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The differences between mortgage service specialists and loan processors 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 processor. Additionally, a loan processor has an average salary of $38,122, 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 processor are loan applications, customer service, and property appraisals.
| Mortgage Service Specialist | Loan Processor | |
| Yearly salary | $34,920 | $38,122 |
| Hourly rate | $16.79 | $18.33 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 16,228 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 46% |
| 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 processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
Mortgage service specialists and loan processors have different pay scales, as shown below.
| Mortgage Service Specialist | Loan Processor | |
| Average salary | $34,920 | $38,122 |
| Salary range | Between $27,000 And $43,000 | Between $28,000 And $50,000 |
| Highest paying City | Simi Valley, CA | San Francisco, CA |
| Highest paying state | California | West Virginia |
| Best paying company | Citi | Stanford University |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage service specialist and a loan processor in terms of educational background:
| Mortgage Service Specialist | Loan Processor | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 46% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage service specialists' and loan processors' demographics:
| Mortgage Service Specialist | Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 20.6% Female, 79.4% |
| 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, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |