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

GenderPercentages
Male55.3%
Female44.7%

Gender Pay Gap For Loan Officer

Women Earn 87¢ For Every $1 Earned By Men

male-income
Male Income
$49,578
female-income
Female Income
$43,110

Loan Officer Gender Over Time

This data shows how men and women predominate in the loan officer position over time.

Male
Female
100%
80%
60%
40%
20%
0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021

Loan Officer Gender By Year

YearMaleFemale
201056.19%43.81%
201153.87%46.13%
201254.27%45.73%
201355.31%44.69%
201455.54%44.46%
201552.96%47.04%
201657.51%42.49%
201755.49%44.51%
201856.32%43.68%
201954.21%45.79%
202056.67%43.33%
202155.34%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 TitleMaleFemale
Escrow Officer15%85%
Customs Verifier20%80%
Credit Assistant20%80%
Loan Officer55%45%
Head Analyst86%14%
Chartered Finance Analyst90%10%
Renewable Energy System Finance Specialist92%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 RacePercentages
White63.9%
Hispanic or Latino15.7%
Black or African American9.0%
Asian6.3%
Unknown4.6%
American Indian and Alaska Native0.5%

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

YearWhiteBlack or African AmericanAsianHispanic or Latino
201069.99%9.61%5.27%13.40%
201169.41%9.90%5.35%13.50%
201268.92%9.47%6.52%12.91%
201368.74%9.26%6.56%13.05%
201467.98%9.08%6.17%14.37%
201569.65%8.44%6.20%13.28%
201669.68%9.51%6.07%13.09%
201770.20%8.73%5.79%13.11%
201869.21%8.13%6.26%14.35%
201968.23%8.24%6.66%14.60%
202066.94%8.78%5.91%14.32%
202163.89%9.05%6.31%15.66%

Loan Officer Wage Gap By Race

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.
$54,000
$52,000
$50,000
$48,000
$46,000
$44,000
Unknown
White
Black or African American
Asian
Hispanic or Latino
EthnicitySalary
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.

Male
Female

Loan Officer Age By Race

RaceMale AgeFemale Age
Unknown4341
White4446
Black or African American42.542
Asian4245
Hispanic or Latino40.541

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.

40+ years

30-40 years

20-30 years


Loan Officer Age

Loan Officer YearsPercentages
40+ years64%
30-40 years26%
20-30 years10%

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 DegreePercentages
Bachelors61%
Associate17%
High School Diploma11%
Masters6%
Other Degrees5%

Loan Officer Jobs You Might Like

Loan Officer Wage Gap By Education

Loan officers with a Masters degree earn more than those without, at $56,842 annually. With a Bachelors degree, loan officers earn a median annual income of $51,818 compared to $45,442 for loan officers with an Associate degree.
$58,000
$55,000
$52,000
$49,000
$46,000
$43,000
High School Diploma or Less
Master's Degree
Bachelor's Degree
Some College/ Associate Degree
EducationSalary
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.

< 50 employees

50 - 100 employees

100 - 500 employees

500 - 1,000 employees

1,000 - 10,000 employees

> 10,000

Loan Officer Jobs By Employer Size

Company SizePercentages
< 50 employees7%
50 - 100 employees23%
100 - 500 employees26%
500 - 1,000 employees10%
1,000 - 10,000 employees22%
> 10,000 employees12%

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.

Public

Private

Government

Loan Officer Jobs By Sector

Company TypePercentages
Education0%
Public23%
Private76%
Government1%

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.

Finance

Fortune 500

Professional

Real Estate

Manufacturing

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

YearLoan Officer Unemployment Rate
20107.62%
20116.08%
20124.66%
20133.31%
20144.27%
20152.27%
20162.06%
20171.56%
20181.99%
20191.92%
20201.62%
20212.33%

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%.

Less than one year

1-2 years

3-4 years

5-7 years

8-10 years

11+ years

Loan Officer Tenure

Number or YearsPercentages
Less than 1 year21%
1-2 years44%
3-4 years16%
5-7 years11%
8-10 years4%
11+ years5%

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 TitleLGBTJob Openings
Quantitative Analyst7.33%48,644
Mutual Fund Accountant7.40%32,732
Tax Assistant7.56%29,307
Customs Examiner7.65%3,143
Loan Officer7.87%-
Senior Cost Analyst12.94%53,872
Senior Capital Markets Specialist19.38%12,440

Loan Officer LGBT Demographics

ProfessionPercentages of LGBT Job Openings
Quantitative Analyst7.33%48,644
Mutual Fund Accountant7.40%32,732
Tax Assistant7.56%29,307
Customs Examiner7.65%3,143
Senior Cost Analyst12.94%53,872
Senior Capital Markets Specialist19.38%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 LanguagePercentages
Spanish66.6%
French6.0%
Portuguese3.8%
Korean2.9%
Russian2.8%
Other17.9%

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.

Average Salary

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.

Jobs Openings

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.

How Many Loan Officer Are There In The Us?

There are over 239,324 Loan Officers in the United States.

What Percentage Of Loan Officers Are Black?

9.0% of Loan Officers are Black or African American

What Race Are Most Loan Officers?

Most a are White, with 63.9% of Loan Officers belonging to this ethnicity. 15.7% of Loan Officers are Hispanic or Latino, 9.0% of Loan Officers are Black or African American, 6.3% of Loan Officers are Asian, 4.6% of Loan Officers are Unknown, and 0.5% of Loan Officers are American Indian and Alaska Native

Are Loan Officer Jobs Male - Dominated?

Yes, Loan Officer jobs are male - dominated. 55% of Loan Officers are male, and 44% are female, so there are more male Loan Officers than female Loan Officers in the United States.

How Old Is The Average Loan Officer?

The average Loan Officer is 45 years old. 64% of Loan Officers are 40+ years old or older, 26% are between the ages of 30-40 years, and 10% are between 20-30 years old

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