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The differences between loan managers and mortgage bankers 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 manager and a mortgage banker. Additionally, a loan manager has an average salary of $39,623, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a loan manager include loan applications, customer service and real estate. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Loan Manager | Mortgage Banker | |
| Yearly salary | $39,623 | $27,331 |
| Hourly rate | $19.05 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,965 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 72% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant. A loan manager determines and classifies the possible financial risk and problems that could be encountered. Also, they are the one who controls lending activities for all loan programs, manages all collections, as well as ensuring that the policies of the company are implemented.
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Loan managers and mortgage bankers have different pay scales, as shown below.
| Loan Manager | Mortgage Banker | |
| Average salary | $39,623 | $27,331 |
| Salary range | Between $27,000 And $58,000 | Between $9,000 And $78,000 |
| Highest paying City | Jersey City, NJ | - |
| Highest paying state | New Jersey | - |
| Best paying company | Pacific Investment Management Company LLC | - |
| Best paying industry | Finance | - |
There are a few differences between a loan manager and a mortgage banker in terms of educational background:
| Loan Manager | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan managers' and mortgage bankers' demographics:
| Loan Manager | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 71.7% Female, 28.3% |
| Race ratio | 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% | Black or African American, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |