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The differences between commercial lenders and foreclosure specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial lender has an average salary of $74,995, which is higher than the $41,088 average annual salary of a foreclosure specialist.
The top three skills for a commercial lender include commercial loans, customer relationships and loan applications. The most important skills for a foreclosure specialist are foreclosure process, insurer, and loss mitigation.
| Commercial Lender | Foreclosure Specialist | |
| Yearly salary | $74,995 | $41,088 |
| Hourly rate | $36.06 | $19.75 |
| Growth rate | 4% | -3% |
| Number of jobs | 27,016 | 8,166 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 50% |
| Average age | 45 | 43 |
| Years of experience | 6 | - |
A commercial lender is in charge of handling and processing business loan applications, ensuring accuracy and smooth workflow. Their responsibilities typically revolve around liaising with company representatives to identify their needs, gathering and verifying applications, providing consultations and recommendations, and negotiating contracts and payment arrangements. They must also keep track of all amendments and processes, maintaining records of all transactions. Furthermore, as a commercial lender, it is essential to build positive relationships with clients, all while adhering to the company's policies and regulations.
A foreclosure specialist is a real estate professional that manages foreclosure processes. Serving in this role means that you will have responsibilities such as ensuring that aspects related to foreclosure meet all government regulations from the federal level to the state level and that deadlines are met and duly communicated to all parties involved. You may have to work with mortgage holders that run the risk of default, in which case you will be tasked with renegotiating loan agreement changes.
Commercial lenders and foreclosure specialists have different pay scales, as shown below.
| Commercial Lender | Foreclosure Specialist | |
| Average salary | $74,995 | $41,088 |
| Salary range | Between $54,000 And $102,000 | Between $28,000 And $58,000 |
| Highest paying City | San Antonio, TX | - |
| Highest paying state | Washington | - |
| Best paying company | IBC Bank | - |
| Best paying industry | Professional | - |
There are a few differences between a commercial lender and a foreclosure specialist in terms of educational background:
| Commercial Lender | Foreclosure Specialist | |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial lenders' and foreclosure specialists' demographics:
| Commercial Lender | Foreclosure Specialist | |
| Average age | 45 | 43 |
| Gender ratio | Male, 72.7% Female, 27.3% | Male, 32.2% Female, 67.8% |
| Race ratio | Black or African American, 10.5% Unknown, 4.7% Hispanic or Latino, 13.9% Asian, 5.9% White, 64.5% American Indian and Alaska Native, 0.5% | Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 4% |