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The differences between loan servicing specialists and 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 specialist takes usually requires 1-2 years. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $58,013 average annual salary of a specialist.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a specialist are patients, customer service, and work ethic.
| Loan Servicing Specialist | Specialist | |
| Yearly salary | $65,799 | $58,013 |
| Hourly rate | $31.63 | $27.89 |
| Growth rate | -3% | 10% |
| Number of jobs | 31,753 | 358,433 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 49% |
| Average age | 42 | 42 |
| Years of experience | 4 | 2 |
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.
Specialists are employees who are responsible for specific tasks or activities in the department they are assigned to. The actions or tasks they work on are related to their educational background or work experiences. They are usually highly skilled in specializations related to the work they are assigned to. Specialists are also highly trained on the competencies that are required of their specialty. As such, they are focused on the skills and competencies that are needed to enhance their experience in their specific field further.
Loan servicing specialists and specialists have different pay scales, as shown below.
| Loan Servicing Specialist | Specialist | |
| Average salary | $65,799 | $58,013 |
| Salary range | Between $28,000 And $153,000 | Between $32,000 And $104,000 |
| Highest paying City | Charleston, SC | Jersey City, NJ |
| Highest paying state | Maryland | New Jersey |
| Best paying company | Glacier Ban | The Citadel |
| Best paying industry | Finance | - |
There are a few differences between a loan servicing specialist and a specialist in terms of educational background:
| Loan Servicing Specialist | Specialist | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 49% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between loan servicing specialists' and specialists' demographics:
| Loan Servicing Specialist | Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 47.5% Female, 52.5% |
| 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, 11.4% Unknown, 5.4% Hispanic or Latino, 16.4% Asian, 10.5% White, 55.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 11% |