Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between junior loan 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 a junior loan officer and a mortgage banker. Additionally, a junior loan officer has an average salary of $39,006, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a junior loan officer include loan applications, origination and inbound calls. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Junior Loan Officer | Mortgage Banker | |
| Yearly salary | $39,006 | $27,331 |
| Hourly rate | $18.75 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 72,136 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 72% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A junior loan officer assists a mortgage loan officer in processing and closing residential mortgage applications. This includes consulting with the loan applicant about their financial backgrounds to determine whether they can pay a home mortgage. They provide information on various loan offers and mortgage programs that applicants may choose from. They discuss policies and coordinate with senior mortgage officers about the concerns of clients.
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Junior loan officers and mortgage bankers have different pay scales, as shown below.
| Junior Loan Officer | Mortgage Banker | |
| Average salary | $39,006 | $27,331 |
| Salary range | Between $28,000 And $53,000 | Between $9,000 And $78,000 |
| Highest paying City | New York, NY | - |
| Highest paying state | New York | - |
| Best paying company | Carnival Cruise Line | - |
| Best paying industry | Professional | - |
There are a few differences between a junior loan officer and a mortgage banker in terms of educational background:
| Junior Loan Officer | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior loan officers' and mortgage bankers' demographics:
| Junior Loan Officer | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 58.9% Female, 41.1% | Male, 71.7% Female, 28.3% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% 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% |