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The differences between loan officers/loan processor 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/loan processor, becoming a mortgage loan specialist takes usually requires 2-4 years. Additionally, a loan officer/loan processor has an average salary of $46,753, which is higher than the $41,186 average annual salary of a mortgage loan specialist.
The top three skills for a loan officer/loan processor include customer service, escrow and credit reports. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.
| Loan Officer/Loan Processor | Mortgage Loan Specialist | |
| Yearly salary | $46,753 | $41,186 |
| Hourly rate | $22.48 | $19.80 |
| Growth rate | 4% | -3% |
| Number of jobs | 71,801 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A loan processor is a person who does all the processing as well as submitting all the required documents for a loan application. They play an important role in ensuring that the personal information and documents of a client are orderly complied. Also, a loan processor's other tasks include being the bridge or channel between the loan applicant and the loan assessor.
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/loan processor and mortgage loan specialists have different pay scales, as shown below.
| Loan Officer/Loan Processor | Mortgage Loan Specialist | |
| Average salary | $46,753 | $41,186 |
| Salary range | Between $28,000 And $76,000 | Between $27,000 And $62,000 |
| Highest paying City | Columbia, MD | Uniondale, NY |
| Highest paying state | New Jersey | West Virginia |
| Best paying company | Xerox | The PNC Financial Services Group |
| Best paying industry | Automotive | Finance |
There are a few differences between a loan officer/loan processor and a mortgage loan specialist in terms of educational background:
| Loan Officer/Loan Processor | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers/loan processor' and mortgage loan specialists' demographics:
| Loan Officer/Loan Processor | Mortgage Loan Specialist | |
| Average age | 45 | 42 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 33.9% Female, 66.1% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.5% White, 62.9% 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% |