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The differences between mortgage loan processors and loan servicing 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 loan processor and a loan servicing specialist. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $43,594 average annual salary of a mortgage loan processor.
The top three skills for a mortgage loan processor include customer service, FHA and va. The most important skills for a loan servicing specialist are loan modifications, customer service, and foreclosure process.
| Mortgage Loan Processor | Loan Servicing Specialist | |
| Yearly salary | $43,594 | $65,799 |
| Hourly rate | $20.96 | $31.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,276 | 31,753 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 55% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
A loan servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
Mortgage loan processors and loan servicing specialists have different pay scales, as shown below.
| Mortgage Loan Processor | Loan Servicing Specialist | |
| Average salary | $43,594 | $65,799 |
| Salary range | Between $33,000 And $57,000 | Between $28,000 And $153,000 |
| Highest paying City | San Francisco, CA | Charleston, SC |
| Highest paying state | Massachusetts | Maryland |
| Best paying company | Amplify Credit Union | Glacier Ban |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage loan processor and a loan servicing specialist in terms of educational background:
| Mortgage Loan Processor | Loan Servicing Specialist | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan processors' and loan servicing specialists' demographics:
| Mortgage Loan Processor | Loan Servicing Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 32.2% Female, 67.8% |
| Race ratio | Black or African American, 13.3% Unknown, 4.3% Hispanic or Latino, 14.2% Asian, 6.8% White, 61.1% American Indian and Alaska Native, 0.4% | Black or African American, 11.8% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 8.2% White, 60.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |