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Loan specialist vs loan officer

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 vs loan officer overview

Loan SpecialistLoan Officer
Yearly salary$43,081$45,817
Hourly rate$20.71$22.03
Growth rate-3%4%
Number of jobs29,04163,663
Job satisfaction-4.5
Most common degreeBachelor's Degree, 51%Bachelor's Degree, 61%
Average age4245
Years of experience46

What does a loan specialist do?

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.

What does a loan officer do?

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 specialist vs loan officer salary

Loan specialists and loan officers have different pay scales, as shown below.

Loan SpecialistLoan Officer
Average salary$43,081$45,817
Salary rangeBetween $26,000 And $68,000Between $30,000 And $69,000
Highest paying CityMount Laurel, NJNew York, NY
Highest paying stateMarylandNew York
Best paying companyFNBBangor Savings Bank
Best paying industryFinanceFinance

Differences between loan specialist and loan officer education

There are a few differences between a loan specialist and a loan officer in terms of educational background:

Loan SpecialistLoan Officer
Most common degreeBachelor's Degree, 51%Bachelor's Degree, 61%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Loan specialist vs loan officer demographics

Here are the differences between loan specialists' and loan officers' demographics:

Loan SpecialistLoan Officer
Average age4245
Gender ratioMale, 30.9% Female, 69.1%Male, 55.3% Female, 44.7%
Race ratioBlack 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 Percentage7%8%

Differences between loan specialist and loan officer duties and responsibilities

Loan specialist example responsibilities.

  • Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
  • Follow FHA investor guidelines regarding requirements necessary for opening file.
  • Order new and replacement ATM and debit cards.
  • Prepare loan documentation for lines of credit, letters of credit, automobile loans, and UCC secure loans.
  • Order various loan documentation and searches to include title, flood, UCC, insurance, regulatory language, property insurance.
  • Perform notary services for customers.
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Loan officer example responsibilities.

  • Manage a multifacete commercial real estate investment firm.
  • Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
  • Follow up leads for refinance loans gather all applications and necessary paperwork to qualify applicants from origination to close of escrow.
  • Analyze available resources to determine suitable mortgage products (FHA, FNMA/FHLC) to meet clients' purchasing or refinancing goals.
  • Originate and process various loan products including government, conventional, portfolio, construction, USDA mortgages, home equity line/loans.
  • Originate FHA, VA, conventional, jumbo, and USDA loans, according to specific lender guidelines in broker environment.
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Loan specialist vs loan officer skills

Common loan specialist skills
  • Loan Applications, 29%
  • Customer Service, 14%
  • Financial Statements, 10%
  • Outbound Calls, 3%
  • Credit Reports, 2%
  • Mortgage Loans, 2%
Common loan officer skills
  • Customer Service, 17%
  • Origination, 13%
  • Loan Origination, 5%
  • FHA, 5%
  • NMLS, 5%
  • Loan Products, 4%

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