Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between loan officers assistant and mortgage loan specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan officer assistant, becoming a mortgage loan specialist takes usually requires 2-4 years. Additionally, a loan officer assistant has an average salary of $45,681, which is higher than the $41,186 average annual salary of a mortgage loan specialist.
The top three skills for a loan officer assistant include customer service, origination and loan process. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.
| Loan Officer Assistant | Mortgage Loan Specialist | |
| Yearly salary | $45,681 | $41,186 |
| Hourly rate | $21.96 | $19.80 |
| Growth rate | 4% | -3% |
| Number of jobs | 65,094 | 33,704 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
Loan Officer Assistants assist loan officers in processing the loan applications of clients. Loan officer assistants primarily work on the administrative tasks in the departments. They are in charge of managing documents, updating databases, and sorting files. Loan officer assistants may be assigned to review applications of clients. They should check whether both the application form and the supplementary documents are complete. They may also assess whether the clients meet the requirements for the loan. Upon checking, they manage the documents and package them for submission to the lender. Loan officer assistance may also be assigned to coordinate with lenders and update in-house policies according to the lenders' policies.
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 officers assistant and mortgage loan specialists have different pay scales, as shown below.
| Loan Officer Assistant | Mortgage Loan Specialist | |
| Average salary | $45,681 | $41,186 |
| Salary range | Between $28,000 And $72,000 | Between $27,000 And $62,000 |
| Highest paying City | New York, NY | Uniondale, NY |
| Highest paying state | New York | West Virginia |
| Best paying company | Stifel Financial | The PNC Financial Services Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer assistant and a mortgage loan specialist in terms of educational background:
| Loan Officer Assistant | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | SUNY at Binghamton | University of Pennsylvania |
Here are the differences between loan officers assistant' and mortgage loan specialists' demographics:
| Loan Officer Assistant | Mortgage Loan Specialist | |
| Average age | 45 | 42 |
| Gender ratio | Male, 28.8% Female, 71.2% | Male, 33.9% Female, 66.1% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.8% American Indian and Alaska Native, 0.5% | 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 | 8% | 7% |