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The differences between loan brokers and loan officers 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 officer. Additionally, a loan broker has an average salary of $119,784, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a loan broker include financial statements, customer service and loan applications. The most important skills for a loan officer are customer service, origination, and loan origination.
| Loan Broker | Loan Officer | |
| Yearly salary | $119,784 | $45,817 |
| Hourly rate | $57.59 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 15,508 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 61% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Loan brokers and loan officers have different pay scales, as shown below.
| Loan Broker | Loan Officer | |
| Average salary | $119,784 | $45,817 |
| Salary range | Between $81,000 And $175,000 | Between $30,000 And $69,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New York |
| Best paying company | - | Bangor Savings Bank |
| Best paying industry | - | Finance |
There are a few differences between a loan broker and a loan officer in terms of educational background:
| Loan Broker | Loan Officer | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan brokers' and loan officers' demographics:
| Loan Broker | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 58.8% Female, 41.2% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |