Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between loan servicing specialists and foreclosure specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $41,088 average annual salary of a foreclosure specialist.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a foreclosure specialist are foreclosure process, insurer, and loss mitigation.
| Loan Servicing Specialist | Foreclosure Specialist | |
| Yearly salary | $65,799 | $41,088 |
| Hourly rate | $31.63 | $19.75 |
| Growth rate | -3% | -3% |
| Number of jobs | 31,753 | 8,166 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 50% |
| Average age | 42 | 43 |
| Years of experience | 4 | - |
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.
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 servicing specialists and foreclosure specialists have different pay scales, as shown below.
| Loan Servicing Specialist | Foreclosure Specialist | |
| Average salary | $65,799 | $41,088 |
| Salary range | Between $28,000 And $153,000 | Between $28,000 And $58,000 |
| Highest paying City | Charleston, SC | - |
| Highest paying state | Maryland | - |
| Best paying company | Glacier Ban | - |
| Best paying industry | Finance | - |
There are a few differences between a loan servicing specialist and a foreclosure specialist in terms of educational background:
| Loan Servicing Specialist | Foreclosure Specialist | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan servicing specialists' and foreclosure specialists' demographics:
| Loan Servicing Specialist | Foreclosure Specialist | |
| Average age | 42 | 43 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 32.2% Female, 67.8% |
| Race ratio | 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% | 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 | 7% | 4% |