Mortgage specialist vs mortgage broker

The differences between mortgage specialists and mortgage brokers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a mortgage specialist, 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 $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 mortgage broker are loan applications, FHA, and va.

Mortgage specialist vs mortgage broker overview

	Mortgage Specialist	Mortgage Broker
Yearly salary	$38,757	$124,376
Hourly rate	$18.63	$59.80
Growth rate	-3%	4%
Number of jobs	26,471	12,782
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 55%	Bachelor's Degree, 64%
Average age	42	45
Years of experience	4	6

Mortgage specialist vs mortgage broker salary

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

	Mortgage Specialist	Mortgage Broker
Average salary	$38,757	$124,376
Salary range	Between $29,000 And $51,000	Between $89,000 And $172,000
Highest paying City	Oakland, CA	-
Highest paying state	Washington	-
Best paying company	Citi	-
Best paying industry	Finance	-

Differences between mortgage specialist and mortgage broker education

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

	Mortgage Specialist	Mortgage Broker
Most common degree	Bachelor's Degree, 55%	Bachelor's Degree, 64%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Mortgage specialist vs mortgage broker demographics

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

	Mortgage Specialist	Mortgage Broker
Average age	42	45
Gender ratio	Male, 39.3% Female, 60.7%	Male, 67.5% Female, 32.5%
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, 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	7%	8%

Differences between mortgage specialist and mortgage broker duties and responsibilities

Mortgage specialist example responsibilities.

Manage internal team SharePoint and document repository.
Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Work due diligence and process loans per FHLMC guidelines on conventional, USDA, FHA/VA and CHFA/DAP loans.
Advise clients with mortgage needs by providing information regarding traditional and government programs, including USVA, FHA and VA loans.
Review HUD-1's to confirm fees and charges with initial GFE and RESPA compliance, order wire and provide funding approval.
Maintain a working knowledge of FDCPA and RESPA guidelines.

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 specialist vs mortgage broker skills

Common mortgage specialist skills

Customer Service, 22%
Residential Mortgage Loans, 6%
Origination, 6%
FHA, 5%
Va, 5%
Loan Applications, 4%

Common mortgage broker skills

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