Millennial-age workers recently outnumbered their Gen-X peers for the first time ever. But the average loan officer is 54 years old, and industry groups are taking steps to help expand outreach to the next generation of mortgage professionals.
According to first-quarter data from the Pew Research Center, more than 53 million workers are millennials born between 1980 and the early 2000s, while there are less than 53 million Generation X workers born between 1960 and 1980. But the issue isn't just a matter of lenders needing to add fresh legs to their rosters. The millennial demographic also represents a future crop of borrowers that lenders have so far found difficult to serve.