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The differences between mortgage specialists 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 $38,757 average annual salary of a mortgage specialist.
The top three skills for a mortgage specialist include customer service, residential mortgage loans and origination. The most important skills for a broker are brokerage, financial services, and insurance products.
| Mortgage Specialist | Broker | |
| Yearly salary | $38,757 | $124,861 |
| Hourly rate | $18.63 | $60.03 |
| Growth rate | -3% | 5% |
| Number of jobs | 26,471 | 2,770 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 66% |
| Average age | 42 | 49 |
| Years of experience | 4 | - |
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
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 specialists and brokers have different pay scales, as shown below.
| Mortgage Specialist | Broker | |
| Average salary | $38,757 | $124,861 |
| Salary range | Between $29,000 And $51,000 | Between $68,000 And $227,000 |
| Highest paying City | Oakland, CA | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | Citi | Child Guidance & Family Solutions |
| Best paying industry | Finance | Insurance |
There are a few differences between a mortgage specialist and a broker in terms of educational background:
| Mortgage Specialist | Broker | |
| Most common degree | Bachelor's Degree, 55% | 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 specialists' and brokers' demographics:
| Mortgage Specialist | Broker | |
| Average age | 42 | 49 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 63.8% Female, 36.2% |
| Race ratio | Black or African American, 13.3% Unknown, 4.4% Hispanic or Latino, 14.2% Asian, 7.5% White, 60.2% American Indian and Alaska Native, 0.4% | 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 | 7% | 13% |