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The differences between transactional specialists and mortgage specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a transactional specialist, becoming a mortgage specialist takes usually requires 2-4 years. Additionally, a transactional specialist has an average salary of $64,483, which is higher than the $38,757 average annual salary of a mortgage specialist.
The top three skills for a transactional specialist include real estate, customer relationships and customer satisfaction. The most important skills for a mortgage specialist are customer service, residential mortgage loans, and origination.
A Transactional Specialist is someone who is in charge of all transactions that take place in a business organization. First of all, he/she is required to process all requests from customers, both online and offline, in an orderly and timely manner. Also, he/she uses all sales tools at his/her reach to drive an increase in profit and to exceed all of the department's goals. As a Transactional Specialist, your task may also include the establishment and monitoring of internal controls and policies to ensure thorough compliance with GAAP and other requirements.
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.
Transactional specialists and mortgage specialists have different pay scales, as shown below.
| Transactional Specialist | Mortgage Specialist | |
| Average salary | $64,483 | $38,757 |
| Salary range | Between $39,000 And $105,000 | Between $29,000 And $51,000 |
| Highest paying City | Jersey City, NJ | Oakland, CA |
| Highest paying state | New Jersey | Washington |
| Best paying company | Apple | Citi |
| Best paying industry | - | Finance |
There are a few differences between a transactional specialist and a mortgage specialist in terms of educational background:
| Transactional Specialist | Mortgage Specialist | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | - | University of Pennsylvania |
Here are the differences between transactional specialists' and mortgage specialists' demographics:
| Transactional Specialist | Mortgage Specialist | |
| Average age | 40 | 42 |
| Gender ratio | Male, 31.8% Female, 68.2% | Male, 39.3% Female, 60.7% |
| Race ratio | Black or African American, 11.2% Unknown, 5.0% Hispanic or Latino, 20.1% Asian, 7.9% White, 55.2% American Indian and Alaska Native, 0.6% | 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% |