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The differences between loan processors and loan servicing 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 processor and a loan servicing specialist. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a loan processor include loan applications, customer service and property appraisals. The most important skills for a loan servicing specialist are loan modifications, customer service, and foreclosure process.
| Loan Processor | Loan Servicing Specialist | |
| Yearly salary | $38,122 | $65,799 |
| Hourly rate | $18.33 | $31.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,228 | 31,753 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 55% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
A loan servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
Loan processors and loan servicing specialists have different pay scales, as shown below.
| Loan Processor | Loan Servicing Specialist | |
| Average salary | $38,122 | $65,799 |
| Salary range | Between $28,000 And $50,000 | Between $28,000 And $153,000 |
| Highest paying City | San Francisco, CA | Charleston, SC |
| Highest paying state | West Virginia | Maryland |
| Best paying company | Stanford University | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between a loan processor and a loan servicing specialist in terms of educational background:
| Loan Processor | Loan Servicing Specialist | |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan processors' and loan servicing specialists' demographics:
| Loan Processor | Loan Servicing Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 20.6% Female, 79.4% | Male, 32.2% Female, 67.8% |
| Race ratio | Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4% | Black or African American, 11.8% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 8.2% White, 60.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |