Loan broker vs loan originator

The differences between loan brokers and loan originators 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 originator. Additionally, a loan broker has an average salary of $119,784, which is higher than the $41,291 average annual salary of a loan originator.

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

Loan broker vs loan originator overview

	Loan Broker	Loan Originator
Yearly salary	$119,784	$41,291
Hourly rate	$57.59	$19.85
Growth rate	4%	4%
Number of jobs	15,508	10,716
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 61%
Average age	45	45
Years of experience	6	6

Loan broker vs loan originator salary

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

	Loan Broker	Loan Originator
Average salary	$119,784	$41,291
Salary range	Between $81,000 And $175,000	Between $28,000 And $60,000
Highest paying City	-	New York, NY
Highest paying state	-	South Dakota
Best paying company	-	Centennial Bank
Best paying industry	-	Transportation

Differences between loan broker and loan originator education

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

	Loan Broker	Loan Originator
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

Loan broker vs loan originator demographics

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

	Loan Broker	Loan Originator
Average age	45	45
Gender ratio	Male, 58.8% Female, 41.2%	Male, 54.0% Female, 46.0%
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, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan broker and loan originator 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 originator example responsibilities.

Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Complete yearly the NMLS continuing education requirements.
Direct lender with FNMA while maintaining all loan servicing.
Increase revenues and product awareness by cross-selling service lines and packages.
Complete a rigorous training program and have obtained 25 NMLS state licensing requirements to be a loan originator.
Review FHA case number assignments, mortgage credit rejects and refinances authorizations to determine qualification.

Loan broker vs loan originator skills

Common loan broker skills

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

Common loan originator skills

Customer Service, 18%
Origination, 9%
FHA, 6%
Va, 6%
Phone Calls, 6%
Excellent Interpersonal, 5%