Mortgage broker vs banker

The differences between mortgage brokers and bankers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a mortgage broker, becoming a banker takes usually requires 2-4 years. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $44,463 average annual salary of a banker.

The top three skills for a mortgage broker include loan applications, FHA and va. The most important skills for a banker are taking care, financial services, and securities.

Mortgage broker vs banker overview

	Mortgage Broker	Banker
Yearly salary	$124,376	$44,463
Hourly rate	$59.80	$21.38
Growth rate	4%	10%
Number of jobs	12,782	29,725
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 64%	Bachelor's Degree, 56%
Average age	45	43
Years of experience	6	4

Mortgage broker vs banker salary

Mortgage brokers and bankers have different pay scales, as shown below.

	Mortgage Broker	Banker
Average salary	$124,376	$44,463
Salary range	Between $89,000 And $172,000	Between $20,000 And $97,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Citi
Best paying industry	-	Finance

Differences between mortgage broker and banker education

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

	Mortgage Broker	Banker
Most common degree	Bachelor's Degree, 64%	Bachelor's Degree, 56%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Mortgage broker vs banker demographics

Here are the differences between mortgage brokers' and bankers' demographics:

	Mortgage Broker	Banker
Average age	45	43
Gender ratio	Male, 67.5% Female, 32.5%	Male, 46.3% Female, 53.7%
Race ratio	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%	Black or African American, 5.5% Unknown, 4.1% Hispanic or Latino, 11.4% Asian, 12.3% White, 66.5% American Indian and Alaska Native, 0.2%
LGBT Percentage	8%	6%

Differences between mortgage broker and banker duties and responsibilities

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.

Banker example responsibilities.

Manage a mortgage, banking and securities base lending pipeline for one of the top lending branches in the firm.
Manage a variety of internal initiatives including merchandising, cross-selling, customer retention programs and promotional campaigns.
Earn numerous reward certificates for level of sales and customer service through QA.
Qualify potential members for membership by opening checking accounts, savings accounts, IRAs, CDs, and processing loan applications.
Follow appropriate VL guidelines to ensure compliance with QA and banking regulations.
Pass series 6 , 63 and insurance exams as registered member of FINRA.

Mortgage broker vs banker skills

Common mortgage broker skills

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

Common banker skills

Taking Care, 15%
Financial Services, 10%
Securities, 6%
Bank Products, 5%
NMLS, 5%
Upselling, 4%