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The differences between mortgage service specialists and closing coordinators 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 service specialist and a closing coordinator. Additionally, a closing coordinator has an average salary of $39,066, which is higher than the $34,920 average annual salary of a mortgage service specialist.
The top three skills for a mortgage service specialist include mortgage loans, customer service and escrow analysis. The most important skills for a closing coordinator are customer service, escrow, and HOA.
| Mortgage Service Specialist | Closing Coordinator | |
| Yearly salary | $34,920 | $39,066 |
| Hourly rate | $16.79 | $18.78 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 19,203 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 50% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A Mortgage Service Specialist is an expert in mortgage administrative aspects. They review and verify loan application information, file borrower information, and process paperwork with the lending bank. They also authorize and recommend personal and commercial loans for approval. Math skills are necessary for this job for accuracy in calculating both the principal and interest amounts. They should also develop skills in handling transactions, foreclosing loans, communication, attention to detail, and customer service.
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
Mortgage service specialists and closing coordinators have different pay scales, as shown below.
| Mortgage Service Specialist | Closing Coordinator | |
| Average salary | $34,920 | $39,066 |
| Salary range | Between $27,000 And $43,000 | Between $29,000 And $52,000 |
| Highest paying City | Simi Valley, CA | Kirkland, WA |
| Highest paying state | California | Washington |
| Best paying company | Citi | HarbourVest |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage service specialist and a closing coordinator in terms of educational background:
| Mortgage Service Specialist | Closing Coordinator | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage service specialists' and closing coordinators' demographics:
| Mortgage Service Specialist | Closing Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 20.8% Female, 79.2% |
| Race ratio | Black or African American, 13.0% Unknown, 4.2% Hispanic or Latino, 17.8% Asian, 6.5% White, 58.1% American Indian and Alaska Native, 0.4% | Black or African American, 12.7% Unknown, 4.7% Hispanic or Latino, 15.8% Asian, 6.3% White, 59.9% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 7% | 7% |