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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 | Loan Services Representative | |
| Yearly salary | $41,186 | $38,603 |
| Hourly rate | $19.80 | $18.56 |
| Growth rate | -3% | -3% |
| Number of jobs | 33,704 | 85,475 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 47% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
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.
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 specialists and loan services representatives have different pay scales, as shown below.
| Mortgage Loan Specialist | Loan Services Representative | |
| Average salary | $41,186 | $38,603 |
| Salary range | Between $27,000 And $62,000 | Between $15,000 And $98,000 |
| Highest paying City | Uniondale, NY | Baltimore, MD |
| Highest paying state | West Virginia | New York |
| Best paying company | The PNC Financial Services Group | Jersey Shore State Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage loan specialist and a loan services representative in terms of educational background:
| Mortgage Loan Specialist | Loan Services Representative | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan specialists' and loan services representatives' demographics:
| Mortgage Loan Specialist | Loan Services Representative | |
| Average age | 42 | 42 |
| Gender ratio | Male, 33.9% Female, 66.1% | Male, 26.8% Female, 73.2% |
| 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, 11.7% Unknown, 4.4% Hispanic or Latino, 17.0% Asian, 7.1% White, 59.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |