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The differences between loan specialists and mortgage 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 specialist. Additionally, a loan specialist has an average salary of $43,081, which is higher than the $38,757 average annual salary of a mortgage specialist.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a mortgage specialist are customer service, residential mortgage loans, and origination.
| Loan Specialist | Mortgage Specialist | |
| Yearly salary | $43,081 | $38,757 |
| Hourly rate | $20.71 | $18.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 29,041 | 26,471 |
| 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.
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Loan specialists and mortgage specialists have different pay scales, as shown below.
| Loan Specialist | Mortgage Specialist | |
| Average salary | $43,081 | $38,757 |
| Salary range | Between $26,000 And $68,000 | Between $29,000 And $51,000 |
| Highest paying City | Mount Laurel, NJ | Oakland, CA |
| Highest paying state | Maryland | Washington |
| Best paying company | FNB | Citi |
| Best paying industry | Finance | Finance |
There are a few differences between a loan specialist and a mortgage specialist in terms of educational background:
| Loan Specialist | Mortgage 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 mortgage specialists' demographics:
| Loan Specialist | Mortgage Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 39.3% Female, 60.7% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.2% Asian, 7.5% White, 60.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |