Escrow officer vs mortgage broker

The differences between escrow officers and mortgage brokers 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 broker. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $50,270 average annual salary of an escrow officer.

The top three skills for an escrow officer include customer service, HOA and title insurance. The most important skills for a mortgage broker are loan applications, FHA, and va.

Escrow officer vs mortgage broker overview

	Escrow Officer	Mortgage Broker
Yearly salary	$50,270	$124,376
Hourly rate	$24.17	$59.80
Growth rate	4%	4%
Number of jobs	62,077	12,782
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 64%
Average age	45	45
Years of experience	6	6

Escrow officer vs mortgage broker salary

Escrow officers and mortgage brokers have different pay scales, as shown below.

	Escrow Officer	Mortgage Broker
Average salary	$50,270	$124,376
Salary range	Between $36,000 And $70,000	Between $89,000 And $172,000
Highest paying City	Walnut Creek, CA	-
Highest paying state	New Mexico	-
Best paying company	Fidelity National Financial	-
Best paying industry	Finance	-

Differences between escrow officer and mortgage broker education

There are a few differences between an escrow officer and a mortgage broker in terms of educational background:

	Escrow Officer	Mortgage Broker
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 64%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Escrow officer vs mortgage broker demographics

Here are the differences between escrow officers' and mortgage brokers' demographics:

	Escrow Officer	Mortgage Broker
Average age	45	45
Gender ratio	Male, 14.9% Female, 85.1%	Male, 67.5% Female, 32.5%
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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between escrow officer and mortgage broker duties and responsibilities

Escrow officer example responsibilities.

Manage escrow department for title insurance company.
Perform closing for a variety of real estate escrows types, including but not limit to REO resale and resale escrows.
Operate multi-line phone system and perform basic office procedures.
Prepare closing documents, close escrow, TRID CD, clear title.
Order conveyance deeds and other pertinent documents from outside vendors.
Prepare documents to be record with county and return to mortgage company for conveyance.

Mortgage broker example responsibilities.

Educate clients on mortgage contractual guidelines and process FHA, VA, and conventional loans reviewing files for submission to underwriting.
Foster deeper client relationships with commercial and residential lenders driving referrals by delivering excellent customer service.
Originate residential conventional, VA, home equity, commercial and construction loans.
Establish a network of contacts with community banks, appraisers, lenders, and other brokers.
Originate, process, and submit all types of commercial and SBA loans to the applicable lender.
Develop business plan, raise investment capital, create business processes, and obtain licensing, VA certification, HUD approval.

Escrow officer vs mortgage broker skills

Common escrow officer skills

Customer Service, 23%
HOA, 6%
Title Insurance, 6%
Notary, 5%
Develop Client Relationships, 5%
Real Estate Transactions, 5%

Common mortgage broker skills

Loan Applications, 14%
FHA, 8%
Va, 8%
Loan Programs, 5%
Credit Reports, 5%
Loan Process, 5%