Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between mortgage loan processors and mortgage 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 mortgage specialist. Additionally, a mortgage loan processor has an average salary of $43,594, which is higher than the $38,757 average annual salary of a mortgage specialist.
The top three skills for a mortgage loan processor include customer service, FHA and va. The most important skills for a mortgage specialist are customer service, residential mortgage loans, and origination.
| Mortgage Loan Processor | Mortgage Specialist | |
| Yearly salary | $43,594 | $38,757 |
| Hourly rate | $20.96 | $18.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,276 | 26,471 |
| 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.
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Mortgage loan processors and mortgage specialists have different pay scales, as shown below.
| Mortgage Loan Processor | Mortgage Specialist | |
| Average salary | $43,594 | $38,757 |
| Salary range | Between $33,000 And $57,000 | Between $29,000 And $51,000 |
| Highest paying City | San Francisco, CA | Oakland, CA |
| Highest paying state | Massachusetts | Washington |
| Best paying company | Amplify Credit Union | Citi |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage loan processor and a mortgage specialist in terms of educational background:
| Mortgage Loan Processor | Mortgage 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 mortgage specialists' demographics:
| Mortgage Loan Processor | Mortgage Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 39.3% Female, 60.7% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.2% Asian, 7.5% White, 60.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |