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The differences between mortgage brokers 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 broker and a loan administrator. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $42,859 average annual salary of a loan administrator.
The top three skills for a mortgage broker include loan applications, FHA and va. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Mortgage Broker | Loan Administrator | |
| Yearly salary | $124,376 | $42,859 |
| Hourly rate | $59.80 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 12,782 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 58% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Mortgage brokers and loan administrators have different pay scales, as shown below.
| Mortgage Broker | Loan Administrator | |
| Average salary | $124,376 | $42,859 |
| Salary range | Between $89,000 And $172,000 | 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 broker and a loan administrator in terms of educational background:
| Mortgage Broker | Loan Administrator | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage brokers' and loan administrators' demographics:
| Mortgage Broker | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 67.5% Female, 32.5% | Male, 23.2% Female, 76.8% |
| 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, 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% |