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The differences between mortgage assistants 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 mortgage assistant and a mortgage loan specialist. Additionally, a mortgage loan specialist has an average salary of $41,186, which is higher than the $33,961 average annual salary of a mortgage assistant.
The top three skills for a mortgage assistant include data entry, mortgage loans and loan applications. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.
| Mortgage Assistant | Mortgage Loan Specialist | |
| Yearly salary | $33,961 | $41,186 |
| Hourly rate | $16.33 | $19.80 |
| Growth rate | -3% | -3% |
| Number of jobs | 5,147 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 56% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A mortgage assistant, sometimes referred to as a loan officer assistant, works directly with clients and members of the office to meet set organization goals. Their key responsibilities include reviewing loan applications, preparing letters for credit for clients, offering administrative support to supervising loan officers, and providing customer service to clients. They are also required to use computer programs to track loan processing and billing. This role requires customer service experience and knowledge of relevant computer software.
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 assistants and mortgage loan specialists have different pay scales, as shown below.
| Mortgage Assistant | Mortgage Loan Specialist | |
| Average salary | $33,961 | $41,186 |
| Salary range | Between $26,000 And $43,000 | Between $27,000 And $62,000 |
| Highest paying City | Rockville, MD | Uniondale, NY |
| Highest paying state | West Virginia | West Virginia |
| Best paying company | DFCU Financial | The PNC Financial Services Group |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage assistant and a mortgage loan specialist in terms of educational background:
| Mortgage Assistant | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage assistants' and mortgage loan specialists' demographics:
| Mortgage Assistant | Mortgage Loan Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 21.6% Female, 78.4% | Male, 33.9% Female, 66.1% |
| Race ratio | Black or African American, 12.0% Unknown, 4.4% Hispanic or Latino, 13.7% Asian, 7.9% White, 61.5% 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% |