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Mortgage clerk vs mortgage loan specialist

The differences between mortgage clerks 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 clerk and a mortgage loan specialist. Additionally, a mortgage loan specialist has an average salary of $41,186, which is higher than the $31,722 average annual salary of a mortgage clerk.

The top three skills for a mortgage clerk include data entry, outbound calls and real estate. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.

Mortgage clerk vs mortgage loan specialist overview

Mortgage ClerkMortgage Loan Specialist
Yearly salary$31,722$41,186
Hourly rate$15.25$19.80
Growth rate-3%-3%
Number of jobs69,11133,704
Job satisfaction--
Most common degreeBachelor's Degree, 40%Bachelor's Degree, 56%
Average age4242
Years of experience44

Mortgage clerk vs mortgage loan specialist salary

Mortgage clerks and mortgage loan specialists have different pay scales, as shown below.

Mortgage ClerkMortgage Loan Specialist
Average salary$31,722$41,186
Salary rangeBetween $25,000 And $40,000Between $27,000 And $62,000
Highest paying CityHighlands Ranch, COUniondale, NY
Highest paying stateMarylandWest Virginia
Best paying companyKelly ServicesThe PNC Financial Services Group
Best paying industryFinanceFinance

Differences between mortgage clerk and mortgage loan specialist education

There are a few differences between a mortgage clerk and a mortgage loan specialist in terms of educational background:

Mortgage ClerkMortgage Loan Specialist
Most common degreeBachelor's Degree, 40%Bachelor's Degree, 56%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Mortgage clerk vs mortgage loan specialist demographics

Here are the differences between mortgage clerks' and mortgage loan specialists' demographics:

Mortgage ClerkMortgage Loan Specialist
Average age4242
Gender ratioMale, 25.5% Female, 74.5%Male, 33.9% Female, 66.1%
Race ratioBlack or African American, 12.9% Unknown, 4.6% Hispanic or Latino, 13.9% Asian, 7.3% White, 60.8% 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 Percentage7%7%

Differences between mortgage clerk and mortgage loan specialist duties and responsibilities

Mortgage clerk example responsibilities.

  • Demonstrate strong math skills in managing inmate s accounts and calmly and effectively deescalating outbursts of belligerent inmates.
  • Insure government loans utilizing VA and FHA website.
  • Team player with imaging area and completing deliver FNMA, PNC.
  • Maintain cleanliness of the company warehouse, operate warehouse machinery and organize the warehouse to ensure proper product placement.
  • Process and underwrite conventional purchase and refinance mortgage transactions primarily under FHLMC guidelines in a centralize regional operations center.

Mortgage loan specialist example responsibilities.

  • Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
  • Investigate and resolve, borrower complaints, inquiries and disputes in accordance with RESPA establish procedures.
  • Clear post-closing FHA and VA deficiency items to ensure loans meet federal loan guidelines and ensure they are salable.
  • Process FHA and VA loan information, post-closing, ensure that initial payments receive were forward to the proper department.
  • Respond to mortgage lenders and taxing agency jurisdictions by utilizing effective verbal and written communication in a prompt and accurate manner.
  • Determine loan DU eligibility and submit files to underwriting department.

Mortgage clerk vs mortgage loan specialist skills

Common mortgage clerk skills
  • Data Entry, 68%
  • Outbound Calls, 9%
  • Real Estate, 4%
  • Telephone Calls, 4%
  • Tax Payments, 2%
  • Computer System, 2%
Common mortgage loan specialist skills
  • Customer Service, 21%
  • FHA, 8%
  • Escrow Accounts, 5%
  • Underwriting Approval, 5%
  • Loan Process, 4%
  • Credit Reports, 4%

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