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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 | Mortgage Loan Specialist | |
| Yearly salary | $36,962 | $41,186 |
| Hourly rate | $17.77 | $19.80 |
| Growth rate | -3% | -3% |
| Number of jobs | 8,923 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| 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.
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 assistants and mortgage loan specialists have different pay scales, as shown below.
| Loan Assistant | Mortgage Loan Specialist | |
| Average salary | $36,962 | $41,186 |
| Salary range | Between $28,000 And $47,000 | Between $27,000 And $62,000 |
| Highest paying City | Olympia, WA | Uniondale, NY |
| Highest paying state | Washington | West Virginia |
| Best paying company | University of California, Berkeley | The PNC Financial Services Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan assistant and a mortgage loan specialist in terms of educational background:
| Loan Assistant | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and mortgage loan specialists' demographics:
| Loan Assistant | Mortgage Loan Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 33.9% Female, 66.1% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |