Is it hard to get hired as a mortgage loan officer?
The numbers point to moderate difficulty. The SAFE mortgage loan originator test has a 53% first-time pass rate as of December 31, 2024, so many applicants need retakes before they can be licensed. On the demand side, the Bureau of Labor Statistics projects loan officer employment to grow 1% from 2025 to 2035, slower than average, though about 17,100 openings are projected each year, mostly from replacement needs.
Hiring is steady rather than booming. North Carolina rates loan officer growth as "Moderately Growing" at +0.3% a year, with about 893 annual job openings (NC Careers). Nationally, the Bureau of Labor Statistics projects 1% employment growth from 2025 to 2035, slower than the average occupation, and about 17,100 openings a year, mostly from workers leaving the field.
Sources: North Carolina Commissioner of Banks: MLO licensing requirements; NCCOB: NC prelicensing education requirements.
No prior industry experience is required to become licensed, so the main hurdles are the coursework and the SAFE test, which just over half of first-time takers pass. Most entry-level mortgage loan originator positions are commission-based, so hiring depends heavily on your ability to generate loan volume. In Rhode Island, you must also be sponsored by a licensed mortgage company before you can originate loans.
Sources: NMLS: Rhode Island state-specific PE and CE requirements for MLOs; 230-RICR-40-10-2: Lenders, Loan Brokers, Small Loan Lenders, Third-Party Loan Servicers and Mortgage Loan Originators (RI DBR regulation).