Loan Officer Demographics and Statistics In The US
Research Summary. Using a database of 30 million profiles, Zippia estimates demographics and statistics for loan officers in the United States. Our estimates are verified against BLS, Census, and current job openings data for accuracy. After extensive research and analysis, Zippia's data science team found that:
- 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 age of an employed loan officer 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 2021, women 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.
Loan Officer Statistics By Gender
44.7% of loan officers are women and 55.3% of loan officers are men.
- Male, 55.3%
- Female, 44.7%
Loan Officers By Gender
| Gender | Percentages |
|---|---|
| Male | 55.3% |
| Female | 44.7% |
Gender Pay Gap For Loan Officer
Women Earn 87ยข For Every $1 Earned By Men
Loan Officer Gender Over Time
This data shows how men and women predominate in the loan officer position over time.
Loan Officer Gender 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 Male to Female Ratio
We compared this job title with other job titles to see how gender percentages varied. As you can see, renewable energy system finance specialist and chartered finance analyst have the biggest difference in gender.
| 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% |
Loan Officer Statistics By Race
The most common ethnicity among loan officers is White, which makes up 63.9% of all loan officers. Comparatively, there are 15.7% of the Hispanic or Latino ethnicity and 9.0% of the Black or African American ethnicity.
- 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
Using the Census Bureau data, we found out how the percentage of each ethnic category trended between 2010-2019 among loan officers.
- White
- Asian
- Hispanic or Latino
- Black or African American
Loan Officer Race 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
| Ethnicity | Salary |
|---|---|
| Unknown | $50,532 |
| White | $50,921 |
| Black or African American | $45,945 |
| Asian | $52,916 |
| Hispanic or Latino | $47,880 |
Loan Officer JOBS
Average Age of a Loan Officer
We determined the average age of loan officers based on ethnicity and gender.
Loan Officer Age By Race
| 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
This chart breaks down the ages of loan officer employees. Interestingly enough, the average age of loan officers is 40+ years old, which represents 64% of the population.
Loan Officer Age
| Loan Officer Years | Percentages |
|---|---|
| 40+ years | 64% |
| 30-40 years | 26% |
| 20-30 years | 10% |
Types of Loan Officer Degree Levels
The most common degree for loan officers is bachelor's degree 61% of loan officers earn that degree. A close second is associate degree with 17% and rounding it off is high school diploma with 11%.
- Bachelors, 61%
- Associate, 17%
- High School Diploma, 11%
- Masters, 6%
- Other Degrees, 5%
Loan Officers By Education
| Loan Officer Degree | Percentages |
|---|---|
| Bachelors | 61% |
| Associate | 17% |
| High School Diploma | 11% |
| Masters | 6% |
| Other Degrees | 5% |
Loan Officer Jobs You Might Like
Loan Officer Wage Gap By Education
| Education | Salary |
|---|---|
| High School Diploma or Less | $45,011 |
| Master's Degree | $56,842 |
| Bachelor's Degree | $51,818 |
| Some College/ Associate Degree | $45,442 |
Loan Officer Employment Statistics
This section highlights information about where loan officers work. We found most loan officers work for a private company. In addition, the industry that employs the most loan officers is the finance industry.
Company Size
We created this chart to show you the average size of companies that typically hire loan officers.
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% |
The Types Of Companies Loan Officer Work In
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% |
Top Industries Hiring Loan Officers
Just based on the number of employees within each industry, we were able to determine the most common industries that employ loan officers. Those industries include 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 Bureau of Labor Statistics came in clutch when it came down to figuring out how the unemployment rate has changed over time. Between 2008 and 2018, this is how the number of loan officers changed.
- Unemployment rate
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% |
The Average Number of Years That Loan Officer Stay in a Job
By looking over 51,188 loan officers resumes, we figured out that the average loan officer enjoys staying at their job for 1-2 years for a percentage of 44%.
Loan Officer Tenure
| Number or 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% |
Comparing The LGBT Ratio of Loan Officers with Other Job Titles
After finding the gender ratio, we wondered if the percentages of LGBT persons were different as well. Using the data below, you can see how other job titles compare to loan officers.
| 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 |
Loan Officer 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% |
Loan Officer Jobs
Recently Added Loan Officer Jobs
Loan Officer Heatmaps
The amount you can make as a loan officer can depend on where you live. For example, the highest salary of loan officers is $87,517. Use our chart to find out where that salary is located.
Where Do Loan Officers Earn The Most?
Loan officers earn the most in New York, where the average loan officer salary is $59,699. The map here shows where loan officers earn the highest salaries in the U.S. The darker areas across the 50 states highlight the highest salaries.
Which State Has The Most Loan Officers?
By looking through more than 51,188 resumes, we found that the most popular places for loan officers are Houston, TX and Chicago, IL.
Number Of Loan Officer Jobs By State
Where Are Loan Officers In High Demand?
Loan officers are in high demand in Charlotte, NC. There are currently 36 job openings for loan officers here. We looked over job openings to determine where in the country loan officers are in the most demand.
Loan Officer Demographics FAQs
What Percentage Of Loan Officers Are Female?
45.4% of loan officers are female in the United States. This is 2.1 percentage points higher than last year. Additionally, the percentage of female loan officers has increased by 2.0 percentage points since 2010. That means there are a total of 98,114 female loan officers in the U.S. and 117,998 male loan officers in the United States. Note that Zippia's estimate accounts only for the 216,112 people with the specific job title of loan officer and doesn't include grouping similar job titles, or people with potentially similar credentialing.
Why Did I Quit Being A Loan Officer?
I quit being a loan officer due to an overall lack of support. Approximately 16% to 17% of new loan officers quit their job within the first three months. Some companies have even reported turnover rates ranging from 60% to 80% for their new loan officers.
According to BambooHR, 23% of these professionals said they would have been more likely to stay if they had been given more support and clear direction on their job expectations and responsibilities. Another 21% said they would have stayed if they had received adequate training.
Stacy Wayman is a XINNIX performance specialist who works with first-year mortgage professionals through ORIGINATOR, XINNIX's training program for new loan officers. According to Wayman, "First-year loan officers don't always realize that prospecting is the most important factor in building their business."
Once rookie loan officers start to get activity with clients, they tend to slack on calling and meeting with potential partners. They forget that they need to continue to have clients in the pipeline and that prospecting needs to be their top priority. This is true even for seasoned loan officers.
Wayman also claims that rookie loan officers are more hesitant to make phone calls because they lack the confidence to talk with clients. This is particularly true for loan officers who have come into the business from a different industry. They may feel like they don't have the knowledge or skills they need to be successful.
To that end, it is up to the company to provide the education they need and give them the confidence to talk to their clients. Some rookie loan officers reported being nervous about talking with clients because they feared they would not know the answers to potential questions.
She has also seen firsthand how sales call reluctance can be especially difficult for new originators. "Most rookies are hesitant to make phone calls because they're not confident yet. They might have come out of another industry where they were the resident expert.
Loan officers must be taught the foundations of the mortgage industry. They cannot effectively go out into the marketplace and have important conversations that will land business deals if they don't confidently know what they're talking about. They also need to practice speaking with clients.
Role play and mock meeting sessions can help new loan officers learn to speak with clients more effectively. There is a method to holding an effective mortgage sales conversation, which must be learned and practiced. It is more than just knowing about the products.
If organizations take the time to develop their new loan officers and give them the support and mentorship they need, they are more likely to attract and retain quality employees.