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Mortgage loan counselor vs mortgage loan specialist

The differences between mortgage loan counselors 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 loan counselor, becoming a mortgage loan specialist takes usually requires 2-4 years. Additionally, a mortgage loan counselor has an average salary of $45,635, which is higher than the $41,186 average annual salary of a mortgage loan specialist.

The top three skills for a mortgage loan counselor include customer service, FHA and loan process. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.

Mortgage loan counselor vs mortgage loan specialist overview

Mortgage Loan CounselorMortgage Loan Specialist
Yearly salary$45,635$41,186
Hourly rate$21.94$19.80
Growth rate-3%-3%
Number of jobs38,48833,704
Job satisfaction--
Most common degreeBachelor's Degree, 54%Bachelor's Degree, 56%
Average age4542
Years of experience24

Mortgage loan counselor vs mortgage loan specialist salary

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

Mortgage Loan CounselorMortgage Loan Specialist
Average salary$45,635$41,186
Salary rangeBetween $35,000 And $57,000Between $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

Differences between mortgage loan counselor and mortgage loan specialist education

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

Mortgage Loan CounselorMortgage Loan Specialist
Most common degreeBachelor's Degree, 54%Bachelor's Degree, 56%
Most common majorBusinessBusiness
Most common collegeStanford UniversityUniversity of Pennsylvania

Mortgage loan counselor vs mortgage loan specialist demographics

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

Mortgage Loan CounselorMortgage Loan Specialist
Average age4542
Gender ratioMale, 39.6% Female, 60.4%Male, 33.9% Female, 66.1%
Race ratioBlack or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% 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 Percentage8%7%

Differences between mortgage loan counselor and mortgage loan specialist duties and responsibilities

Mortgage loan counselor example responsibilities.

  • Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
  • Develop effective partnerships with non-profit organizations and community developments to improve origination of affordable housing loans for first time home buyers.
  • Help customers to bring their accounts current through negotiation and listening skills and programs that are available through Drivetime for assistance.

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 loan counselor vs mortgage loan specialist skills

Common mortgage loan counselor skills
  • Customer Service, 19%
  • FHA, 11%
  • Loan Process, 9%
  • Outbound Calls, 9%
  • Payment Arrangements, 8%
  • Loan Modifications, 4%
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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