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The differences between mortgage service specialists and foreclosure specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a foreclosure specialist has an average salary of $41,088, 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 foreclosure specialist are foreclosure process, insurer, and loss mitigation.
| Mortgage Service Specialist | Foreclosure Specialist | |
| Yearly salary | $34,920 | $41,088 |
| Hourly rate | $16.79 | $19.75 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 8,166 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 50% |
| Average age | 42 | 43 |
| Years of experience | 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.
A foreclosure specialist is a real estate professional that manages foreclosure processes. Serving in this role means that you will have responsibilities such as ensuring that aspects related to foreclosure meet all government regulations from the federal level to the state level and that deadlines are met and duly communicated to all parties involved. You may have to work with mortgage holders that run the risk of default, in which case you will be tasked with renegotiating loan agreement changes.
Mortgage service specialists and foreclosure specialists have different pay scales, as shown below.
| Mortgage Service Specialist | Foreclosure Specialist | |
| Average salary | $34,920 | $41,088 |
| Salary range | Between $27,000 And $43,000 | Between $28,000 And $58,000 |
| Highest paying City | Simi Valley, CA | - |
| Highest paying state | California | - |
| Best paying company | Citi | - |
| Best paying industry | Finance | - |
There are a few differences between a mortgage service specialist and a foreclosure specialist in terms of educational background:
| Mortgage Service Specialist | Foreclosure Specialist | |
| 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 foreclosure specialists' demographics:
| Mortgage Service Specialist | Foreclosure Specialist | |
| Average age | 42 | 43 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 32.2% Female, 67.8% |
| 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, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 7% | 4% |