Loan manager vs mortgage broker

The differences between loan managers 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 manager and a mortgage broker. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $39,623 average annual salary of a loan manager.

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

Loan manager vs mortgage broker overview

	Loan Manager	Mortgage Broker
Yearly salary	$39,623	$124,376
Hourly rate	$19.05	$59.80
Growth rate	4%	4%
Number of jobs	11,965	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 manager vs mortgage broker salary

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

	Loan Manager	Mortgage Broker
Average salary	$39,623	$124,376
Salary range	Between $27,000 And $58,000	Between $89,000 And $172,000
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 manager and mortgage broker education

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

	Loan Manager	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 manager vs mortgage broker demographics

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

	Loan Manager	Mortgage Broker
Average age	45	45
Gender ratio	Male, 46.5% Female, 53.5%	Male, 67.5% Female, 32.5%
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, 9.3% 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 manager and mortgage broker duties and responsibilities

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.

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 manager vs mortgage broker skills

Common loan manager skills

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

Common mortgage broker skills

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