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The differences between loan assistants and loan servicing specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan assistant and a loan servicing specialist. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $36,962 average annual salary of a loan assistant.
The top three skills for a loan assistant include customer service, loan applications and mortgage loans. The most important skills for a loan servicing specialist are loan modifications, customer service, and foreclosure process.
| Loan Assistant | Loan Servicing Specialist | |
| Yearly salary | $36,962 | $65,799 |
| Hourly rate | $17.77 | $31.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 8,923 | 31,753 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 55% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
Loan assistants act as support primarily to loan officers in preparing, reviewing, and verifying account documentation pertinent to loans. Also, ensuring the completeness of the loan files and that all collateral has been properly secured. In addition, loan assistants update collateral values on commercial and residential real estate loans as assigned by senior management. They stay within the guidelines established by bank policy and maintain the highest level of confidentiality with all information obtained.
A loan servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
Loan assistants and loan servicing specialists have different pay scales, as shown below.
| Loan Assistant | Loan Servicing Specialist | |
| Average salary | $36,962 | $65,799 |
| Salary range | Between $28,000 And $47,000 | Between $28,000 And $153,000 |
| Highest paying City | Olympia, WA | Charleston, SC |
| Highest paying state | Washington | Maryland |
| Best paying company | University of California, Berkeley | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between a loan assistant and a loan servicing specialist in terms of educational background:
| Loan Assistant | Loan Servicing Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and loan servicing specialists' demographics:
| Loan Assistant | Loan Servicing Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 32.2% Female, 67.8% |
| Race ratio | Black or African American, 12.2% Unknown, 4.3% Hispanic or Latino, 15.4% Asian, 7.4% White, 60.2% American Indian and Alaska Native, 0.4% | Black or African American, 11.8% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 8.2% White, 60.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |