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Loan assistant vs mortgage loan specialist

The differences between loan assistants and mortgage loan 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 mortgage loan specialist. Additionally, a mortgage loan specialist has an average salary of $41,186, 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 mortgage loan specialist are customer service, FHA, and escrow accounts.

Loan assistant vs mortgage loan specialist overview

Loan AssistantMortgage Loan Specialist
Yearly salary$36,962$41,186
Hourly rate$17.77$19.80
Growth rate-3%-3%
Number of jobs8,92333,704
Job satisfaction--
Most common degreeBachelor's Degree, 51%Bachelor's Degree, 56%
Average age4242
Years of experience44

What does a loan assistant do?

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.

What does a mortgage loan specialist do?

Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.

Loan assistant vs mortgage loan specialist salary

Loan assistants and mortgage loan specialists have different pay scales, as shown below.

Loan AssistantMortgage Loan Specialist
Average salary$36,962$41,186
Salary rangeBetween $28,000 And $47,000Between $27,000 And $62,000
Highest paying CityOlympia, WAUniondale, NY
Highest paying stateWashingtonWest Virginia
Best paying companyUniversity of California, BerkeleyThe PNC Financial Services Group
Best paying industryFinanceFinance

Differences between loan assistant and mortgage loan specialist education

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

Loan AssistantMortgage Loan Specialist
Most common degreeBachelor's Degree, 51%Bachelor's Degree, 56%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Loan assistant vs mortgage loan specialist demographics

Here are the differences between loan assistants' and mortgage loan specialists' demographics:

Loan AssistantMortgage Loan Specialist
Average age4242
Gender ratioMale, 18.2% Female, 81.8%Male, 33.9% Female, 66.1%
Race ratioBlack 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4%
LGBT Percentage7%7%

Differences between loan assistant and mortgage loan specialist duties and responsibilities

Loan assistant example responsibilities.

  • Keep the ATM balance and fill.
  • General teller duties, responsible for balancing cash drawer, ATM, vault.
  • Background in commercial real estate lending, A/R lending, SBA, construction loans, and consumer lending.
  • Iprocess all NSF returns including and not limit to checks, ACH, chargebacks and all cash items.
  • Request and work with all SBA offices for loan documents as needed for disputes or proof of debt request.
  • Support streamlined document management for residential mortgage origination company.
  • Show more

Mortgage loan specialist example responsibilities.

  • Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
  • Investigate and resolve, borrower complaints, inquiries and disputes in accordance with RESPA establish procedures.
  • Clear post-closing FHA and VA deficiency items to ensure loans meet federal loan guidelines and ensure they are salable.
  • Process FHA and VA loan information, post-closing, ensure that initial payments receive were forward to the proper department.
  • Respond to mortgage lenders and taxing agency jurisdictions by utilizing effective verbal and written communication in a prompt and accurate manner.
  • Determine loan DU eligibility and submit files to underwriting department.

Loan assistant vs mortgage loan specialist skills

Common loan assistant skills
  • Customer Service, 19%
  • Loan Applications, 9%
  • Mortgage Loans, 7%
  • Financial Statements, 5%
  • Order Appraisals, 5%
  • Data Entry, 4%
Common mortgage loan specialist skills
  • Customer Service, 21%
  • FHA, 8%
  • Escrow Accounts, 5%
  • Underwriting Approval, 5%
  • Loan Process, 4%
  • Credit Reports, 4%

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