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The differences between mortgage originators and mortgage bankers 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 mortgage banker. Additionally, a mortgage originator has an average salary of $31,380, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a mortgage originator include customer service, origination and bank products. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Mortgage Originator | Mortgage Banker | |
| Yearly salary | $31,380 | $27,331 |
| Hourly rate | $15.09 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,164 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 72% |
| 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 Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Mortgage originators and mortgage bankers have different pay scales, as shown below.
| Mortgage Originator | Mortgage Banker | |
| Average salary | $31,380 | $27,331 |
| Salary range | Between $16,000 And $57,000 | Between $9,000 And $78,000 |
| Highest paying City | - | - |
| Highest paying state | - | - |
| Best paying company | - | - |
| Best paying industry | - | - |
There are a few differences between a mortgage originator and a mortgage banker in terms of educational background:
| Mortgage Originator | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage originators' and mortgage bankers' demographics:
| Mortgage Originator | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 71.7% Female, 28.3% |
| 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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |