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The differences between loan servicing specialists and service specialists 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 service specialist takes usually requires 6-12 months. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $44,150 average annual salary of a service specialist.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a service specialist are patients, social work, and criminal justice.
| Loan Servicing Specialist | Service Specialist | |
| Yearly salary | $65,799 | $44,150 |
| Hourly rate | $31.63 | $21.23 |
| Growth rate | -3% | -4% |
| Number of jobs | 31,753 | 207,020 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 53% |
| Average age | 42 | 40 |
| Years of experience | 4 | 12 |
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 service specialist is responsible for assisting customers with their inquiries and concerns about the services offered by the organization. Service specialists' duties include responding to customers' requests, updating customers of promotional offers and new services, escalating high-level concerns to the appropriate department, and keeping accurate records of clients' issues and resolutions. Service specialists are also in charge of preparing customer surveys to rate their satisfaction and identifying opportunities for service improvement. A service specialist must display excellent customer service and communication skills to address clients' concerns efficiently and accurately.
Loan servicing specialists and service specialists have different pay scales, as shown below.
| Loan Servicing Specialist | Service Specialist | |
| Average salary | $65,799 | $44,150 |
| Salary range | Between $28,000 And $153,000 | Between $27,000 And $71,000 |
| Highest paying City | Charleston, SC | Boston, MA |
| Highest paying state | Maryland | Massachusetts |
| Best paying company | Glacier Ban | Ropes & Gray |
| Best paying industry | Finance | Technology |
There are a few differences between a loan servicing specialist and a service specialist in terms of educational background:
| Loan Servicing Specialist | Service Specialist | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 53% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan servicing specialists' and service specialists' demographics:
| Loan Servicing Specialist | Service Specialist | |
| Average age | 42 | 40 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 40.1% Female, 59.9% |
| 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, 11.2% Unknown, 5.4% Hispanic or Latino, 20.9% Asian, 7.5% White, 54.2% American Indian and Alaska Native, 0.7% |
| LGBT Percentage | 7% | 7% |