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The differences between mortgage bankers and loan administrators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a mortgage banker and a loan administrator. Additionally, a loan administrator has an average salary of $42,859, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a mortgage banker include customer service, NMLS and federal regulations. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Mortgage Banker | Loan Administrator | |
| Yearly salary | $27,331 | $42,859 |
| Hourly rate | $13.14 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,297 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 58% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Mortgage bankers and loan administrators have different pay scales, as shown below.
| Mortgage Banker | Loan Administrator | |
| Average salary | $27,331 | $42,859 |
| Salary range | Between $9,000 And $78,000 | Between $31,000 And $59,000 |
| Highest paying City | - | Seattle, WA |
| Highest paying state | - | Hawaii |
| Best paying company | - | BNY Mellon |
| Best paying industry | - | Finance |
There are a few differences between a mortgage banker and a loan administrator in terms of educational background:
| Mortgage Banker | Loan Administrator | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage bankers' and loan administrators' demographics:
| Mortgage Banker | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 71.7% Female, 28.3% | Male, 23.2% Female, 76.8% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |