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The differences between loan specialists and loan servicing specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan specialist and a loan servicing specialist. Additionally, a loan servicing specialist has an average salary of $65,799, 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 servicing specialist are loan modifications, customer service, and foreclosure process.
| Loan Specialist | Loan Servicing Specialist | |
| Yearly salary | $43,081 | $65,799 |
| Hourly rate | $20.71 | $31.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 29,041 | 31,753 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 55% |
| Average age | 42 | 42 |
| Years of experience | 4 | 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 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.
Loan specialists and loan servicing specialists have different pay scales, as shown below.
| Loan Specialist | Loan Servicing Specialist | |
| Average salary | $43,081 | $65,799 |
| Salary range | Between $26,000 And $68,000 | Between $28,000 And $153,000 |
| Highest paying City | Mount Laurel, NJ | Charleston, SC |
| Highest paying state | Maryland | Maryland |
| Best paying company | FNB | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between a loan specialist and a loan servicing specialist in terms of educational background:
| Loan Specialist | Loan Servicing Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan specialists' and loan servicing specialists' demographics:
| Loan Specialist | Loan Servicing Specialist | |
| Average age | 42 | 42 |
| 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, 11.8% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 8.2% White, 60.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |