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The differences between loan processors 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 loan processor and a mortgage specialist. Additionally, a mortgage specialist has an average salary of $38,757, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a loan processor include loan applications, customer service and property appraisals. The most important skills for a mortgage specialist are customer service, residential mortgage loans, and origination.
| Loan Processor | Mortgage Specialist | |
| Yearly Salary | $38,122 | $38,757 |
| Hourly rate | $18.33 | $18.63 |
| Growth Rate | -3% | -3% |
| Number Of Jobs | 16,228 | 26,471 |
| Job Satisfaction | - | - |
| Most Common Degree | Bachelor's Degree, 46% | Bachelor's Degree, 55% |
| Average Age | 42 | 42 |
| Years Of Experience | 4 | 4 |
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
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 processors and mortgage specialists have different pay scales, as shown below.
| Loan Processor | Mortgage Specialist | |
| Average Salary | $38,122 | $38,757 |
| Salary Range | Between $28,000 And $50,000 | Between $29,000 And $51,000 |
| Highest Paying City | San Francisco, CA | Oakland, CA |
| Highest Paying State | West Virginia | Washington |
| Best Paying Company | Stanford University | Citi |
| Best Paying Industry | Finance | Finance |
There are a few differences between a loan processor and a mortgage specialist in terms of educational background:
| Loan Processor | Mortgage Specialist | |
| Most Common Degree | Bachelor's Degree, 46% | Bachelor's Degree, 55% |
| Most Common Major | Business | Business |
| Most Common College | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan processors' and mortgage specialists' demographics:
| Loan Processor | Mortgage Specialist | |
| Average Age | 42 | 42 |
| Gender Ratio | Male, 20.6% Female, 79.4% | Male, 39.3% Female, 60.7% |
| Race Ratio | Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% 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% |