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The differences between mortgage specialists and loan officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a mortgage specialist, becoming a loan officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, 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 loan officer are customer service, origination, and loan origination.
| Mortgage Specialist | Loan Officer | |
| Yearly salary | $38,757 | $45,817 |
| Hourly rate | $18.63 | $22.03 |
| Growth rate | -3% | 4% |
| Number of jobs | 26,471 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 61% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Mortgage specialists and loan officers have different pay scales, as shown below.
| Mortgage Specialist | Loan Officer | |
| Average salary | $38,757 | $45,817 |
| Salary range | Between $29,000 And $51,000 | Between $30,000 And $69,000 |
| Highest paying City | Oakland, CA | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | Citi | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage specialist and a loan officer in terms of educational background:
| Mortgage Specialist | Loan Officer | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage specialists' and loan officers' demographics:
| Mortgage Specialist | Loan Officer | |
| Average age | 42 | 45 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |