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The differences between mortgage assistants and mortgage bankers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a mortgage assistant, becoming a mortgage banker takes usually requires 4-6 years. Additionally, a mortgage assistant has an average salary of $33,961, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a mortgage assistant include data entry, mortgage loans and loan applications. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Mortgage Assistant | Mortgage Banker | |
| Yearly salary | $33,961 | $27,331 |
| Hourly rate | $16.33 | $13.14 |
| Growth rate | -3% | 4% |
| Number of jobs | 5,147 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 72% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
A mortgage assistant, sometimes referred to as a loan officer assistant, works directly with clients and members of the office to meet set organization goals. Their key responsibilities include reviewing loan applications, preparing letters for credit for clients, offering administrative support to supervising loan officers, and providing customer service to clients. They are also required to use computer programs to track loan processing and billing. This role requires customer service experience and knowledge of relevant computer software.
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Mortgage assistants and mortgage bankers have different pay scales, as shown below.
| Mortgage Assistant | Mortgage Banker | |
| Average salary | $33,961 | $27,331 |
| Salary range | Between $26,000 And $43,000 | Between $9,000 And $78,000 |
| Highest paying City | Rockville, MD | - |
| Highest paying state | West Virginia | - |
| Best paying company | DFCU Financial | - |
| Best paying industry | Professional | - |
There are a few differences between a mortgage assistant and a mortgage banker in terms of educational background:
| Mortgage Assistant | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage assistants' and mortgage bankers' demographics:
| Mortgage Assistant | Mortgage Banker | |
| Average age | 42 | 45 |
| Gender ratio | Male, 21.6% Female, 78.4% | Male, 71.7% Female, 28.3% |
| Race ratio | Black or African American, 12.0% Unknown, 4.4% Hispanic or Latino, 13.7% Asian, 7.9% White, 61.5% American Indian and Alaska Native, 0.4% | 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 | 7% | 8% |