16% |
| 5-7 years | 11% |
| 8-10 years | 4% |
| 11+ years | 5% |
Loan officer LGBT ratio compared to similar jobs
Review the percent of loan officers that are members of the LGBT community. You can see how this compares to similar jobs in the chart below.
| Job title | LGBT | Job openings |
|---|---|---|
| Quantitative Analyst | 7.33% | 48,644 |
| Mutual Fund Accountant | 7.40% | 32,732 |
| Tax Assistant | 7.56% | 29,307 |
| Customs Examiner | 7.65% | 3,143 |
| Loan Officer | 7.87% | - |
| Senior Cost Analyst | 12.94% | 53,872 |
| Senior Capital Markets Specialist | 19.38% | 12,440 |
Similar loan officer jobs LGBT demographics
| Profession | Percentages of LGBT | Job openings |
|---|---|---|
| Quantitative Analyst | 7.33% | 48,644 |
| Mutual Fund Accountant | 7.40% | 32,732 |
| Tax Assistant | 7.56% | 29,307 |
| Customs Examiner | 7.65% | 3,143 |
| Senior Cost Analyst | 12.94% | 53,872 |
| Senior Capital Markets Specialist | 19.38% | 12,440 |
Foreign languages spoken by loan officers
The most common foreign language among loan officers is Spanish at 66.6%. The second-most popular foreign language spoken is French at 6.0% and Portuguese is the third-most popular at 3.8%.
- Spanish, 66.6%
- French, 6.0%
- Portuguese, 3.8%
- Korean, 2.9%
- Russian, 2.8%
- Other, 17.9%
Loan officer languages spoken
| Foreign language | Percentages |
|---|---|
| Spanish | 66.6% |
| French | 6.0% |
| Portuguese | 3.8% |
| Korean | 2.9% |
| Russian | 2.8% |
| Other | 17.9% |
