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The differences between mortgage 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 processor and a loan servicing specialist. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $40,527 average annual salary of a mortgage processor.
The top three skills for a mortgage 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 Processor | Loan Servicing Specialist | |
| Yearly salary | $40,527 | $65,799 |
| Hourly rate | $19.48 | $31.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 9,057 | 31,753 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 55% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
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 processors and loan servicing specialists have different pay scales, as shown below.
| Mortgage Processor | Loan Servicing Specialist | |
| Average salary | $40,527 | $65,799 |
| Salary range | Between $31,000 And $52,000 | Between $28,000 And $153,000 |
| Highest paying City | Phoenix, AZ | Charleston, SC |
| Highest paying state | Arizona | Maryland |
| Best paying company | CyberCoders | Glacier Ban |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage processor and a loan servicing specialist in terms of educational background:
| Mortgage Processor | Loan Servicing Specialist | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage processors' and loan servicing specialists' demographics:
| Mortgage Processor | Loan Servicing Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 24.2% Female, 75.8% | Male, 32.2% Female, 67.8% |
| Race ratio | Black or African American, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% 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% |