Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between mortgage bankers and mortgage loan specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a mortgage banker, 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 $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 mortgage loan specialist are customer service, FHA, and escrow accounts.
| Mortgage Banker | Mortgage Loan Specialist | |
| Yearly salary | $27,331 | $41,186 |
| Hourly rate | $13.14 | $19.80 |
| Growth rate | 4% | -3% |
| Number of jobs | 24,297 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
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 bankers and mortgage loan specialists have different pay scales, as shown below.
| Mortgage Banker | Mortgage Loan Specialist | |
| Average salary | $27,331 | $41,186 |
| Salary range | Between $9,000 And $78,000 | Between $27,000 And $62,000 |
| Highest paying City | - | Uniondale, NY |
| Highest paying state | - | West Virginia |
| Best paying company | - | The PNC Financial Services Group |
| Best paying industry | - | Finance |
There are a few differences between a mortgage banker and a mortgage loan specialist in terms of educational background:
| Mortgage Banker | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage bankers' and mortgage loan specialists' demographics:
| Mortgage Banker | Mortgage Loan Specialist | |
| Average age | 45 | 42 |
| Gender ratio | Male, 71.7% Female, 28.3% | Male, 33.9% Female, 66.1% |
| 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, 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 | 8% | 7% |