Loan originator vs mortgage broker

The differences between loan originators 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 originator and a mortgage broker. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $41,291 average annual salary of a loan originator.

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

Loan originator vs mortgage broker overview

	Loan Originator	Mortgage Broker
Yearly salary	$41,291	$124,376
Hourly rate	$19.85	$59.80
Growth rate	4%	4%
Number of jobs	10,716	12,782
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 61%	Bachelor's Degree, 64%
Average age	45	45
Years of experience	6	6

Loan originator vs mortgage broker salary

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

	Loan Originator	Mortgage Broker
Average salary	$41,291	$124,376
Salary range	Between $28,000 And $60,000	Between $89,000 And $172,000
Highest paying City	New York, NY	-
Highest paying state	South Dakota	-
Best paying company	Centennial Bank	-
Best paying industry	Transportation	-

Differences between loan originator and mortgage broker education

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

	Loan Originator	Mortgage Broker
Most common degree	Bachelor's Degree, 61%	Bachelor's Degree, 64%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan originator vs mortgage broker demographics

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

	Loan Originator	Mortgage Broker
Average age	45	45
Gender ratio	Male, 54.0% Female, 46.0%	Male, 67.5% Female, 32.5%
Race ratio	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%	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 originator and mortgage broker duties and responsibilities

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.

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 originator vs mortgage broker skills

Common loan originator skills

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

Common mortgage broker skills

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