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The differences between loan servicing specialists and loan originators 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 originator takes usually requires 4-6 years. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $41,291 average annual salary of a loan originator.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a loan originator are customer service, origination, and FHA.
| Loan Servicing Specialist | Loan Originator | |
| Yearly salary | $65,799 | $41,291 |
| Hourly rate | $31.63 | $19.85 |
| Growth rate | -3% | 4% |
| Number of jobs | 31,753 | 10,716 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 61% |
| 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 Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Loan servicing specialists and loan originators have different pay scales, as shown below.
| Loan Servicing Specialist | Loan Originator | |
| Average salary | $65,799 | $41,291 |
| Salary range | Between $28,000 And $153,000 | Between $28,000 And $60,000 |
| Highest paying City | Charleston, SC | New York, NY |
| Highest paying state | Maryland | South Dakota |
| Best paying company | Glacier Ban | Centennial Bank |
| Best paying industry | Finance | Transportation |
There are a few differences between a loan servicing specialist and a loan originator in terms of educational background:
| Loan Servicing Specialist | Loan Originator | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan servicing specialists' and loan originators' demographics:
| Loan Servicing Specialist | Loan Originator | |
| Average age | 42 | 45 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 54.0% Female, 46.0% |
| 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, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |