Loan broker vs loan administrator

The differences between loan brokers and loan administrators 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 broker and a loan administrator. Additionally, a loan broker has an average salary of $119,784, which is higher than the $42,859 average annual salary of a loan administrator.

The top three skills for a loan broker include financial statements, customer service and loan applications. The most important skills for a loan administrator are customer service, data entry, and loan administration.

Loan broker vs loan administrator overview

	Loan Broker	Loan Administrator
Yearly salary	$119,784	$42,859
Hourly rate	$57.59	$20.61
Growth rate	4%	4%
Number of jobs	15,508	63,708
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 58%
Average age	45	45
Years of experience	6	6

Loan broker vs loan administrator salary

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

	Loan Broker	Loan Administrator
Average salary	$119,784	$42,859
Salary range	Between $81,000 And $175,000	Between $31,000 And $59,000
Highest paying City	-	Seattle, WA
Highest paying state	-	Hawaii
Best paying company	-	BNY Mellon
Best paying industry	-	Finance

Differences between loan broker and loan administrator education

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

	Loan Broker	Loan Administrator
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 58%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan broker vs loan administrator demographics

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

	Loan Broker	Loan Administrator
Average age	45	45
Gender ratio	Male, 58.8% Female, 41.2%	Male, 23.2% Female, 76.8%
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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan broker and loan administrator 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.

Loan administrator example responsibilities.

Manage a multifacete commercial real estate investment firm.
Pull OFAC on all borrowers.
Order third party reports such as appraisals, titles, and OFAC information.
Order on FHA loans in a timely and efficient manner to meet month end deadlines.
Present and sell financial benefits of a variety of FHA, VA, and conventional loans.
Coordinate and maintain loans for adherence to credit policy as well as guidelines in keeping compliant with SBA regulations.

Loan broker vs loan administrator skills

Common loan broker skills

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

Common loan administrator skills

Customer Service, 14%
Data Entry, 5%
Loan Administration, 5%
Loan Processing, 5%
Financial Statements, 4%
Due Diligence, 4%