Mortgage broker vs broker

The differences between mortgage brokers and brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a broker has an average salary of $124,861, which is higher than the $124,376 average annual salary of a mortgage broker.

The top three skills for a mortgage broker include loan applications, FHA and va. The most important skills for a broker are brokerage, financial services, and insurance products.

Mortgage broker vs broker overview

	Mortgage Broker	Broker
Yearly salary	$124,376	$124,861
Hourly rate	$59.80	$60.03
Growth rate	4%	5%
Number of jobs	12,782	2,770
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 64%	Bachelor's Degree, 66%
Average age	45	49
Years of experience	6	-

Mortgage broker vs broker salary

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

	Mortgage Broker	Broker
Average salary	$124,376	$124,861
Salary range	Between $89,000 And $172,000	Between $68,000 And $227,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Child Guidance & Family Solutions
Best paying industry	-	Insurance

Differences between mortgage broker and broker education

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

	Mortgage Broker	Broker
Most common degree	Bachelor's Degree, 64%	Bachelor's Degree, 66%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Southern California

Mortgage broker vs broker demographics

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

	Mortgage Broker	Broker
Average age	45	49
Gender ratio	Male, 67.5% Female, 32.5%	Male, 63.8% Female, 36.2%
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, 5.3% Unknown, 4.3% Hispanic or Latino, 13.2% Asian, 6.9% White, 70.1% American Indian and Alaska Native, 0.3%
LGBT Percentage	8%	13%

Differences between mortgage broker and broker 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.

Broker example responsibilities.

Manage, lease and sell office condominiums on site.
Retail trader, fix income securities; manage client account activity; properly allocate client funds to appropriate investment options
Manage indexes, options, foreign equities, and short-selling positions that are compatible with clients' long-term investment goals.
Expand and maintain professional relationships with trading accounts including banks, hedge funds and portfolio managers.
Specialize in finding undervalue and/or overbought commodities by using fundamental and technical analysis that exist throughout the markets.
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Mortgage broker vs broker skills

Common mortgage broker skills

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

Common broker skills

Brokerage, 17%
Financial Services, 9%
Insurance Products, 7%
Risk Management, 6%
Client Relationships, 6%
Real Estate Transactions, 5%