Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between mortgage loan specialists and loan officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a mortgage loan specialist, becoming a loan officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, which is higher than the $41,186 average annual salary of a mortgage loan specialist.
The top three skills for a mortgage loan specialist include customer service, FHA and escrow accounts. The most important skills for a loan officer are customer service, origination, and loan origination.
| Mortgage Loan Specialist | Loan Officer | |
| Yearly salary | $41,186 | $45,817 |
| Hourly rate | $19.80 | $22.03 |
| Growth rate | -3% | 4% |
| Number of jobs | 33,704 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 61% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Mortgage loan specialists and loan officers have different pay scales, as shown below.
| Mortgage Loan Specialist | Loan Officer | |
| Average salary | $41,186 | $45,817 |
| Salary range | Between $27,000 And $62,000 | Between $30,000 And $69,000 |
| Highest paying City | Uniondale, NY | New York, NY |
| Highest paying state | West Virginia | New York |
| Best paying company | The PNC Financial Services Group | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage loan specialist and a loan officer in terms of educational background:
| Mortgage Loan Specialist | Loan Officer | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan specialists' and loan officers' demographics:
| Mortgage Loan Specialist | Loan Officer | |
| Average age | 42 | 45 |
| Gender ratio | Male, 33.9% Female, 66.1% | Male, 55.3% Female, 44.7% |
| Race ratio | 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% | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |