Loan broker vs loan adviser

The differences between loan brokers and loan advisers 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 adviser. Additionally, a loan broker has an average salary of $119,784, which is higher than the $40,365 average annual salary of a loan adviser.

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

Loan broker vs loan adviser overview

	Loan Broker	Loan Adviser
Yearly salary	$119,784	$40,365
Hourly rate	$57.59	$19.41
Growth rate	4%	4%
Number of jobs	15,508	24,189
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 52%
Average age	45	45
Years of experience	6	6

Loan broker vs loan adviser salary

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

	Loan Broker	Loan Adviser
Average salary	$119,784	$40,365
Salary range	Between $81,000 And $175,000	Between $28,000 And $56,000
Highest paying City	-	-
Highest paying state	-	-
Best paying company	-	-
Best paying industry	-	-

Differences between loan broker and loan adviser education

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

	Loan Broker	Loan Adviser
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 52%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan broker vs loan adviser demographics

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

	Loan Broker	Loan Adviser
Average age	45	45
Gender ratio	Male, 58.8% Female, 41.2%	Male, 47.7% Female, 52.3%
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, 16.1% Asian, 6.4% White, 63.1% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan broker and loan adviser 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 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.

Loan broker vs loan adviser skills

Common loan broker skills

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

Common loan adviser skills

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