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The differences between loan officers and foreclosure specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a loan officer has an average salary of $45,817, which is higher than the $41,088 average annual salary of a foreclosure specialist.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a foreclosure specialist are foreclosure process, insurer, and loss mitigation.
| Loan Officer | Foreclosure Specialist | |
| Yearly salary | $45,817 | $41,088 |
| Hourly rate | $22.03 | $19.75 |
| Growth rate | 4% | -3% |
| Number of jobs | 63,663 | 8,166 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 50% |
| Average age | 45 | 43 |
| Years of experience | 6 | - |
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
A foreclosure specialist is a real estate professional that manages foreclosure processes. Serving in this role means that you will have responsibilities such as ensuring that aspects related to foreclosure meet all government regulations from the federal level to the state level and that deadlines are met and duly communicated to all parties involved. You may have to work with mortgage holders that run the risk of default, in which case you will be tasked with renegotiating loan agreement changes.
Loan officers and foreclosure specialists have different pay scales, as shown below.
| Loan Officer | Foreclosure Specialist | |
| Average salary | $45,817 | $41,088 |
| Salary range | Between $30,000 And $69,000 | Between $28,000 And $58,000 |
| Highest paying City | New York, NY | - |
| Highest paying state | New York | - |
| Best paying company | Bangor Savings Bank | - |
| Best paying industry | Finance | - |
There are a few differences between a loan officer and a foreclosure specialist in terms of educational background:
| Loan Officer | Foreclosure Specialist | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and foreclosure specialists' demographics:
| Loan Officer | Foreclosure Specialist | |
| Average age | 45 | 43 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 32.2% Female, 67.8% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% | Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 4% |