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The differences between loan specialists and loan officers 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 specialist, becoming a loan officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, 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 loan officer are customer service, origination, and loan origination.
| Loan Specialist | Loan Officer | |
| Yearly salary | $43,081 | $45,817 |
| Hourly rate | $20.71 | $22.03 |
| Growth rate | -3% | 4% |
| Number of jobs | 29,041 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 61% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Loan specialists and loan officers have different pay scales, as shown below.
| Loan Specialist | Loan Officer | |
| Average salary | $43,081 | $45,817 |
| Salary range | Between $26,000 And $68,000 | Between $30,000 And $69,000 |
| Highest paying City | Mount Laurel, NJ | New York, NY |
| Highest paying state | Maryland | New York |
| Best paying company | FNB | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan specialist and a loan officer in terms of educational background:
| Loan Specialist | Loan Officer | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan specialists' and loan officers' demographics:
| Loan Specialist | Loan Officer | |
| Average age | 42 | 45 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |