Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between loan advisers 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 loan adviser and a mortgage banker. Additionally, a loan adviser has an average salary of $40,365, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a loan adviser include customer service, origination and mortgage loans. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Loan Adviser | Mortgage Banker | |
| Yearly salary | $40,365 | $27,331 |
| Hourly rate | $19.41 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,189 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 72% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan adviser evaluates and assesses mortgage applications to ensure that the client is capable and capacitated to pay their finances and obligations. They conduct one on one interviews with the client, verifies the documents presented, and handles the approval process. They can often be seen in a bank or a credit institution that gives support to the clients and borrowers. This career is considered a vital part of a bank as it determines the possible increase of a company's profit by their loan programs.
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Loan advisers and mortgage bankers have different pay scales, as shown below.
| Loan Adviser | Mortgage Banker | |
| Average salary | $40,365 | $27,331 |
| Salary range | Between $28,000 And $56,000 | Between $9,000 And $78,000 |
| Highest paying City | - | - |
| Highest paying state | - | - |
| Best paying company | - | - |
| Best paying industry | - | - |
There are a few differences between a loan adviser and a mortgage banker in terms of educational background:
| Loan Adviser | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan advisers' and mortgage bankers' demographics:
| Loan Adviser | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 47.7% Female, 52.3% | Male, 71.7% Female, 28.3% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.1% 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% |