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The differences between loan specialists and mortgage loan 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 mortgage loan specialist. Additionally, a loan specialist has an average salary of $43,081, which is higher than the $41,186 average annual salary of a mortgage loan specialist.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.
| Loan Specialist | Mortgage Loan Specialist | |
| Yearly salary | $43,081 | $41,186 |
| Hourly rate | $20.71 | $19.80 |
| Growth rate | -3% | -3% |
| Number of jobs | 29,041 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| 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.
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
Loan specialists and mortgage loan specialists have different pay scales, as shown below.
| Loan Specialist | Mortgage Loan Specialist | |
| Average salary | $43,081 | $41,186 |
| Salary range | Between $26,000 And $68,000 | Between $27,000 And $62,000 |
| Highest paying City | Mount Laurel, NJ | Uniondale, NY |
| Highest paying state | Maryland | West Virginia |
| Best paying company | FNB | The PNC Financial Services Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan specialist and a mortgage loan specialist in terms of educational background:
| Loan Specialist | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan specialists' and mortgage loan specialists' demographics:
| Loan Specialist | Mortgage Loan Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 33.9% Female, 66.1% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |