Our Industry
MORTGAGE Career FACTS
- As of 2022, the average loan officer salary is $65,740 per year ($31.60 per hour).
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Employment of loan officers is projected to grow 3% from 2022 to 2032, about as fast as the average for all occupations.
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About 25,300 openings for loan officers are projected each year, on average.
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As of May 2023, the industry employs about 343,000 people.
Source: Bureau of Labor Statistics
MORTGAGE FACTS
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The U.S. homeownership rate rose to 66% in Q3 2022, with the Midwest boasting the highest homeownership rate (70.1%). (Source: U.S. Census Bureau)
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Across all lender types, mortgages originated in 2022 amounted to $2.840 trillion. (Source: S&P Global)
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The average mortgage debt balance per household was $241,815 as of Q2 2023, a 4% increase from 2022. (Source: Experian)
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Total mortgage debt came to $12.14 trillion as of Q3 2023, an increase of $126 billion over the previous quarter. (Source: Federal Reserve Bank of New York)
Last updated: 4/9/24
