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The differences between loan doc specialists and mortgage loan processors 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 mortgage loan processor. Additionally, a mortgage loan processor has an average salary of $43,594, 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 mortgage loan processor are customer service, FHA, and va.
| Loan DOC Specialist | Mortgage Loan Processor | |
| Yearly salary | $38,480 | $43,594 |
| Hourly rate | $18.50 | $20.96 |
| Growth rate | -3% | -3% |
| Number of jobs | 31,243 | 16,276 |
| 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.
A mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
Loan doc specialists and mortgage loan processors have different pay scales, as shown below.
| Loan DOC Specialist | Mortgage Loan Processor | |
| Average salary | $38,480 | $43,594 |
| Salary range | Between $25,000 And $58,000 | Between $33,000 And $57,000 |
| Highest paying City | Jersey City, NJ | San Francisco, CA |
| Highest paying state | West Virginia | Massachusetts |
| Best paying company | Valley Children's | Amplify Credit Union |
| Best paying industry | Finance | Professional |
There are a few differences between a loan doc specialist and a mortgage loan processor in terms of educational background:
| Loan DOC Specialist | Mortgage Loan Processor | |
| 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 mortgage loan processors' demographics:
| Loan DOC Specialist | Mortgage Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.0% Female, 71.0% | Male, 21.7% Female, 78.3% |
| 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, 13.3% Unknown, 4.3% Hispanic or Latino, 14.2% Asian, 6.8% White, 61.1% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |