# Loan Officers

US SOC code 13-2072. Markdown version of https://futurehistory.earth/timeline/13-2072

Also called: Mortgage loan officer, Mortgage officer, MLO, Commercial loan officer, Consumer loan officer.

## In brief

In May 2025, [BLS](https://www.bls.gov/oes/special-requests/oesm25nat.zip) counted **274,330** US loan officers, with median pay of **$76,690** a year. Of the BLS counts since 2021, the highest was **345,550**, in May 2022. The earliest figure here is [an estimate](https://www.fdic.gov/bank/statistical/guide/2002/htmls/ch3t1.html) of **70,000** from 1950, not measured the same way as today's count. The last full technology era for loan officers: Rocket Mortgage + fintech wave, 2015 to 2022. The fintech wave coincided with the COVID-era refinancing boom (2020-2021), which drove loan officer employment temporarily up even as digital platforms were processing unprecedented volume.

## What the sources say

### Official outlook

BLS projects employment to grow 1.1% from 2025 to 2035. Source: [BLS Employment Projections 2025-35](https://data.bls.gov/projections/nationalMatrix?queryParams=13-2072&ioType=o).

### AI exposure studies

- **64.8%** of this job's tasks are exposed to large language models. Not a forecast of job losses. [Eloundou and others, 2023](https://github.com/openai/GPTs-are-GPTs/blob/main/data/occ_level.csv)
- **0.98** estimated probability that the whole occupation could be computerised, over an unspecified number of years. Not a forecast of job losses. [Frey and Osborne, 2013](https://oms-www.files.svdcdn.com/production/downloads/academic/The_Future_of_Employment.pdf)

### Since the 2013 prediction

In 2013, Frey and Osborne put this job's probability of computerisation at 0.98. BLS counted **301,860** of these jobs in May 2013 and **274,330** in May 2025. The count moved sharply in one step, May 2020 to May 2021, when BLS changed how it estimates these counts, so no change is derived here.

Data as of BLS OEWS May 2025; BLS Employment Projections 2025-35. BLS publishes these counts as yearly survey snapshots and cautions against reading them as a precise trend. In May 2021 BLS changed how it estimates these counts (a model-based method using three years of survey data) and moved fully to the 2018 occupation codes, so part of a change across 2021 can come from the method rather than the work.

## Loan Officers employment and pay by year

- On record since: 1782
- Latest US employment: 274,330 (May 2025). Source: BLS OEWS May 2025 [5]
- Latest US median pay: $76,690 (May 2025). Source: BLS OEWS May 2025 [6]
- Outlook: +1.1% by 2035. Source: BLS Employment Projections 2025-35 [19]

### All 27 years of cited US data

| Year | US employment | Annual pay (median unless marked) | Source |
| --- | --- | --- | --- |
| 1950 | 70,000 (estimate) | n/a | Est., FDIC [1] |
| 1970 | 140,000 (estimate) | n/a | Est., Wikipedia [2] |
| 1990 | 230,000 (estimate) | n/a | Est., FDIC [3] |
| 2000 | 203,530 | n/a | BLS OEWS 2000 [4] |
| 2003 | 237,150 | $46,640 | BLS OEWS May 2003 [5] |
| 2004 | 278,830 | $48,830 | BLS OEWS May 2004 [5] |
| 2005 | 332,690 | $49,440 | BLS OEWS May 2005 [5] |
| 2006 | 359,260 | $51,760 | BLS OEWS May 2006 [5] |
| 2007 | 356,990 | $53,000 | BLS OEWS May 2007 [5] |
| 2008 | 321,850 | $54,700 | BLS OEWS May 2008 [5] |
| 2009 | 298,200 | $54,880 | BLS OEWS May 2009 [5] |
| 2010 | 283,330 | $56,490 | BLS OEWS May 2010 [5] |
| 2011 | 284,530 | $58,030 | BLS OEWS May 2011 [5] |
| 2012 | 286,670 | $59,820 | BLS OEWS May 2012 [5] |
| 2013 | 301,860 | $61,420 | BLS OEWS May 2013 [5] |
| 2014 | 300,580 | $62,620 | BLS OEWS May 2014 [5] |
| 2015 | 303,870 | $63,430 | BLS OEWS May 2015 [5] |
| 2016 | 305,700 | $63,650 | BLS OEWS May 2016 [5] |
| 2017 | 307,240 | $64,660 | BLS OEWS May 2017 [5] |
| 2018 | 304,950 | $63,040 | BLS OEWS May 2018 [5] |
| 2019 | 308,370 | $63,270 | BLS OEWS May 2019 [5] |
| 2020 | 308,700 | $63,960 | BLS OEWS May 2020 [5] |
| 2021 | 340,170 | $63,380 | BLS OEWS May 2021 [5] |
| 2022 | 345,550 | $65,740 | BLS OEWS May 2022 [5] |
| 2023 | 321,090 | $69,990 | BLS OEWS May 2023 [5] |
| 2024 | 290,530 | $74,180 | BLS OEWS May 2024 [5] |
| 2025 | 274,330 | $76,690 | BLS OEWS May 2025 [5] |

## Sources (85)

### Employment series

1. [FDIC — Historical Statistics on Banking: Number of Banks in the United States (1934-present)](https://www.fdic.gov/bank/statistical/guide/2002/htmls/ch3t1.html), Federal Deposit Insurance Corporation
2. [Wikipedia — Equal Credit Opportunity Act (signed October 28, 1974 by President Ford; context for pre-ECOA lending workforce)](https://en.wikipedia.org/wiki/Equal_Credit_Opportunity_Act), Wikipedia
3. [FDIC — "History of the Eighties: Lessons for the Future, Volume 1, Chapter 4: The Savings and Loan Crisis and Its Relationship to Banking" (1997)](https://www.fdic.gov/resources/publications/history-eighties/volume-1/history-80s-volume-1-part1-04.pdf), Federal Deposit Insurance Corporation
4. [BLS OES 2000 national estimates (flat file)](https://www.bls.gov/oes/special-requests/oes00nat.zip), Bureau of Labor Statistics
5. BLS OEWS, national cross-industry estimates (flat file), Bureau of Labor Statistics. Editions: [2003](https://www.bls.gov/oes/special-requests/oesm03nat.zip), [2004](https://www.bls.gov/oes/special-requests/oesm04nat.zip), [2005](https://www.bls.gov/oes/special-requests/oesm05nat.zip), [2006](https://www.bls.gov/oes/special-requests/oesm06nat.zip), [2007](https://www.bls.gov/oes/special-requests/oesm07nat.zip), [2008](https://www.bls.gov/oes/special-requests/oesm08nat.zip), [2009](https://www.bls.gov/oes/special-requests/oesm09nat.zip), [2010](https://www.bls.gov/oes/special-requests/oesm10nat.zip), [2011](https://www.bls.gov/oes/special-requests/oesm11nat.zip), [2012](https://www.bls.gov/oes/special-requests/oesm12nat.zip), [2013](https://www.bls.gov/oes/special-requests/oesm13nat.zip), [2014](https://www.bls.gov/oes/special-requests/oesm14nat.zip), [2015](https://www.bls.gov/oes/special-requests/oesm15nat.zip), [2016](https://www.bls.gov/oes/special-requests/oesm16nat.zip), [2017](https://www.bls.gov/oes/special-requests/oesm17nat.zip), [2018](https://www.bls.gov/oes/special-requests/oesm18nat.zip), [2019](https://www.bls.gov/oes/special-requests/oesm19nat.zip), [2020](https://www.bls.gov/oes/special-requests/oesm20nat.zip), [2021](https://www.bls.gov/oes/special-requests/oesm21nat.zip), [2022](https://www.bls.gov/oes/special-requests/oesm22nat.zip), [2023](https://www.bls.gov/oes/special-requests/oesm23nat.zip), [2024](https://www.bls.gov/oes/special-requests/oesm24nat.zip), [2025](https://www.bls.gov/oes/special-requests/oesm25nat.zip)

### Wage series

6. BLS OEWS, national cross-industry estimates (flat file), Bureau of Labor Statistics. Editions: [2003](https://www.bls.gov/oes/special-requests/oesm03nat.zip), [2004](https://www.bls.gov/oes/special-requests/oesm04nat.zip), [2005](https://www.bls.gov/oes/special-requests/oesm05nat.zip), [2006](https://www.bls.gov/oes/special-requests/oesm06nat.zip), [2007](https://www.bls.gov/oes/special-requests/oesm07nat.zip), [2008](https://www.bls.gov/oes/special-requests/oesm08nat.zip), [2009](https://www.bls.gov/oes/special-requests/oesm09nat.zip), [2010](https://www.bls.gov/oes/special-requests/oesm10nat.zip), [2011](https://www.bls.gov/oes/special-requests/oesm11nat.zip), [2012](https://www.bls.gov/oes/special-requests/oesm12nat.zip), [2013](https://www.bls.gov/oes/special-requests/oesm13nat.zip), [2014](https://www.bls.gov/oes/special-requests/oesm14nat.zip), [2015](https://www.bls.gov/oes/special-requests/oesm15nat.zip), [2016](https://www.bls.gov/oes/special-requests/oesm16nat.zip), [2017](https://www.bls.gov/oes/special-requests/oesm17nat.zip), [2018](https://www.bls.gov/oes/special-requests/oesm18nat.zip), [2019](https://www.bls.gov/oes/special-requests/oesm19nat.zip), [2020](https://www.bls.gov/oes/special-requests/oesm20nat.zip), [2021](https://www.bls.gov/oes/special-requests/oesm21nat.zip), [2022](https://www.bls.gov/oes/special-requests/oesm22nat.zip), [2023](https://www.bls.gov/oes/special-requests/oesm23nat.zip), [2025](https://www.bls.gov/oes/special-requests/oesm25nat.zip)
7. [BLS OEWS May 2024, national cross-industry estimates (flat file)](https://www.bls.gov/oes/special-requests/oesm24nat.zip), U.S. Bureau of Labor Statistics

### Tool eras

8. [Wikipedia — Bank of North America (first chartered US bank, 1782, commercial lending history)](https://en.wikipedia.org/wiki/Bank_of_North_America), Wikipedia
9. [Wikipedia — National Bank Act (1863 passage, federal charter system, Comptroller of the Currency)](https://en.wikipedia.org/wiki/National_Bank_Act), Wikipedia
10. [Wikipedia — Fannie Mae (1938 New Deal founding, secondary mortgage market creation)](https://en.wikipedia.org/wiki/Fannie_Mae), Wikipedia
11. [Wikipedia — G.I. Bill (Servicemen's Readjustment Act, June 22 1944; VA home loan program)](https://en.wikipedia.org/wiki/GI_Bill), Wikipedia
12. [Wikipedia — Equal Credit Opportunity Act (signed October 28, 1974; Regulation B; prohibition of lending discrimination)](https://en.wikipedia.org/wiki/Equal_Credit_Opportunity_Act), Wikipedia
13. [Wikipedia — Home Mortgage Disclosure Act (signed December 31, 1975; public disclosure of lending data)](https://en.wikipedia.org/wiki/Home_Mortgage_Disclosure_Act), Wikipedia
14. [Wikipedia — Fair Isaac Corporation (FICO, founded 1956 by Bill Fair and Earl Isaac; 1989 general-purpose score; 1995 Fannie/Freddie adoption)](https://en.wikipedia.org/wiki/Fair_Isaac_Corporation), Wikipedia
15. [Wikipedia — Dodd-Frank Wall Street Reform and Consumer Protection Act (2010; CFPB creation; ability-to-repay requirements)](https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act), Wikipedia
16. [Wikipedia — Quicken Loans (Rock Financial 1985 founding; Rocket Mortgage 2015 launch; $7B first-year volume; #1 lender 2018)](https://en.wikipedia.org/wiki/Quicken_Loans), Wikipedia
17. [Wikipedia — Upstart (company) (founded April 2012; AI underwriting using education + employment variables; IPO late 2020)](https://en.wikipedia.org/wiki/Upstart_%28company%29), Wikipedia
18. [O\*NET 13-2072.00 — BLS Occupational Outlook 2024-34 (+2% projection, 20,300 annual openings)](https://www.onetonline.org/link/summary/13-2072.00), O\*NET / BLS

### Forecasts and exposure studies

19. [BLS Employment Projections 2025-35, National Employment Matrix: 13-2072 Loan officers (2025: 283.0 thousand; 2035: 286.0 thousand; +1.1%)](https://data.bls.gov/projections/nationalMatrix?queryParams=13-2072&ioType=o), Bureau of Labor Statistics
20. [Frey & Osborne (2013), "The Future of Employment: How Susceptible Are Jobs to Computerisation?", Appendix (SOC 13-2072 Loan Officers: probability 0.98, rank 686 of 702)](https://oms-www.files.svdcdn.com/production/downloads/academic/The_Future_of_Employment.pdf), Oxford Martin School, University of Oxford
21. [Eloundou, Manning, Mishkin & Rock (2023), "GPTs are GPTs", occupation-level exposure data occ\_level.csv (O\*NET-SOC 13-2072.00, human-rated β 0.648)](https://github.com/openai/GPTs-are-GPTs/blob/main/data/occ_level.csv), OpenAI

### Historical notes

22. [Wikipedia — Bank of North America (chartered May 26, 1781; opened January 7, 1782; first US chartered bank)](https://en.wikipedia.org/wiki/Bank_of_North_America), Wikipedia
23. [Wikipedia — National Bank Act (1863 passage; federal charter; Comptroller of the Currency)](https://en.wikipedia.org/wiki/National_Bank_Act), Wikipedia
24. [Wikipedia — Fannie Mae (1938 founding; New Deal; secondary mortgage market)](https://en.wikipedia.org/wiki/Fannie_Mae), Wikipedia
25. [Wikipedia — Fair Isaac Corporation (founded 1956 by Bill Fair and Earl Isaac; Stanford Research Institute; credit scoring origin)](https://en.wikipedia.org/wiki/Fair_Isaac_Corporation), Wikipedia
26. [Wikipedia — Equal Credit Opportunity Act (signed October 28, 1974; Regulation B; anti-discrimination requirements)](https://en.wikipedia.org/wiki/Equal_Credit_Opportunity_Act), Wikipedia
27. [Wikipedia — FICO Score (1989 introduction; 300-850 range; five factors; Fannie/Freddie 1995 adoption)](https://en.wikipedia.org/wiki/FICO_score), Wikipedia
28. [Frey & Osborne (2013) — "The Future of Employment: How Susceptible Are Jobs to Computerisation?" (Oxford Martin School)](https://oms-www.files.svdcdn.com/production/downloads/academic/The_Future_of_Employment.pdf), Oxford Martin School
29. [Wikipedia — Quicken Loans (Rock Financial 1985; Rocket Mortgage 2015; $7B first-year volume; #1 lender January 2018)](https://en.wikipedia.org/wiki/Quicken_Loans), Wikipedia

### Predecessors & successors

30. [FDIC — Historical Statistics on Banking (bank employment structure, internal promotion patterns)](https://www.fdic.gov/bank/statistical/guide/2002/htmls/ch3t1.html), Federal Deposit Insurance Corporation

### Present-day analysis

- [Eloundou et al. 2024 — GPTs are GPTs (Science)](https://arxiv.org/abs/2303.10130), accessed 2026-05-23
- [O\*NET 30.3 — Loan Officers (13-2072.00)](https://www.onetonline.org/link/summary/13-2072.00), accessed 2026-05-23
- [BLS Occupational Outlook Handbook — Loan Officers (2024–2034)](https://www.bls.gov/ooh/business-and-financial/loan-officers.htm), accessed 2026-05-23
- [Upstart 2025 Annual Report — AI lending automation, \>85% fully automated decisions](https://ir.upstart.com/financials/annual-reports), accessed 2026-05-23
- [Inside Mortgage Finance — AI-decisioned origination represents ~38% of US consumer loan volume (Feb 2026)](https://www.insidemortgagefinance.com/articles/229082-ai-decisioned-origination-reaches-38-of-consumer-loan-volume), accessed 2026-05-23
- [Blend Autopilot — AI agent that handles document review, income calculation, and compliance checks so loan officers focus on relationships (2025)](https://blend.com/platform/intelligent-origination/blend-autopilot/), accessed 2026-05-23
- [Blend — Intelligent Origination: AI platforms reshape mortgage origination end-to-end (2025)](https://blend.com/platform/intelligent-origination/), accessed 2026-05-23
- [CFPB — Fair Lending Report 2024: human oversight and adverse action requirements in AI-assisted lending](https://www.consumerfinance.gov/data-research/research-reports/fair-lending-report-of-the-consumer-financial-protection-bureau-2024/), accessed 2026-05-23
- [Maxwell Financial Labs — AI in Mortgage Lending: A Practical Guide for Lenders (2025)](https://himaxwell.com/resources/ebooks-white-papers/ai-in-mortgage-lending/), accessed 2026-05-23
- [McKinsey Global Institute — A New Future of Work: AI occupational-exposure scenarios (2023)](https://www.mckinsey.com/mgi/our-research/a-new-future-of-work-the-race-between-humans-and-machines), accessed 2026-05-23
- [Plaid — Income Verification: Automated Payroll and Bank Data for Mortgage Lenders (2025)](https://plaid.com/check/underwriting/), accessed 2026-05-23
- [Reggora — AI Appraisal Management Platform for Mortgage Lenders (2025)](https://www.reggora.com/blog/ai-appraisal-management/), accessed 2026-05-23

How to read these figures: https://futurehistory.earth/methodology. Every figure links to its own source; gaps stay gaps.