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The differences between loan servicing specialists and loan analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan servicing specialist, becoming a loan analyst takes usually requires 4-6 years. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Loan Servicing Specialist | Loan Analyst | |
| Yearly salary | $65,799 | $37,857 |
| Hourly rate | $31.63 | $18.20 |
| Growth rate | -3% | 4% |
| Number of jobs | 31,753 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 66% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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 loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Loan servicing specialists and loan analysts have different pay scales, as shown below.
| Loan Servicing Specialist | Loan Analyst | |
| Average salary | $65,799 | $37,857 |
| Salary range | Between $28,000 And $153,000 | Between $24,000 And $58,000 |
| Highest paying City | Charleston, SC | Raleigh, NC |
| Highest paying state | Maryland | South Dakota |
| Best paying company | Glacier Ban | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a loan servicing specialist and a loan analyst in terms of educational background:
| Loan Servicing Specialist | Loan Analyst | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan servicing specialists' and loan analysts' demographics:
| Loan Servicing Specialist | Loan Analyst | |
| Average age | 42 | 45 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |