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The differences between loan specialists and resolution specialists 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 resolution specialist takes usually requires 6-12 months. Additionally, a loan specialist has an average salary of $43,081, which is higher than the $38,984 average annual salary of a resolution specialist.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a resolution specialist are patients, phone calls, and appeals.
| Loan Specialist | Resolution Specialist | |
| Yearly salary | $43,081 | $38,984 |
| Hourly rate | $20.71 | $18.74 |
| Growth rate | -3% | -4% |
| Number of jobs | 29,041 | 152,590 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 45% |
| Average age | 42 | 40 |
| Years of experience | 4 | 12 |
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 Resolution Specialist is responsible for investigating claims and analyzing supporting documents to resolve complaints. Resolution Specialists may work for clients' disputes or employee relations, requiring them to have extensive knowledge of labor laws and regulatory policies. They conduct cross-examinations, administer negotiations, and discuss processes with the clients for high-level violations. A Resolution Specialist must have excellent communication and organizational skills, especially in representing the client and the company and coming up with the resolution that would work for both's best interests.
Loan specialists and resolution specialists have different pay scales, as shown below.
| Loan Specialist | Resolution Specialist | |
| Average salary | $43,081 | $38,984 |
| Salary range | Between $26,000 And $68,000 | Between $26,000 And $57,000 |
| Highest paying City | Mount Laurel, NJ | Ewing, NJ |
| Highest paying state | Maryland | Connecticut |
| Best paying company | FNB | IBM |
| Best paying industry | Finance | Finance |
There are a few differences between a loan specialist and a resolution specialist in terms of educational background:
| Loan Specialist | Resolution Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 45% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan specialists' and resolution specialists' demographics:
| Loan Specialist | Resolution Specialist | |
| Average age | 42 | 40 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 36.8% Female, 63.2% |
| 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, 11.4% Unknown, 5.3% Hispanic or Latino, 19.7% Asian, 7.0% White, 55.8% American Indian and Alaska Native, 0.7% |
| LGBT Percentage | 7% | 7% |