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The differences between mortgage specialists and foreclosure specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a foreclosure specialist has an average salary of $41,088, which is higher than the $38,757 average annual salary of a mortgage specialist.
The top three skills for a mortgage specialist include customer service, residential mortgage loans and origination. The most important skills for a foreclosure specialist are foreclosure process, insurer, and loss mitigation.
| Mortgage Specialist | Foreclosure Specialist | |
| Yearly salary | $38,757 | $41,088 |
| Hourly rate | $18.63 | $19.75 |
| Growth rate | -3% | -3% |
| Number of jobs | 26,471 | 8,166 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 50% |
| Average age | 42 | 43 |
| Years of experience | 4 | - |
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.
A foreclosure specialist is a real estate professional that manages foreclosure processes. Serving in this role means that you will have responsibilities such as ensuring that aspects related to foreclosure meet all government regulations from the federal level to the state level and that deadlines are met and duly communicated to all parties involved. You may have to work with mortgage holders that run the risk of default, in which case you will be tasked with renegotiating loan agreement changes.
Mortgage specialists and foreclosure specialists have different pay scales, as shown below.
| Mortgage Specialist | Foreclosure Specialist | |
| Average salary | $38,757 | $41,088 |
| Salary range | Between $29,000 And $51,000 | Between $28,000 And $58,000 |
| Highest paying City | Oakland, CA | - |
| Highest paying state | Washington | - |
| Best paying company | Citi | - |
| Best paying industry | Finance | - |
There are a few differences between a mortgage specialist and a foreclosure specialist in terms of educational background:
| Mortgage Specialist | Foreclosure Specialist | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage specialists' and foreclosure specialists' demographics:
| Mortgage Specialist | Foreclosure Specialist | |
| Average age | 42 | 43 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 32.2% Female, 67.8% |
| Race ratio | 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% | Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 7% | 4% |