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The differences between mortgage service specialists and mortgage 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 mortgage loan processor. Additionally, a mortgage loan processor has an average salary of $43,594, 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 mortgage loan processor are customer service, FHA, and va.
| Mortgage Service Specialist | Mortgage Loan Processor | |
| Yearly salary | $34,920 | $43,594 |
| Hourly rate | $16.79 | $20.96 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 16,276 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 50% |
| 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 mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
Mortgage service specialists and mortgage loan processors have different pay scales, as shown below.
| Mortgage Service Specialist | Mortgage Loan Processor | |
| Average salary | $34,920 | $43,594 |
| Salary range | Between $27,000 And $43,000 | Between $33,000 And $57,000 |
| Highest paying City | Simi Valley, CA | San Francisco, CA |
| Highest paying state | California | Massachusetts |
| Best paying company | Citi | Amplify Credit Union |
| Best paying industry | Finance | Professional |
There are a few differences between a mortgage service specialist and a mortgage loan processor in terms of educational background:
| Mortgage Service Specialist | Mortgage Loan Processor | |
| 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 mortgage loan processors' demographics:
| Mortgage Service Specialist | Mortgage Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 21.7% Female, 78.3% |
| 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, 13.3% Unknown, 4.3% Hispanic or Latino, 14.2% Asian, 6.8% White, 61.1% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |