Loan Officers

AUTOMATION RISK
CALCULATED
83%
risk level
POLLING
61%
Based on 285 votes
LABOR DEMAND
GROWTH
3.5%
by year 2032
WAGES
$65,740
or $31.60 per hour
Volume
345,550
as of 2022
SUMMARY
JOB SCORE
3.9/10

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Automation risk

83% (Imminent Risk)

Imminent Risk (81-100%): Occupations in this level have an extremely high likelihood of being automated in the near future. These jobs consist primarily of repetitive, predictable tasks with little need for human judgment.

More information on what this score is, and how it is calculated is available here.

Some quite important qualities of the job are difficult to automate:

  • Social Perceptiveness

User poll

61% chance of full automation within the next two decades

Our visitors have voted that it's probable this occupation will be automated. This assessment is further supported by the calculated automation risk level, which estimates 83% chance of automation.

What do you think the risk of automation is?

What is the likelihood that Loan Officers will be replaced by robots or artificial intelligence within the next 20 years?






Sentiment

The following graph(s) are included wherever there is a substantial amount of votes to render meaningful data. These visual representations display user poll results over time, providing a significant indication of sentiment trends.

Sentiment over time (yearly)

Growth

Slow growth relative to other professions.

The number of 'Loan Officers' job openings is expected to rise 3.5% by 2032

Total employment, and estimated job openings

* Data from the Bureau of Labor Statistics for the period between 2021 and 2031
Updated projections are due 09-2023.

Wages

High paid relative to other professions

In 2022, the median annual wage for 'Loan Officers' was $65,740, or $31 per hour

'Loan Officers' were paid 42.0% higher than the national median wage, which stood at $46,310

Wages over time

* Data from the Bureau of Labor Statistics

Volume

Significantly greater range of job opportunities compared to other professions

As of 2022 there were 345,550 people employed as 'Loan Officers' within the United States.

This represents around 0.23% of the employed workforce across the country

Put another way, around 1 in 427 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

Resources

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Comments

Leave a comment

Grant Zabielski says
Extremely likely. AI could do every task I do within a loan right now. Not in the future, right now. Every scenario can currently be programmed in with a flow chart. Once AI evolves to generative AI, it’s over. Scenarios won’t even have to be programmed in. AI will be a better loan officer than I have ever been and could ever be, and their customer service will be impeccable.
Feb 18, 2024 at 12:34 AM
Parul (Highly likely) says
I think in this AI World. Mobiles and application loan are more easy to access or operate so thats why our executive filed is likely to be tougher
Aug 08, 2023 at 07:02 PM
JY (Low) says
Due dilligence is needed, especially prevention of money laundering and terrorism.
Aug 30, 2022 at 11:18 AM
jh says
that's what the fraud dept is for
Dec 22, 2023 at 07:51 PM
Ed (Low) says
Not every loan is clear-cut. A computer can't figure it out.
Jul 05, 2022 at 11:49 PM
Brian L says
There will be fewer and fewer loan officers until there won't be any. This process will take years, but there is no doubt that it is a declining role. The next generation of homebuyers doesn't care about working with a person; they prefer apps. Systems will streamline the process of application and verifications of income, deposit, and residence so that very little to nothing needs to be done by humans.
Jan 06, 2022 at 09:06 PM
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 (Uncertain) 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. (Uncertain) 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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