Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between escrow officers and mortgage bankers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both an escrow officer and a mortgage banker. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for an escrow officer include customer service, HOA and title insurance. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Escrow Officer | Mortgage Banker | |
| Yearly salary | $50,270 | $27,331 |
| Hourly rate | $24.17 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 62,077 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 72% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Escrow officers and mortgage bankers have different pay scales, as shown below.
| Escrow Officer | Mortgage Banker | |
| Average salary | $50,270 | $27,331 |
| Salary range | Between $36,000 And $70,000 | Between $9,000 And $78,000 |
| Highest paying City | Walnut Creek, CA | - |
| Highest paying state | New Mexico | - |
| Best paying company | Fidelity National Financial | - |
| Best paying industry | Finance | - |
There are a few differences between an escrow officer and a mortgage banker in terms of educational background:
| Escrow Officer | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between escrow officers' and mortgage bankers' demographics:
| Escrow Officer | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 14.9% Female, 85.1% | Male, 71.7% Female, 28.3% |
| Race ratio | Black or African American, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5% | Black or African American, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |