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The differences between loan specialists and foreclosure specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a loan specialist has an average salary of $43,081, which is higher than the $41,088 average annual salary of a foreclosure specialist.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a foreclosure specialist are foreclosure process, insurer, and loss mitigation.
| Loan Specialist | Foreclosure Specialist | |
| Yearly salary | $43,081 | $41,088 |
| Hourly rate | $20.71 | $19.75 |
| Growth rate | -3% | -3% |
| Number of jobs | 29,041 | 8,166 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 50% |
| Average age | 42 | 43 |
| Years of experience | 4 | - |
A loan specialist is in charge of processing loans to make transactions easier for the clients. They usually work in banks, lending firms, and other financial institutions. One of their primary responsibilities is to guide clients to understand what program works best for them, assist in filling out forms, gathering requirements, and verifying authenticity. There are also instances where a loan specialist must discern whether a client can uphold financial obligations using the information collected. Furthermore, it is also their responsibility to produce and submit reports to creditors or lenders.
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 specialists and foreclosure specialists have different pay scales, as shown below.
| Loan Specialist | Foreclosure Specialist | |
| Average salary | $43,081 | $41,088 |
| Salary range | Between $26,000 And $68,000 | Between $28,000 And $58,000 |
| Highest paying City | Mount Laurel, NJ | - |
| Highest paying state | Maryland | - |
| Best paying company | FNB | - |
| Best paying industry | Finance | - |
There are a few differences between a loan specialist and a foreclosure specialist in terms of educational background:
| Loan Specialist | Foreclosure Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan specialists' and foreclosure specialists' demographics:
| Loan Specialist | Foreclosure Specialist | |
| Average age | 42 | 43 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 32.2% Female, 67.8% |
| Race ratio | Black or African American, 12.7% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 7.3% White, 58.6% 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% |