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Loan secretary vs mortgage loan specialist

The differences between loan secretaries and mortgage loan 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 secretary and a mortgage loan specialist. Additionally, a mortgage loan specialist has an average salary of $41,186, which is higher than the $35,271 average annual salary of a loan secretary.

The top three skills for a loan secretary include customer service, real estate loans and financial statements. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.

Loan secretary vs mortgage loan specialist overview

Loan SecretaryMortgage Loan Specialist
Yearly salary$35,271$41,186
Hourly rate$16.96$19.80
Growth rate-3%-3%
Number of jobs15,45233,704
Job satisfaction--
Most common degreeBachelor's Degree, 37%Bachelor's Degree, 56%
Average age4242
Years of experience44

Loan secretary vs mortgage loan specialist salary

Loan secretaries and mortgage loan specialists have different pay scales, as shown below.

Loan SecretaryMortgage Loan Specialist
Average salary$35,271$41,186
Salary rangeBetween $26,000 And $46,000Between $27,000 And $62,000
Highest paying City-Uniondale, NY
Highest paying state-West Virginia
Best paying company-The PNC Financial Services Group
Best paying industry-Finance

Differences between loan secretary and mortgage loan specialist education

There are a few differences between a loan secretary and a mortgage loan specialist in terms of educational background:

Loan SecretaryMortgage Loan Specialist
Most common degreeBachelor's Degree, 37%Bachelor's Degree, 56%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Loan secretary vs mortgage loan specialist demographics

Here are the differences between loan secretaries' and mortgage loan specialists' demographics:

Loan SecretaryMortgage Loan Specialist
Average age4242
Gender ratioMale, 3.6% Female, 96.4%Male, 33.9% Female, 66.1%
Race ratioBlack or African American, 12.7% Unknown, 4.9% Hispanic or Latino, 13.8% Asian, 6.3% White, 61.8% American Indian and Alaska Native, 0.6%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 Percentage7%7%

Differences between loan secretary and mortgage loan specialist duties and responsibilities

Loan secretary example responsibilities.

  • Prepare and file UCC's and title applications.
  • Process auto title work, life insurance, UCC filing and recording.
  • Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
  • Determine loan DU eligibility and submit files to underwriting department.

Mortgage loan specialist example responsibilities.

  • Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
  • Investigate and resolve, borrower complaints, inquiries and disputes in accordance with RESPA establish procedures.
  • Clear post-closing FHA and VA deficiency items to ensure loans meet federal loan guidelines and ensure they are salable.
  • Process FHA and VA loan information, post-closing, ensure that initial payments receive were forward to the proper department.
  • Respond to mortgage lenders and taxing agency jurisdictions by utilizing effective verbal and written communication in a prompt and accurate manner.
  • Determine loan DU eligibility and submit files to underwriting department.

Loan secretary vs mortgage loan specialist skills

Common loan secretary skills
  • Customer Service, 28%
  • Real Estate Loans, 8%
  • Financial Statements, 8%
  • Commercial Loans, 6%
  • Credit Reports, 6%
  • Computer System, 4%
Common mortgage loan specialist skills
  • Customer Service, 21%
  • FHA, 8%
  • Escrow Accounts, 5%
  • Underwriting Approval, 5%
  • Loan Process, 4%
  • Credit Reports, 4%

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