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The differences between mortgage service specialists and loan servicing specialists 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 servicing specialist. Additionally, a loan servicing specialist has an average salary of $65,799, 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 servicing specialist are loan modifications, customer service, and foreclosure process.
| Mortgage Service Specialist | Loan Servicing Specialist | |
| Yearly salary | $34,920 | $65,799 |
| Hourly rate | $16.79 | $31.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 31,753 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 55% |
| 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 servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
Mortgage service specialists and loan servicing specialists have different pay scales, as shown below.
| Mortgage Service Specialist | Loan Servicing Specialist | |
| Average salary | $34,920 | $65,799 |
| Salary range | Between $27,000 And $43,000 | Between $28,000 And $153,000 |
| Highest paying City | Simi Valley, CA | Charleston, SC |
| Highest paying state | California | Maryland |
| Best paying company | Citi | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage service specialist and a loan servicing specialist in terms of educational background:
| Mortgage Service Specialist | Loan Servicing Specialist | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage service specialists' and loan servicing specialists' demographics:
| Mortgage Service Specialist | Loan Servicing Specialist | |
| Average age | 42 | 42 |
| 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, 11.8% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 8.2% White, 60.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |