Loan processor vs mortgage broker

The differences between loan processors and mortgage brokers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan processor, becoming a mortgage broker takes usually requires 4-6 years. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $38,122 average annual salary of a loan processor.

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

Loan processor vs mortgage broker overview

	Loan Processor	Mortgage Broker
Yearly salary	$38,122	$124,376
Hourly rate	$18.33	$59.80
Growth rate	-3%	4%
Number of jobs	16,228	12,782
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 46%	Bachelor's Degree, 64%
Average age	42	45
Years of experience	4	6

Loan processor vs mortgage broker salary

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

	Loan Processor	Mortgage Broker
Average salary	$38,122	$124,376
Salary range	Between $28,000 And $50,000	Between $89,000 And $172,000
Highest paying City	San Francisco, CA	-
Highest paying state	West Virginia	-
Best paying company	Stanford University	-
Best paying industry	Finance	-

Differences between loan processor and mortgage broker education

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

	Loan Processor	Mortgage Broker
Most common degree	Bachelor's Degree, 46%	Bachelor's Degree, 64%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan processor vs mortgage broker demographics

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

	Loan Processor	Mortgage Broker
Average age	42	45
Gender ratio	Male, 20.6% Female, 79.4%	Male, 67.5% Female, 32.5%
Race ratio	Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4%	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	7%	8%

Differences between loan processor and mortgage broker duties and responsibilities

Loan processor example responsibilities.

Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Review and verify documentation consistent with company policies and compliance of FNMA, FHLMC, FHA/VA, USDA guidelines.
Gather all documentation necessary to process mortgage loans in accordance with FNMA and credit union guidelines/requirements.
Disclose and re-disclose the LE's and Prelim TRID require CD.
Upload monthly reports to FHLMC including principal & interest reports, delinquent loans and appraisals.
Ensure conditions on USDA commitments are met and loan files are prepared for closing on time.

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 processor vs mortgage broker skills

Common loan processor skills

Loan Applications, 22%
Customer Service, 20%
Property Appraisals, 5%
Mortgage Loans, 5%
Credit Reports, 5%
FHA, 4%

Common mortgage broker skills

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