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The differences between lenders 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 lender and a mortgage banker. Additionally, a lender has an average salary of $37,723, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a lender include customer service, loan applications and business development. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Lender | Mortgage Banker | |
| Yearly salary | $37,723 | $27,331 |
| Hourly rate | $18.14 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 72% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Lender is a financial institution, an individual, or a private or public group that provides loans to a business or an individual. As a lender, you will evaluate a borrower's creditworthiness by assessing loan applications. You will be responsible for determining an applicant's financial eligibility and all applicable metrics and ratios. Other duties might include setting up plans for debt payment, counseling clients on restrictions and policies, and maintaining and updating account records. Also, you will need to update your knowledge on the different loan types and financial services.
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Lenders and mortgage bankers have different pay scales, as shown below.
| Lender | Mortgage Banker | |
| Average salary | $37,723 | $27,331 |
| Salary range | Between $25,000 And $55,000 | Between $9,000 And $78,000 |
| Highest paying City | Seattle, WA | - |
| Highest paying state | South Dakota | - |
| Best paying company | Citi | - |
| Best paying industry | Finance | - |
There are a few differences between a lender and a mortgage banker in terms of educational background:
| Lender | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and mortgage bankers' demographics:
| Lender | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 71.7% Female, 28.3% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.3% White, 62.9% 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% |