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.
About 25,300 openings for loan officers are projected each year, on average.
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)
Across all lender types, mortgages originated in 2022 amounted to $2.840 trillion. (Source: S&P Global)
The average mortgage debt balance per household was $241,815 as of Q2 2023, a 4% increase from 2022. (Source: Experian)
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
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