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The differences between foreclosure specialists and commercial loan officers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $41,088 average annual salary of a foreclosure specialist.
The top three skills for a foreclosure specialist include foreclosure process, insurer and loss mitigation. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Foreclosure Specialist | Commercial Loan Officer | |
| Yearly salary | $41,088 | $70,876 |
| Hourly rate | $19.75 | $34.08 |
| Growth rate | -3% | 4% |
| Number of jobs | 8,166 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 76% |
| Average age | 43 | 45 |
| Years of experience | - | 6 |
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 loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Foreclosure specialists and commercial loan officers have different pay scales, as shown below.
| Foreclosure Specialist | Commercial Loan Officer | |
| Average salary | $41,088 | $70,876 |
| Salary range | Between $28,000 And $58,000 | Between $50,000 And $100,000 |
| Highest paying City | - | Fort Lee, NJ |
| Highest paying state | - | Maine |
| Best paying company | - | Glacier Ban |
| Best paying industry | - | Finance |
There are a few differences between a foreclosure specialist and a commercial loan officer in terms of educational background:
| Foreclosure Specialist | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between foreclosure specialists' and commercial loan officers' demographics:
| Foreclosure Specialist | Commercial Loan Officer | |
| Average age | 43 | 45 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 73.8% Female, 26.2% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 4% | 8% |