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The differences between mortgage service specialists and loan 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 loan coordinator. Additionally, a loan coordinator has an average salary of $39,836, 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 coordinator are customer service, work ethic, and FHA.
| Mortgage Service Specialist | Loan Coordinator | |
| Yearly salary | $34,920 | $39,836 |
| Hourly rate | $16.79 | $19.15 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 56% |
| 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.
A Loan Coordinator is responsible for processing loan applications and determining the eligibility of applicants for loan options. Loan Coordinators perform administrative and clerical duties under the supervision of a loan supervisor. They file reports, monitor transactions, and review the applicants' credit scores. A loan coordinator must have excellent communication and organizational skills, especially responding to the applicants' inquiries and concerns, resolving complaints, and directing them to the loan personnel for any updates on their applications.
Mortgage service specialists and loan coordinators have different pay scales, as shown below.
| Mortgage Service Specialist | Loan Coordinator | |
| Average salary | $34,920 | $39,836 |
| Salary range | Between $27,000 And $43,000 | Between $30,000 And $51,000 |
| Highest paying City | Simi Valley, CA | Raleigh, NC |
| Highest paying state | California | West Virginia |
| Best paying company | Citi | JPMorgan Chase & Co. |
| Best paying industry | Finance | Professional |
There are a few differences between a mortgage service specialist and a loan coordinator in terms of educational background:
| Mortgage Service Specialist | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage service specialists' and loan coordinators' demographics:
| Mortgage Service Specialist | Loan Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 25.3% Female, 74.7% |
| 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, 11.9% Unknown, 4.3% Hispanic or Latino, 17.7% Asian, 7.5% White, 58.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |