Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between mortgage originators and lenders 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 originator and a lender. Additionally, a lender has an average salary of $37,723, 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 lender are customer service, loan applications, and business development.
| Mortgage Originator | Lender | |
| Yearly salary | $31,380 | $37,723 |
| Hourly rate | $15.09 | $18.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,164 | 6,465 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 63% |
| Average age | 45 | 45 |
| Years of experience | 6 | 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.
A Lender is a financial institution, an individual, or a private or public group that provides loans to a business or an individual. As a lender, you will evaluate a borrower's creditworthiness by assessing loan applications. You will be responsible for determining an applicant's financial eligibility and all applicable metrics and ratios. Other duties might include setting up plans for debt payment, counseling clients on restrictions and policies, and maintaining and updating account records. Also, you will need to update your knowledge on the different loan types and financial services.
Mortgage originators and lenders have different pay scales, as shown below.
| Mortgage Originator | Lender | |
| Average salary | $31,380 | $37,723 |
| Salary range | Between $16,000 And $57,000 | Between $25,000 And $55,000 |
| Highest paying City | - | Seattle, WA |
| Highest paying state | - | South Dakota |
| Best paying company | - | Citi |
| Best paying industry | - | Finance |
There are a few differences between a mortgage originator and a lender in terms of educational background:
| Mortgage Originator | Lender | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 63% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage originators' and lenders' demographics:
| Mortgage Originator | Lender | |
| Average age | 45 | 45 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 49.2% Female, 50.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.3% White, 62.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |