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Become A Loan Documentation Specialist

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Working As A Loan Documentation Specialist

  • Processing Information
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Getting Information
  • Performing for or Working Directly with the Public
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • Stressful

  • $37,710

    Average Salary

What Does A Loan Documentation Specialist Do

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.

Duties

Financial clerks typically do the following:

  • Keep and update financial records
  • Compute bills and charges
  • Offer customer assistance
  • Carry out financial transactions

Financial clerks give administrative and clerical support in financial settings. Their specific job duties vary by specialty and by setting.

Billing and posting clerks calculate charges, develop bills, and prepare them to be mailed to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to compute fees or charges due. They also contact customers to get or give account information.

Gaming cage workers work in casinos and other gaming establishments. The “cage” in which they work is the central depository for money and gaming chips. Gaming cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions in order to balance books.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They ensure that employees are paid on time and that their paychecks are accurate.

Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. They handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the purchaser’s specifications.

Brokerage clerks help with tasks associated with securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and keeping records of daily transactions and holdings.

Credit authorizers, checkers, and clerks review the credit history, and get the information needed to determine the creditworthiness, of individuals or businesses applying for credit. Credit authorizers evaluate customers’ computerized credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers call or write credit departments of business and service establishments to get information about applicants’ credit standing.

Loan interviewers, also called loan processors or loan clerks, interview applicants and others to get and verify personal and financial information needed to complete loan applications. They also prepare the documents that go to the appraiser and are issued at the closing of a loan.

New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.

Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers’ requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to ensure that all questions have been answered. They also notify insurance agents and accounting departments of policy cancellations or changes.

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How To Become A Loan Documentation Specialist

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers usually learn their duties through on-the-job training.

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, require a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gaming cage workers may need training in specific gaming regulations and procedures.

Advancement

Financial clerks can advance to related occupations in finance. For example, a loan interviewer or clerk can become a loan officer, and a brokerage clerk can become a securities, commodities, or financial services sales agent, after obtaining the required education and license.

Important Qualities

Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

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Do you work as a Loan Documentation Specialist?

Loan Documentation Specialist Jobs

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Loan Documentation Specialist Career Paths

Loan Documentation Specialist
Underwriter Quality Control Technician
Account Manager
5 Yearsyrs
Mortgage Loan Processor Senior Loan Processor Underwriter
Assistant Vice President
7 Yearsyrs
Mortgage Loan Processor Loan Officer
Branch Manager
6 Yearsyrs
Administrative Manager Regional Manager Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Operations Specialist Operation Supervisor Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Administrative Manager Registered Nurse Unit Manager
Collections Manager
5 Yearsyrs
Home Preservation Specialist Consumer Loan Underwriter Senior Underwriter
Credit Officer
5 Yearsyrs
Quality Assurance Analyst Project Manager General Manager
District Manager
7 Yearsyrs
Specialist Analyst Finance Analyst
Finance Manager
7 Yearsyrs
Consumer Loan Underwriter Senior Underwriter Assistant Vice President
General Manager
7 Yearsyrs
Senior Loan Processor Underwriter Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Specialist Account Manager Operations Manager
Operations Director
9 Yearsyrs
Loan Servicing Specialist Specialist Account Manager
Operations Manager
7 Yearsyrs
Credit Analyst Loss Mitigation Specialist Foreclosure Specialist
Property Preservation Specialist
6 Yearsyrs
Quality Assurance Analyst Quality Assurance Manager Operations Manager
Regional Operation Manager
9 Yearsyrs
Loan Servicing Specialist Quality Assurance Analyst Business Analyst
Senior Manager
10 Yearsyrs
Consumer Loan Underwriter Mortgage Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Operations Specialist Account Manager Senior Recruiter
Vending Manager
7 Yearsyrs
Underwriter Assistant Vice President
Vice President And Manager
10 Yearsyrs
Senior Loan Processor Senior Underwriter Assistant Vice President
Vice President Operation Manager
9 Yearsyrs
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Do you work as a Loan Documentation Specialist?

Help others decide if this is a good career for them

Average Length of Employment
Loan Closer 3.0 years
Loan Assistant 2.6 years
Loan Processor 2.5 years
Loan Coordinator 2.5 years
Mortgage Processor 2.5 years
Loan Specialist 2.3 years
Loan Auditor 2.2 years
Mortgage Assistant 1.8 years
Top Employers Before
Teller 6.4%
Internship 4.4%
Cashier 4.2%
Specialist 3.3%
Processor 2.9%
Collector 2.5%
Top Employers After
Specialist 3.8%
Teller 3.4%
Processor 3.4%

Do you work as a Loan Documentation Specialist?

Loan Documentation Specialist Demographics

Gender

Female

67.6%

Male

29.5%

Unknown

2.9%
Ethnicity

White

64.5%

Hispanic or Latino

13.3%

Black or African American

10.5%

Asian

8.1%

Unknown

3.5%
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Languages Spoken

Spanish

47.3%

French

10.8%

Hmong

8.1%

German

6.8%

Swedish

2.7%

Thai

2.7%

Carrier

2.7%

Italian

2.7%

Swahili

1.4%

Icelandic

1.4%

Vietnamese

1.4%

Cherokee

1.4%

Mandarin

1.4%

Cheyenne

1.4%

Bulgarian

1.4%

Bosnian

1.4%

Norwegian

1.4%

Croatian

1.4%

Lingala

1.4%

Serbian

1.4%
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Loan Documentation Specialist Education

Schools

University of Phoenix

11.9%

Des Moines Area Community College

9.7%

University of Alabama

8.3%

University of Northern Iowa

7.0%

Iowa State University

6.6%

University of Alabama at Birmingham

5.8%

Central Piedmont Community College

4.4%

Auburn University

4.4%

University of Iowa

4.4%

Strayer University

4.1%

Kaplan University

4.1%

University of Louisiana at Monroe

4.1%

Saint Cloud State University

3.9%

University of Minnesota - Twin Cities

3.6%

Arizona State University

3.2%

University of North Carolina at Charlotte

3.2%

Lincoln Land Community College

2.9%

Grambling State University

2.9%

University of Illinois at Springfield

2.9%

University of Missouri - Saint Louis

2.7%
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Majors

Business

33.4%

Accounting

11.4%

Finance

10.6%

Criminal Justice

4.2%

Psychology

4.1%

Communication

4.0%

General Studies

3.5%

Management

3.2%

Legal Support Services

3.0%

Health Care Administration

3.0%

Marketing

2.8%

Education

2.2%

Political Science

2.2%

Liberal Arts

2.0%

English

2.0%

Real Estate

1.8%

Medical Assisting Services

1.8%

General Education, Specific Areas

1.8%

Human Resources Management

1.7%

Elementary Education

1.5%
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Degrees

Bachelors

46.7%

Other

23.3%

Associate

12.1%

Masters

10.5%

Certificate

4.5%

Diploma

1.6%

Doctorate

0.8%

License

0.5%
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Top Skills for A Loan Documentation Specialist

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  1. Loan Applications
  2. Compliance
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Performed Quality Assurance tasks on other team member's loan applications and trained users on new regulations/procedures/system enhancements.
  • Evaluated loan documentation to ensure transaction met all applicable underwriting guidelines and met regulatory compliance for state and federal requirements.
  • Maintained a high level of customer service through proactive communication with borrowers and excellent pipeline management.
  • Worked with insurance agents, title companies and other financial institutions in obtaining required information.
  • Service all investors FNMA/FHLMC/FHA/Conventional to make sure file is accurately status before underwriting approval.

How Would You Rate Working As a Loan Documentation Specialist?

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