Loan broker vs loan manager

The differences between loan brokers and loan managers 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 manager. Additionally, a loan broker has an average salary of $119,784, which is higher than the $39,623 average annual salary of a loan manager.

The top three skills for a loan broker include financial statements, customer service and loan applications. The most important skills for a loan manager are loan applications, customer service, and real estate.

Loan broker vs loan manager overview

	Loan Broker	Loan Manager
Yearly salary	$119,784	$39,623
Hourly rate	$57.59	$19.05
Growth rate	4%	4%
Number of jobs	15,508	11,965
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 59%
Average age	45	45
Years of experience	6	6

Loan broker vs loan manager salary

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

	Loan Broker	Loan Manager
Average salary	$119,784	$39,623
Salary range	Between $81,000 And $175,000	Between $27,000 And $58,000
Highest paying City	-	Jersey City, NJ
Highest paying state	-	New Jersey
Best paying company	-	Pacific Investment Management Company LLC
Best paying industry	-	Finance

Differences between loan broker and loan manager education

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

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

Loan broker vs loan manager demographics

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

	Loan Broker	Loan Manager
Average age	45	45
Gender ratio	Male, 58.8% Female, 41.2%	Male, 46.5% Female, 53.5%
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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan broker and loan manager 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 manager example responsibilities.

Reduce downtime by completing reports on ATM and repairs and managing service calls.
Manage loan origination underwriting and funding teams for dealer and consumer financial products and services.
Ensure all loan origination procedures are followed according to bank and federal guidelines.
Back up to member services, ATM and vault teller when need.
Front end manual and AUS underwriting of FHA purchase, new construction and refinance transactions.
Include supervising a staff of five in submitting VA and FHA loans for guaranty and insuring.

Loan broker vs loan manager skills

Common loan broker skills

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

Common loan manager skills

Loan Applications, 20%
Customer Service, 9%
Real Estate, 9%
Loan Portfolio, 5%
Origination, 5%
Corporate Financial Statements, 4%