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The differences between loan specialists and funding specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a funding specialist has an average salary of $43,459, which is higher than the $43,081 average annual salary of a loan specialist.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a funding specialist are data entry, excellent organizational, and ACH.
| Loan Specialist | Funding Specialist | |
| Yearly salary | $43,081 | $43,459 |
| Hourly rate | $20.71 | $20.89 |
| Growth rate | -3% | -3% |
| Number of jobs | 29,041 | 47,806 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 61% |
| Average age | 42 | 44 |
| 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 Funding Specialist is in charge of facilitating the funding procedures of a company. They mainly function by identifying the funding needs of projects and programs, conducting extensive research and analyses, and developing plans and strategies to secure funding, all while adhering to the company's policies and regulations. Moreover, aside from planning, a funding specialist is also responsible for liaising with internal and external parties, establishing budget guidelines, preparing and processing documents, and resolving issues promptly and efficiently should any arise.
Loan specialists and funding specialists have different pay scales, as shown below.
| Loan Specialist | Funding Specialist | |
| Average salary | $43,081 | $43,459 |
| Salary range | Between $26,000 And $68,000 | Between $30,000 And $62,000 |
| Highest paying City | Mount Laurel, NJ | Urban Honolulu, HI |
| Highest paying state | Maryland | Hawaii |
| Best paying company | FNB | Northern Trust |
| Best paying industry | Finance | Finance |
There are a few differences between a loan specialist and a funding specialist in terms of educational background:
| Loan Specialist | Funding Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Western Carolina University |
Here are the differences between loan specialists' and funding specialists' demographics:
| Loan Specialist | Funding Specialist | |
| Average age | 42 | 44 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 36.9% Female, 63.1% |
| 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, 6.4% Unknown, 4.6% Hispanic or Latino, 9.4% Asian, 8.8% White, 70.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 11% |