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The differences between mortgage service specialists and mortgage 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 specialist. Additionally, a mortgage specialist has an average salary of $38,757, 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 specialist are customer service, residential mortgage loans, and origination.
| Mortgage Service Specialist | Mortgage Specialist | |
| Yearly salary | $34,920 | $38,757 |
| Hourly rate | $16.79 | $18.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 26,471 |
| 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.
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Mortgage service specialists and mortgage specialists have different pay scales, as shown below.
| Mortgage Service Specialist | Mortgage Specialist | |
| Average salary | $34,920 | $38,757 |
| Salary range | Between $27,000 And $43,000 | Between $29,000 And $51,000 |
| Highest paying City | Simi Valley, CA | Oakland, CA |
| Highest paying state | California | Washington |
| Best paying company | Citi | Citi |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage service specialist and a mortgage specialist in terms of educational background:
| Mortgage Service Specialist | Mortgage 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 mortgage specialists' demographics:
| Mortgage Service Specialist | Mortgage Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 39.3% Female, 60.7% |
| 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, 14.2% Asian, 7.5% White, 60.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |