Loan adviser vs mortgage broker

The differences between loan advisers 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 a loan adviser and a mortgage broker. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $40,365 average annual salary of a loan adviser.

The top three skills for a loan adviser include customer service, origination and mortgage loans. The most important skills for a mortgage broker are loan applications, FHA, and va.

Loan adviser vs mortgage broker overview

	Loan Adviser	Mortgage Broker
Yearly salary	$40,365	$124,376
Hourly rate	$19.41	$59.80
Growth rate	4%	4%
Number of jobs	24,189	12,782
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 52%	Bachelor's Degree, 64%
Average age	45	45
Years of experience	6	6

Loan adviser vs mortgage broker salary

Loan advisers and mortgage brokers have different pay scales, as shown below.

	Loan Adviser	Mortgage Broker
Average salary	$40,365	$124,376
Salary range	Between $28,000 And $56,000	Between $89,000 And $172,000
Highest paying City	-	-
Highest paying state	-	-
Best paying company	-	-
Best paying industry	-	-

Differences between loan adviser and mortgage broker education

There are a few differences between a loan adviser and a mortgage broker in terms of educational background:

	Loan Adviser	Mortgage Broker
Most common degree	Bachelor's Degree, 52%	Bachelor's Degree, 64%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan adviser vs mortgage broker demographics

Here are the differences between loan advisers' and mortgage brokers' demographics:

	Loan Adviser	Mortgage Broker
Average age	45	45
Gender ratio	Male, 47.7% Female, 52.3%	Male, 67.5% Female, 32.5%
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, 9.3% 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 loan adviser and mortgage broker duties and responsibilities

Loan adviser example responsibilities.

Manage a multifacete commercial real estate investment firm.
Follow the FDCPA, FCRA and TCPA guidelines and is a license collector.
Assist future homeowners obtain financing through FHA, VA, USDA, or conventional financing.
Handle all calls with due care to ensure proper adherence to FDCPA rules and regulations.
Determine financing options for clients, and advise them on a variety of FHA, conventional, and sub-prime mortgages.
Communicate to a small team basic loan restructuring possibilities to assist customers in resolving delinquency and avoiding foreclosure.

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.

Loan adviser vs mortgage broker skills

Common loan adviser skills

Customer Service, 44%
Origination, 14%
Mortgage Loans, 7%
Loan Process, 5%
Automated Underwriting, 4%
NMLS, 4%

Common mortgage broker skills

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