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The differences between mortgage service specialists and mortgage 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 processor. Additionally, a mortgage processor has an average salary of $40,527, 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 processor are customer service, FHA, and va.
| Mortgage Service Specialist | Mortgage Processor | |
| Yearly salary | $34,920 | $40,527 |
| Hourly rate | $16.79 | $19.48 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 52% |
| 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 processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
Mortgage service specialists and mortgage processors have different pay scales, as shown below.
| Mortgage Service Specialist | Mortgage Processor | |
| Average salary | $34,920 | $40,527 |
| Salary range | Between $27,000 And $43,000 | Between $31,000 And $52,000 |
| Highest paying City | Simi Valley, CA | Phoenix, AZ |
| Highest paying state | California | Arizona |
| Best paying company | Citi | CyberCoders |
| Best paying industry | Finance | Professional |
There are a few differences between a mortgage service specialist and a mortgage processor in terms of educational background:
| Mortgage Service Specialist | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage service specialists' and mortgage processors' demographics:
| Mortgage Service Specialist | Mortgage Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 24.2% Female, 75.8% |
| 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, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |