Loan Officers

4.0/10 job score
AUTOMATION RISK
83%
risk level
POLLING
GROWTH
3.5%
by 2031
WAGES
$63,380
or $30.47 hourly
VOLUME
340,170
as of 2021

What is the risk of automation?

We calculate this occupation to have an automation risk score of 83% (Robots are watching)

More information on what this score is, and how it is calculated
Qualities required for this occupation:
Social Perceptiveness
Key
very important
quite important
[Show all metrics]

What do you think the risk of automation is?

How likely do you think this occupation will be taken over by robots/AI within the next 20 years?





How quickly is this occupation growing?

The number of 'Loan Officers' job openings is expected to rise 3.5% by 2031
'Loan Officers' is expected to be a slow growing occupation in comparison to other occupations.
* Data from the Bureau of Labor Statistics for the period between 2021 and 2031.
Updated projections are due Sep 2023.

What are the median wages for 'Loan Officers' in the United States?

In 2021 the median annual wage for 'Loan Officers' was $63,380, or $30.47 hourly
'Loan Officers' are paid 38.5% higher than the national median wage, which stands at $45,760
* Data from the Bureau of Labor Statistics

How many people are employed as loan officers?

As of 2021 there were 340,170 people employed as Loan Officers within the United States.
This represents around 0.24% of the employed workforce across the country.
Put another way, around 1 in 414 people are employed as Loan Officers.

Job description

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.

SOC Code: 13-2072.00

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Comments

Chris says
Everyone talking about the social aspect of things in the comments as they all have a bias perception. Social interaction may be good for business (which I understand), but from the customer viewpoint, they just want the product and service going through the path of least resistance. No customer wants to socially interact. Robots will give the customer what they want, quicker and with less hassle. Be prepared to adapt.
Apr 23, 2021 at 05:35 PM
MSTE (Highly likely) says
I design and develop loan origination and underwriting systems :)
Mar 01, 2021 at 07:52 AM
G (No chance) says
There are way too many moving part the life of a loan. People prefer an advisor in such a complex process. Plus, the mortgage industry is a regulatory minefield. The mortgage technology companies that have cropped up in the past 20 years have face lawsuits and have gone out of business. However, technology skills will play an ever greater role in a loan officer's career.

To put this career as highly at risk is unrealistic.
Jan 09, 2021 at 07:10 PM
Brian (Highly likely) says
All you people who believe that mortgages are too complicated to have a robot doing it are in denial. Any logic that you can dream up can be programmed into a computer. As interest rates continue to decrease everyone in the process is having their margins squeezed. That means companies will look for cheaper ways to do things i.e. robots. Robots can handle way more volume than a human as well.
Nov 21, 2020 at 12:50 AM
Paul George (Could go either way) says
Face to face interaction will always be wanted unless we are looking 100 years into the future where every ones perception of social interaction has been skewed due to social media.
Feb 06, 2020 at 03:17 PM
Max (No chance) says
Not possible. No way for a robot to perform every aspect of the job. Evaluating the viability of a business plan and the likelihood of the applicants to deliver takes a human like myself.
Jan 19, 2020 at 12:51 AM
Al C. (Could go either way) says
There is no way for a Mortgage Loan Officer to go away anytime soon. A Mortgage is to complicated to not have an actual person walk some one through the process from start to finish. Automation is great to bring in customers but not to complete the transaction together.
Dec 26, 2019 at 09:18 PM
Joe (No chance) says
There is a large social aspect associated with the job. In addition, there are a lot of legal and other various parts of the job that are hard to automate.
Jul 10, 2019 at 09:02 PM
Matt (No chance) says
There is no entry for a mortgage loan officer.

Consumer loan officers like credit card or unsecured debt peddlers might be automated. In a lot of regards they already are.

But if you're going to say that mortgage lending is going away just look at quicken mortgage. Their model is the future.
Apr 15, 2019 at 12:21 PM

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