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The differences between mortgage originators 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 $31,380 average annual salary of a mortgage originator.
The top three skills for a mortgage originator include customer service, origination and bank products. The most important skills for a broker are brokerage, financial services, and insurance products.
| Mortgage Originator | Broker | |
| Yearly salary | $31,380 | $124,861 |
| Hourly rate | $15.09 | $60.03 |
| Growth rate | 4% | 5% |
| Number of jobs | 11,164 | 2,770 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 66% |
| Average age | 45 | 49 |
| Years of experience | 6 | - |
A Mortgage Originator is someone who will work with a borrower to process and complete a home loan application. They work closely with loan processors and underwriters to collect the required documentation until it is approved. Mortgage Origniators are responsible for guiding clients through the approval stage by assisting them with the paperwork, determining the loan amount, and taking and verifying documentation. They guide borrowers in deciding which mortgage type is right for them.
Brokers can either be a firm or an individual acting as an intermediary between a securities exchange and an investor. They often provide services to individual investors and traders who cannot engage directly with security exchanges, which only accept orders from their members. They provide investors and traders with an investment plan, market intelligence, and research. They may cross-sell some financial services and products offered by their brokerage firms. They are also typically classified as discount or full-service brokers.
Mortgage originators and brokers have different pay scales, as shown below.
| Mortgage Originator | Broker | |
| Average salary | $31,380 | $124,861 |
| Salary range | Between $16,000 And $57,000 | 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 |
There are a few differences between a mortgage originator and a broker in terms of educational background:
| Mortgage Originator | Broker | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Southern California |
Here are the differences between mortgage originators' and brokers' demographics:
| Mortgage Originator | Broker | |
| Average age | 45 | 49 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 63.8% Female, 36.2% |
| Race ratio | Black or African American, 10.0% Unknown, 4.7% Hispanic or Latino, 15.2% Asian, 6.1% White, 63.5% 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% |