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The differences between loan clerks 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 clerk and a loan documentation specialist. Additionally, a loan documentation specialist has an average salary of $35,946, which is higher than the $26,552 average annual salary of a loan clerk.
The top three skills for a loan clerk include customer service, loan payments and financial data. The most important skills for a loan documentation specialist are customer service, loan applications, and real estate loans.
| Loan Clerk | Loan Documentation Specialist | |
| Yearly salary | $26,552 | $35,946 |
| Hourly rate | $12.77 | $17.28 |
| Growth rate | -3% | -3% |
| Number of jobs | 75,101 | 11,768 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 40% | Bachelor's Degree, 59% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
Loan clerks and loan documentation specialists have different pay scales, as shown below.
| Loan Clerk | Loan Documentation Specialist | |
| Average salary | $26,552 | $35,946 |
| Salary range | Between $19,000 And $35,000 | Between $28,000 And $45,000 |
| Highest paying City | Newark, NJ | Eugene, OR |
| Highest paying state | California | Washington |
| Best paying company | UFCU | City National Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan clerk and a loan documentation specialist in terms of educational background:
| Loan Clerk | Loan Documentation Specialist | |
| Most common degree | Bachelor's Degree, 40% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan clerks' and loan documentation specialists' demographics:
| Loan Clerk | Loan Documentation Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 16.9% Female, 83.1% | Male, 29.9% Female, 70.1% |
| Race ratio | Black or African American, 12.9% Unknown, 4.7% Hispanic or Latino, 14.6% Asian, 7.0% White, 60.3% American Indian and Alaska Native, 0.5% | 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% |