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The differences between loan assistants and mortgage 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 specialist. Additionally, a mortgage specialist has an average salary of $38,757, 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 specialist are customer service, residential mortgage loans, and origination.
| Loan Assistant | Mortgage Specialist | |
| Yearly salary | $36,962 | $38,757 |
| Hourly rate | $17.77 | $18.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 8,923 | 26,471 |
| 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.
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Loan assistants and mortgage specialists have different pay scales, as shown below.
| Loan Assistant | Mortgage Specialist | |
| Average salary | $36,962 | $38,757 |
| Salary range | Between $28,000 And $47,000 | Between $29,000 And $51,000 |
| Highest paying City | Olympia, WA | Oakland, CA |
| Highest paying state | Washington | Washington |
| Best paying company | University of California, Berkeley | Citi |
| Best paying industry | Finance | Finance |
There are a few differences between a loan assistant and a mortgage specialist in terms of educational background:
| Loan Assistant | Mortgage 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 mortgage specialists' demographics:
| Loan Assistant | Mortgage Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 39.3% Female, 60.7% |
| 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, 14.2% Asian, 7.5% White, 60.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |