Do loanword properties emerge in the acquisition of a foreign language and if so, how? Classic studies in adult language learning assumed loanword properties that range from near-ceiling to near-chance level of appearance depending on speech proficiency. The present research argues that such variations reflect different phonological types, rather than speech proficiency. To investigate the difference between learner speech and loanword phonology, the current research analyzes the speech data from five different proficiency levels of 92 Korean speakers who read 19 pairs of English words and sentences that contained loanwords. The experimental method is primarily an acoustical one, by which the phonological cause in the loanwords (e.g., the insertion of [$Box$] at the end of the word stamp) would be attested to appear in learner speech, in comparison with native speech from 11 English speakers and 11 Korean speakers. The data investigated for the research are of segment deletion, insertion, substitution, and alternation in both learner speech and the native speech. The results indicate that learner speech does not present the loanword properties in many cases, but depends on the types of phonological causes. The relatively easy acquisition of target pronunciation is evidenced in the cases of segment deletion, insertion, substitution, and alternation, except when the loanword property involves the successful command of the target phonology such as the de-aspiration of [p] in apple. Such a case of difficult learning draws a sharp distinction from the cases of easy learning in the development of learner speech, particularly beyond the intermediate level of proficiency. Overall, learner speech departs from loanword phonology and develops toward the native speech value, depending on phonological contrasts in the native and foreign languages.