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What is a loan documentation specialist and how to become one
As the name implies, a loan documentation specialist is an expert in documenting loans. Often employed by banks and financial institutions, a loan specialist prepares and approves loan, credit, and lease applications for prospective clients.
A loan documentation specialist processes personal and commercial loans. They examine the advantages and disadvantages of granting a loan and keep a record of the interests applicable to loans. They also review compliance with bank policies, demonstrate lending strategies, and document verification.
Potential candidates for this position must possess a degree, have working experience in lending strategies, and have strong customer service skills. Most established lending organizations could not exist without a loan documentation specialist.
Avg. Salary $35,946
Avg. Salary $59,228
Growth rate -3%
Growth rate 0.3%
American Indian and Alaska Native 0.41%
Asian 8.16%
Black or African American 11.78%
Hispanic or Latino 12.33%
Unknown 4.42%
White 62.90%
Genderfemale 70.08%
male 29.92%
Age - 41American Indian and Alaska Native 3.00%
Asian 7.00%
Black or African American 14.00%
Hispanic or Latino 19.00%
White 57.00%
Genderfemale 47.00%
male 53.00%
Age - 41Stress level is very high
7.1 - high
Complexity level is challenging
7 - challenging
Work life balance is fair
6.4 - fair
Loan documentation specialist career paths
Key steps to become a loan documentation specialist
Explore loan documentation specialist education requirements
Start to develop specific loan documentation specialist skills
Skills Percentages Customer Service 18.91% Loan Applications 7.57% Real Estate Loans 4.89% Underwriting Guidelines 4.47% FHA 4.45% Complete relevant loan documentation specialist training and internships
Accountants spend an average of 1-2 years on post-employment, on-the-job training. New loan documentation specialists learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan documentation specialist based on U.S. Bureau of Labor Statistics data and data from real loan documentation specialist resumes.Research loan documentation specialist duties and responsibilities
- Manage successful audit with FHLMC.
- Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
- Review file and enter in information into the loan origination system LIS.
- Review the loan for compliance with RESPA tolerances, TILA.
Prepare your loan documentation specialist resume
When your background is strong enough, you can start writing your loan documentation specialist resume.
You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loan documentation specialist resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.
Choose from 10+ customizable loan documentation specialist resume templates
Build a professional loan documentation specialist resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your loan documentation specialist resume.
Apply for loan documentation specialist jobs
Now it's time to start searching for a loan documentation specialist job. Consider the tips below for a successful job search:
- Browse job boards for relevant postings
- Consult your professional network
- Reach out to companies you're interested in working for directly
- Watch out for job scams
How did you land your first loan documentation specialist job
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Average loan documentation specialist salary
The average loan documentation specialist salary in the United States is $35,946 per year or $17 per hour. Loan documentation specialist salaries range between $28,000 and $45,000 per year.
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Updated January 8, 2025
