Loan broker vs broker

The differences between loan brokers and brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a broker has an average salary of $124,861, which is higher than the $119,784 average annual salary of a loan broker.

The top three skills for a loan broker include financial statements, customer service and loan applications. The most important skills for a broker are brokerage, financial services, and insurance products.

Loan broker vs broker overview

	Loan Broker	Broker
Yearly salary	$119,784	$124,861
Hourly rate	$57.59	$60.03
Growth rate	4%	5%
Number of jobs	15,508	2,770
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 66%
Average age	45	49
Years of experience	6	-

Loan broker vs broker salary

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

	Loan Broker	Broker
Average salary	$119,784	$124,861
Salary range	Between $81,000 And $175,000	Between $68,000 And $227,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Child Guidance & Family Solutions
Best paying industry	-	Insurance

Differences between loan broker and broker education

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

	Loan Broker	Broker
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 66%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Southern California

Loan broker vs broker demographics

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

	Loan Broker	Broker
Average age	45	49
Gender ratio	Male, 58.8% Female, 41.2%	Male, 63.8% Female, 36.2%
Race ratio	Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.2% White, 63.8% American Indian and Alaska Native, 0.5%	Black or African American, 5.3% Unknown, 4.3% Hispanic or Latino, 13.2% Asian, 6.9% White, 70.1% American Indian and Alaska Native, 0.3%
LGBT Percentage	8%	13%

Differences between loan broker and broker duties and responsibilities

Loan broker example responsibilities.

Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Prepare loan packages for submittal to SBA.
Quoted rates for various scenarios, and lock FHA and VA loans.
Engage in full spectrum of commercial lending SBA, conventional and non-conventional.
Originate full line of mortgage products including conforming, non-conforming, FHA and VA.
Interview prospective lenders to for additional services; significantly expand company lender sources in both purchase and refinance markets.

Broker example responsibilities.

Manage, lease and sell office condominiums on site.
Retail trader, fix income securities; manage client account activity; properly allocate client funds to appropriate investment options
Manage indexes, options, foreign equities, and short-selling positions that are compatible with clients' long-term investment goals.
Expand and maintain professional relationships with trading accounts including banks, hedge funds and portfolio managers.
Specialize in finding undervalue and/or overbought commodities by using fundamental and technical analysis that exist throughout the markets.
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Loan broker vs broker skills

Common loan broker skills

Financial Statements, 22%
Customer Service, 22%
Loan Applications, 10%
Commercial Loans, 8%
Loan Process, 7%
FHA, 7%

Common broker skills

Brokerage, 17%
Financial Services, 9%
Insurance Products, 7%
Risk Management, 6%
Client Relationships, 6%
Real Estate Transactions, 5%