Loan broker vs mortgage broker

The differences between loan brokers and mortgage brokers 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 mortgage broker. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $119,784 average annual salary of a loan broker.

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

Loan broker vs mortgage broker overview

	Loan Broker	Mortgage Broker
Yearly salary	$119,784	$124,376
Hourly rate	$57.59	$59.80
Growth rate	4%	4%
Number of jobs	15,508	12,782
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 64%
Average age	45	45
Years of experience	6	6

Loan broker vs mortgage broker salary

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

	Loan Broker	Mortgage Broker
Average salary	$119,784	$124,376
Salary range	Between $81,000 And $175,000	Between $89,000 And $172,000
Highest paying City	-	-
Highest paying state	-	-
Best paying company	-	-
Best paying industry	-	-

Differences between loan broker and mortgage broker education

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

	Loan Broker	Mortgage Broker
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 64%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan broker vs mortgage broker demographics

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

	Loan Broker	Mortgage Broker
Average age	45	45
Gender ratio	Male, 58.8% Female, 41.2%	Male, 67.5% Female, 32.5%
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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan broker and mortgage broker 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.

Mortgage broker example responsibilities.

Educate clients on mortgage contractual guidelines and process FHA, VA, and conventional loans reviewing files for submission to underwriting.
Foster deeper client relationships with commercial and residential lenders driving referrals by delivering excellent customer service.
Originate residential conventional, VA, home equity, commercial and construction loans.
Establish a network of contacts with community banks, appraisers, lenders, and other brokers.
Originate, process, and submit all types of commercial and SBA loans to the applicable lender.
Develop business plan, raise investment capital, create business processes, and obtain licensing, VA certification, HUD approval.

Loan broker vs mortgage broker skills

Common loan broker skills

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

Common mortgage broker skills

Loan Applications, 14%
FHA, 8%
Va, 8%
Loan Programs, 5%
Credit Reports, 5%
Loan Process, 5%