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The differences between loan doc specialists and closing coordinators 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 doc specialist and a closing coordinator. Additionally, a closing coordinator has an average salary of $39,066, which is higher than the $38,480 average annual salary of a loan doc specialist.
The top three skills for a loan doc specialist include customer service, organization and origination. The most important skills for a closing coordinator are customer service, escrow, and HOA.
| Loan DOC Specialist | Closing Coordinator | |
| Yearly salary | $38,480 | $39,066 |
| Hourly rate | $18.50 | $18.78 |
| Growth rate | -3% | -3% |
| Number of jobs | 31,243 | 19,203 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 50% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan document specialist is a person who gathers loan documents from the client to help them with the approval of their mortgage, credit, and lease application for a business, home, and school needs. They are responsible for combining the data that is needed and then reviewing and compiling it according to loan requirements and guidelines. A loan document specialist also communicates with the client if there are any problems and additional documents that are needed. Furthermore, the specialist is a person who knows how to manage loans and has organizational and management skills.
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
Loan doc specialists and closing coordinators have different pay scales, as shown below.
| Loan DOC Specialist | Closing Coordinator | |
| Average salary | $38,480 | $39,066 |
| Salary range | Between $25,000 And $58,000 | Between $29,000 And $52,000 |
| Highest paying City | Jersey City, NJ | Kirkland, WA |
| Highest paying state | West Virginia | Washington |
| Best paying company | Valley Children's | HarbourVest |
| Best paying industry | Finance | Finance |
There are a few differences between a loan doc specialist and a closing coordinator in terms of educational background:
| Loan DOC Specialist | Closing Coordinator | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan doc specialists' and closing coordinators' demographics:
| Loan DOC Specialist | Closing Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.0% Female, 71.0% | Male, 20.8% Female, 79.2% |
| Race ratio | Black or African American, 11.2% Unknown, 4.5% Hispanic or Latino, 14.5% Asian, 8.6% White, 60.8% American Indian and Alaska Native, 0.4% | Black or African American, 12.7% Unknown, 4.7% Hispanic or Latino, 15.8% Asian, 6.3% White, 59.9% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 7% | 7% |