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The differences between mortgage service specialists and loan assistants 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 loan assistant. Additionally, a loan assistant has an average salary of $36,962, 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 loan assistant are customer service, loan applications, and mortgage loans.
| Mortgage Service Specialist | Loan Assistant | |
| Yearly salary | $34,920 | $36,962 |
| Hourly rate | $16.79 | $17.77 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 8,923 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 51% |
| 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.
Loan assistants act as support primarily to loan officers in preparing, reviewing, and verifying account documentation pertinent to loans. Also, ensuring the completeness of the loan files and that all collateral has been properly secured. In addition, loan assistants update collateral values on commercial and residential real estate loans as assigned by senior management. They stay within the guidelines established by bank policy and maintain the highest level of confidentiality with all information obtained.
Mortgage service specialists and loan assistants have different pay scales, as shown below.
| Mortgage Service Specialist | Loan Assistant | |
| Average salary | $34,920 | $36,962 |
| Salary range | Between $27,000 And $43,000 | Between $28,000 And $47,000 |
| Highest paying City | Simi Valley, CA | Olympia, WA |
| Highest paying state | California | Washington |
| Best paying company | Citi | University of California, Berkeley |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage service specialist and a loan assistant in terms of educational background:
| Mortgage Service Specialist | Loan Assistant | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage service specialists' and loan assistants' demographics:
| Mortgage Service Specialist | Loan Assistant | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 18.2% Female, 81.8% |
| 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, 12.2% Unknown, 4.3% Hispanic or Latino, 15.4% Asian, 7.4% White, 60.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |