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The differences between mortgage service specialists and mortgage loan 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 mortgage loan specialist. Additionally, a mortgage loan specialist has an average salary of $41,186, 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 specialist are customer service, FHA, and escrow accounts.
| Mortgage Service Specialist | Mortgage Loan Specialist | |
| Yearly salary | $34,920 | $41,186 |
| Hourly rate | $16.79 | $19.80 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 33,704 |
| 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.
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
Mortgage service specialists and mortgage loan specialists have different pay scales, as shown below.
| Mortgage Service Specialist | Mortgage Loan Specialist | |
| Average salary | $34,920 | $41,186 |
| Salary range | Between $27,000 And $43,000 | Between $27,000 And $62,000 |
| Highest paying City | Simi Valley, CA | Uniondale, NY |
| Highest paying state | California | West Virginia |
| Best paying company | Citi | The PNC Financial Services Group |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage service specialist and a mortgage loan specialist in terms of educational background:
| Mortgage Service Specialist | Mortgage Loan Specialist | |
| 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 mortgage loan specialists' demographics:
| Mortgage Service Specialist | Mortgage Loan Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 33.9% Female, 66.1% |
| 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, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |