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The differences between junior processors and loan documentation 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 junior processor and a loan documentation specialist. Additionally, a loan documentation specialist has an average salary of $35,946, which is higher than the $33,371 average annual salary of a junior processor.
The top three skills for a junior processor include mortgage loans, loan applications and appraisal orders. The most important skills for a loan documentation specialist are customer service, loan applications, and real estate loans.
| Junior Processor | Loan Documentation Specialist | |
| Yearly salary | $33,371 | $35,946 |
| Hourly rate | $16.04 | $17.28 |
| Growth rate | -3% | -3% |
| Number of jobs | 17,036 | 11,768 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 59% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A junior processor is responsible for assessing a loan applicant's information to determine whether they are eligible to obtain a loan. This includes examining the assets submitted by the applicant, considering whether the loan is viable, and determining if the applicant is capable of paying. They also explain the terms and conditions set by the lending company. After assessment, they forward the loan applicant's details to the loan committee for appropriate action, which could be approval or disapproval.
A loan documentation specialist is primarily in charge of assisting clients in preparing and processing their loan applications, ensuring convenience and client satisfaction. Their responsibilities typically revolve around liaising with clients to identify their needs, explaining the extent of procedures, gathering and verifying requirements, and maintaining records of all transactions. They must also help staff in analyzing documentation and participate in training new workers. Furthermore, as a loan documentation specialist, it is essential to devise strategies to optimize documentation services, all while adhering to the company's policies and regulations.
Junior processors and loan documentation specialists have different pay scales, as shown below.
| Junior Processor | Loan Documentation Specialist | |
| Average salary | $33,371 | $35,946 |
| Salary range | Between $26,000 And $41,000 | Between $28,000 And $45,000 |
| Highest paying City | - | Eugene, OR |
| Highest paying state | - | Washington |
| Best paying company | - | City National Bank |
| Best paying industry | - | Finance |
There are a few differences between a junior processor and a loan documentation specialist in terms of educational background:
| Junior Processor | Loan Documentation Specialist | |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior processors' and loan documentation specialists' demographics:
| Junior Processor | Loan Documentation Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.1% Female, 80.9% | Male, 29.9% Female, 70.1% |
| Race ratio | Black or African American, 12.4% Unknown, 4.2% Hispanic or Latino, 18.5% Asian, 6.6% White, 57.9% American Indian and Alaska Native, 0.4% | Black or African American, 11.8% Unknown, 4.4% Hispanic or Latino, 12.3% Asian, 8.2% White, 62.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |