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The differences between mortgage bankers and foreclosure specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a foreclosure specialist has an average salary of $41,088, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a mortgage banker include customer service, NMLS and federal regulations. The most important skills for a foreclosure specialist are foreclosure process, insurer, and loss mitigation.
| Mortgage Banker | Foreclosure Specialist | |
| Yearly salary | $27,331 | $41,088 |
| Hourly rate | $13.14 | $19.75 |
| Growth rate | 4% | -3% |
| Number of jobs | 24,297 | 8,166 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 50% |
| Average age | 45 | 43 |
| Years of experience | 6 | - |
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
A foreclosure specialist is a real estate professional that manages foreclosure processes. Serving in this role means that you will have responsibilities such as ensuring that aspects related to foreclosure meet all government regulations from the federal level to the state level and that deadlines are met and duly communicated to all parties involved. You may have to work with mortgage holders that run the risk of default, in which case you will be tasked with renegotiating loan agreement changes.
Mortgage bankers and foreclosure specialists have different pay scales, as shown below.
| Mortgage Banker | Foreclosure Specialist | |
| Average salary | $27,331 | $41,088 |
| Salary range | Between $9,000 And $78,000 | Between $28,000 And $58,000 |
| Highest paying City | - | - |
| Highest paying state | - | - |
| Best paying company | - | - |
| Best paying industry | - | - |
There are a few differences between a mortgage banker and a foreclosure specialist in terms of educational background:
| Mortgage Banker | Foreclosure Specialist | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage bankers' and foreclosure specialists' demographics:
| Mortgage Banker | Foreclosure Specialist | |
| Average age | 45 | 43 |
| Gender ratio | Male, 71.7% Female, 28.3% | Male, 32.2% Female, 67.8% |
| Race ratio | Black or African American, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% | Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 4% |