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Mortgage loan specialist vs loan services representative

The differences between mortgage loan specialists and loan services representatives 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 specialist and a loan services representative. Additionally, a mortgage loan specialist has an average salary of $41,186, which is higher than the $38,603 average annual salary of a loan services representative.

The top three skills for a mortgage loan specialist include customer service, FHA and escrow accounts. The most important skills for a loan services representative are customer service, loan payments, and outbound calls.

Mortgage loan specialist vs loan services representative overview

Mortgage Loan SpecialistLoan Services Representative
Yearly salary$41,186$38,603
Hourly rate$19.80$18.56
Growth rate-3%-3%
Number of jobs33,70485,475
Job satisfaction--
Most common degreeBachelor's Degree, 56%Bachelor's Degree, 47%
Average age4242
Years of experience44

What does a mortgage loan specialist do?

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.

What does a loan services representative do?

A loan service representative is responsible for communicating and interacting with clients and serves as a back-up or reliever in a company. They are the first person that the client must go through if they want to apply for a loan. Loan representatives monitor and ensure that all data and information is properly documented using a loan processing system. Also, they are the ones who inspect and verify if a company is complying with the transaction rules as well as the loan procedures and regulations.

Mortgage loan specialist vs loan services representative salary

Mortgage loan specialists and loan services representatives have different pay scales, as shown below.

Mortgage Loan SpecialistLoan Services Representative
Average salary$41,186$38,603
Salary rangeBetween $27,000 And $62,000Between $15,000 And $98,000
Highest paying CityUniondale, NYBaltimore, MD
Highest paying stateWest VirginiaNew York
Best paying companyThe PNC Financial Services GroupJersey Shore State Bank
Best paying industryFinanceFinance

Differences between mortgage loan specialist and loan services representative education

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

Mortgage Loan SpecialistLoan Services Representative
Most common degreeBachelor's Degree, 56%Bachelor's Degree, 47%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Mortgage loan specialist vs loan services representative demographics

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

Mortgage Loan SpecialistLoan Services Representative
Average age4242
Gender ratioMale, 33.9% Female, 66.1%Male, 26.8% Female, 73.2%
Race ratioBlack 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, 11.7% Unknown, 4.4% Hispanic or Latino, 17.0% Asian, 7.1% White, 59.4% American Indian and Alaska Native, 0.4%
LGBT Percentage7%7%

Differences between mortgage loan specialist and loan services representative duties and responsibilities

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.

Loan services representative example responsibilities.

  • Manage customer relations with internal personnel, group administrators, brokers and members as related to Medicare insurance.
  • Track, compile, and send HUD and VA binders off to respective government agency.
  • Approve final numbers on HUD closing contract, turn in final sign contract to lender for funding.
  • Provide research support functions to management and sales representatives on check copies, ACH maintenance and speed-pay income.
  • Complete address changes, respond to emails, opt out requests, return mail, ACH inquiries and enrollment.
  • Provide internal and external customers with require foreclosure documents while meeting require deadlines.
  • Show more

Mortgage loan specialist vs loan services representative skills

Common mortgage loan specialist skills
  • Customer Service, 21%
  • FHA, 8%
  • Escrow Accounts, 5%
  • Underwriting Approval, 5%
  • Loan Process, 4%
  • Credit Reports, 4%
Common loan services representative skills
  • Customer Service, 24%
  • Loan Payments, 19%
  • Outbound Calls, 4%
  • Escrow Accounts, 4%
  • Mortgage Loans, 3%
  • ACH, 2%

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