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The differences between loan assistants 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 loan assistant and a loan documentation specialist. Additionally, a loan assistant has an average salary of $36,962, which is higher than the $35,946 average annual salary of a loan documentation specialist.
The top three skills for a loan assistant include customer service, loan applications and mortgage loans. The most important skills for a loan documentation specialist are customer service, loan applications, and real estate loans.
| Loan Assistant | Loan Documentation Specialist | |
| Yearly salary | $36,962 | $35,946 |
| Hourly rate | $17.77 | $17.28 |
| Growth rate | -3% | -3% |
| Number of jobs | 8,923 | 11,768 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 59% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
Loan assistants act as support primarily to loan officers in preparing, reviewing, and verifying account documentation pertinent to loans. Also, ensuring the completeness of the loan files and that all collateral has been properly secured. In addition, loan assistants update collateral values on commercial and residential real estate loans as assigned by senior management. They stay within the guidelines established by bank policy and maintain the highest level of confidentiality with all information obtained.
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.
Loan assistants and loan documentation specialists have different pay scales, as shown below.
| Loan Assistant | Loan Documentation Specialist | |
| Average salary | $36,962 | $35,946 |
| Salary range | Between $28,000 And $47,000 | Between $28,000 And $45,000 |
| Highest paying City | Olympia, WA | Eugene, OR |
| Highest paying state | Washington | Washington |
| Best paying company | University of California, Berkeley | City National Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan assistant and a loan documentation specialist in terms of educational background:
| Loan Assistant | Loan Documentation Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and loan documentation specialists' demographics:
| Loan Assistant | Loan Documentation Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 29.9% Female, 70.1% |
| Race ratio | Black or African American, 12.2% Unknown, 4.3% Hispanic or Latino, 15.4% Asian, 7.4% White, 60.2% 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% |