Mortgage counselor vs mortgage broker

The differences between mortgage counselors and mortgage brokers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a mortgage counselor, 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 $36,967 average annual salary of a mortgage counselor.

The top three skills for a mortgage counselor include mortgage loans, customer service and foreclosure. The most important skills for a mortgage broker are loan applications, FHA, and va.

Mortgage counselor vs mortgage broker overview

	Mortgage Counselor	Mortgage Broker
Yearly salary	$36,967	$124,376
Hourly rate	$17.77	$59.80
Growth rate	-8%	4%
Number of jobs	30,694	12,782
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 60%	Bachelor's Degree, 64%
Average age	45	45
Years of experience	2	6

Mortgage counselor vs mortgage broker salary

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

	Mortgage Counselor	Mortgage Broker
Average salary	$36,967	$124,376
Salary range	Between $28,000 And $47,000	Between $89,000 And $172,000
Highest paying City	-	-
Highest paying state	-	-
Best paying company	-	-
Best paying industry	-	-

Differences between mortgage counselor and mortgage broker education

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

	Mortgage Counselor	Mortgage Broker
Most common degree	Bachelor's Degree, 60%	Bachelor's Degree, 64%
Most common major	Business	Business
Most common college	Stanford University	University of Pennsylvania

Mortgage counselor vs mortgage broker demographics

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

	Mortgage Counselor	Mortgage Broker
Average age	45	45
Gender ratio	Male, 41.3% Female, 58.7%	Male, 67.5% Female, 32.5%
Race ratio	Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 5.9% White, 63.6% 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	8%	8%

Differences between mortgage counselor and mortgage broker duties and responsibilities

Mortgage counselor example responsibilities.

Manage internal team SharePoint and document repository.
Assist customers on various savings and checking account transactions; balance ATM.
Process negotiable items balance cash vault, teller cash drawer and the automated teller machine (ATM) daily.
Develop effective partnerships with non-profit organizations and community developments to improve origination of affordable housing loans for first time home buyers.
Process retirement accounts and IRAS.
Counsele prospective customers on retirement options and open new IRAs.

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 counselor vs mortgage broker skills

Common mortgage counselor skills

Mortgage Loans, 12%
Customer Service, 12%
Foreclosure, 10%
Outbound Calls, 8%
FHA, 5%
Va, 5%

Common mortgage broker skills

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