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The differences between mortgage analysts and mortgage loan specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a mortgage analyst, becoming a mortgage loan specialist takes usually requires 2-4 years. Additionally, a mortgage loan specialist has an average salary of $41,186, which is higher than the $32,763 average annual salary of a mortgage analyst.
The top three skills for a mortgage analyst include origination, financial statements and excellent organizational. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.
| Mortgage Analyst | Mortgage Loan Specialist | |
| Yearly salary | $32,763 | $41,186 |
| Hourly rate | $15.75 | $19.80 |
| Growth rate | 4% | -3% |
| Number of jobs | 22,208 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 56% |
| Average age | 39 | 42 |
| Years of experience | 2 | 4 |
Mortgage analysts are financial professionals who are responsible for executing mortgage or loan applications by assessing financial risks and rewards. These analysts are required to analyze the financial and supporting documents on incoming applications to determine whether they are consistent with the internal and insurer policies. They must determine their borrowers' creditworthiness by evaluating property values based on appraised market prices. Mortgage analysts should also collaborate with credit bureaus and reporting agencies to investigate the credit ratings of loan applicants.
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.
Mortgage analysts and mortgage loan specialists have different pay scales, as shown below.
| Mortgage Analyst | Mortgage Loan Specialist | |
| Average salary | $32,763 | $41,186 |
| Salary range | Between $13,000 And $77,000 | Between $27,000 And $62,000 |
| Highest paying City | New York, NY | Uniondale, NY |
| Highest paying state | New York | West Virginia |
| Best paying company | Citi | The PNC Financial Services Group |
| Best paying industry | - | Finance |
There are a few differences between a mortgage analyst and a mortgage loan specialist in terms of educational background:
| Mortgage Analyst | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage analysts' and mortgage loan specialists' demographics:
| Mortgage Analyst | Mortgage Loan Specialist | |
| Average age | 39 | 42 |
| Gender ratio | Male, 54.1% Female, 45.9% | Male, 33.9% Female, 66.1% |
| Race ratio | Black or African American, 8.2% Unknown, 2.7% Hispanic or Latino, 9.8% Asian, 9.6% White, 69.3% American Indian and Alaska Native, 0.3% | 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 | 11% | 7% |