Mortgage clerk vs mortgage broker

The differences between mortgage clerks and mortgage brokers 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 clerk, becoming a mortgage broker takes usually requires 4-6 years. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $31,722 average annual salary of a mortgage clerk.

The top three skills for a mortgage clerk include data entry, outbound calls and real estate. The most important skills for a mortgage broker are loan applications, FHA, and va.

Mortgage clerk vs mortgage broker overview

	Mortgage Clerk	Mortgage Broker
Yearly salary	$31,722	$124,376
Hourly rate	$15.25	$59.80
Growth rate	-3%	4%
Number of jobs	69,111	12,782
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 64%
Average age	42	45
Years of experience	4	6

Mortgage clerk vs mortgage broker salary

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

	Mortgage Clerk	Mortgage Broker
Average salary	$31,722	$124,376
Salary range	Between $25,000 And $40,000	Between $89,000 And $172,000
Highest paying City	Highlands Ranch, CO	-
Highest paying state	Maryland	-
Best paying company	Kelly Services	-
Best paying industry	Finance	-

Differences between mortgage clerk and mortgage broker education

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

	Mortgage Clerk	Mortgage Broker
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 64%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Mortgage clerk vs mortgage broker demographics

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

	Mortgage Clerk	Mortgage Broker
Average age	42	45
Gender ratio	Male, 25.5% Female, 74.5%	Male, 67.5% Female, 32.5%
Race ratio	Black or African American, 12.9% Unknown, 4.6% Hispanic or Latino, 13.9% Asian, 7.3% White, 60.8% American Indian and Alaska Native, 0.5%	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%
LGBT Percentage	7%	8%

Differences between mortgage clerk and mortgage broker duties and responsibilities

Mortgage clerk example responsibilities.

Demonstrate strong math skills in managing inmate s accounts and calmly and effectively deescalating outbursts of belligerent inmates.
Insure government loans utilizing VA and FHA website.
Team player with imaging area and completing deliver FNMA, PNC.
Maintain cleanliness of the company warehouse, operate warehouse machinery and organize the warehouse to ensure proper product placement.
Process and underwrite conventional purchase and refinance mortgage transactions primarily under FHLMC guidelines in a centralize regional operations center.

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.

Mortgage clerk vs mortgage broker skills

Common mortgage clerk skills

Data Entry, 68%
Outbound Calls, 9%
Real Estate, 4%
Telephone Calls, 4%
Tax Payments, 2%
Computer System, 2%

Common mortgage broker skills

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