Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between mortgage 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 processor and a mortgage specialist. Additionally, a mortgage processor has an average salary of $40,527, which is higher than the $38,757 average annual salary of a mortgage specialist.
The top three skills for a mortgage processor include customer service, FHA and va. The most important skills for a mortgage specialist are customer service, residential mortgage loans, and origination.
| Mortgage Processor | Mortgage Specialist | |
| Yearly salary | $40,527 | $38,757 |
| Hourly rate | $19.48 | $18.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 9,057 | 26,471 |
| 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.
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 processors and mortgage specialists have different pay scales, as shown below.
| Mortgage Processor | Mortgage Specialist | |
| Average salary | $40,527 | $38,757 |
| Salary range | Between $31,000 And $52,000 | Between $29,000 And $51,000 |
| Highest paying City | Phoenix, AZ | Oakland, CA |
| Highest paying state | Arizona | Washington |
| Best paying company | CyberCoders | Citi |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage processor and a mortgage specialist in terms of educational background:
| Mortgage Processor | Mortgage 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 mortgage specialists' demographics:
| Mortgage Processor | Mortgage Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 24.2% Female, 75.8% | Male, 39.3% Female, 60.7% |
| 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, 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% |