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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

  • $75,000

    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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Loan Documentation Specialist Career Paths

Loan Documentation Specialist
Loan Processor Loan Officer Account Executive
Branch Manager
6 Yearsyrs
Loan Processor Specialist Account Executive
Relationship Manager
6 Yearsyrs
Loan Processor Specialist Shift Leader
Assistant General Manager
5 Yearsyrs
Consumer Loan Underwriter Mortgage Underwriter Senior Underwriter
Assistant Vice President
7 Yearsyrs
Consumer Loan Underwriter Senior Underwriter Assistant Vice President
Vice President And Manager
10 Yearsyrs
Consumer Loan Underwriter Senior Underwriter Operations Manager
Operations Vice President
11 Yearsyrs
Mortgage Loan Processor Underwriter Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Mortgage Loan Processor Underwriter Operations Manager
Center Manager
6 Yearsyrs
Mortgage Loan Processor Underwriter Team Leader
Unit Manager
6 Yearsyrs
Loan Servicing Specialist Specialist Executive Assistant
Administrative Manager
6 Yearsyrs
Loan Servicing Specialist Quality Assurance Analyst Project Manager
Portfolio Manager
7 Yearsyrs
Loan Servicing Specialist Quality Assurance Analyst Office Manager
Business Office Manager
7 Yearsyrs
Loan Closer Team Leader Office Manager
Accounts Payable Manager
7 Yearsyrs
Loan Closer Team Leader Property Manager
Asset Manager
7 Yearsyrs
Loan Officer Credit Analyst Credit Manager
Collections Manager
5 Yearsyrs
Loan Officer Senior Loan Processor
Processing Manager
7 Yearsyrs
Quality Assurance Analyst Project Manager Operations Director
Assistant Vice President Operations
8 Yearsyrs
Service Specialist Credit Analyst Credit Manager
Risk Manager
8 Yearsyrs
Credit Analyst Assistant Branch Manager Banking Center Manager
Client Manager
6 Yearsyrs
Service Specialist Account Executive Realtor
Real Estate Management Specialist
7 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 Secretary 3.9 years
Loan Administrator 3.5 years
Loan Closer 3.2 years
Loan Clerk 3.0 years
Loan Processor 2.7 years
Mortgage Processor 2.7 years
Loan Assistant 2.6 years
Loan Coordinator 2.6 years
Loan Specialist 2.4 years
Loan Auditor 2.2 years
Mortgage Assistant 1.9 years
Top Careers Before Loan Documentation Specialist
Cashier 6.0%
Teller 5.1%
Internship 4.0%
Specialist 3.2%
Processor 3.0%
Top Careers After Loan Documentation Specialist
Specialist 3.7%
Cashier 3.5%
Processor 2.8%

Do you work as a Loan Documentation Specialist?

Average Yearly Salary
$75,000
View Detailed Salary Report
$30,000
Min 10%
$75,000
Median 50%
$75,000
Median 50%
$75,000
Median 50%
$75,000
Median 50%
$75,000
Median 50%
$75,000
Median 50%
$75,000
Median 50%
$187,000
Max 90%
Best Paying Company
Central Valley Community Bank
Highest Paying City
Santa Rosa, CA
Highest Paying State
Alaska
Avg Experience Level
2.3 years
How much does a Loan Documentation Specialist make at top companies?
The national average salary for a Loan Documentation Specialist in the United States is $75,653 per year or $36 per hour. Those in the bottom 10 percent make under $30,000 a year, and the top 10 percent make over $188,000.

How Would You Rate The Salary Of a Loan Documentation Specialist?

Have you worked as a Loan Documentation Specialist? Help other job seekers by rating your experience as a Loan Documentation Specialist.

Top Skills for A Loan Documentation Specialist

  1. Ensure Compliance
  2. Loan Portfolio
  3. Loan Applications
You can check out examples of real life uses of top skills on resumes here:
  • Inspected confidential data meeting government standards to ensure compliance.
  • Performed loan portfolio review and approval process for manufactured homes programs department.
  • Established and maintained communications with external loan providers and mortgage attorneys regarding loan applications and associated documents.
  • Provided superior customer service to external vendors to accommodate successful loan closings.
  • Coordinated with underwriting department, appraisal and title companies, ensuring timely processing.

Loan Documentation Specialist Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 5,453 Loan Documentation Specialist resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Loan Documentation Specialist Resume

View Resume Examples

Loan Documentation Specialist Demographics

Gender

Female

63.8%

Male

27.1%

Unknown

9.1%
Ethnicity

White

64.4%

Hispanic or Latino

13.5%

Black or African American

10.4%

Asian

8.1%

Unknown

3.5%
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Foreign Languages Spoken

Spanish

52.9%

French

10.8%

Hmong

5.9%

German

4.9%

Chinese

2.9%

Swedish

2.0%

Mandarin

2.0%

Thai

2.0%

Carrier

2.0%

Tagalog

2.0%

Italian

2.0%

Portuguese

2.0%

Japanese

2.0%

Swahili

1.0%

Icelandic

1.0%

Vietnamese

1.0%

Cherokee

1.0%

Cheyenne

1.0%

Korean

1.0%

Bulgarian

1.0%
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Loan Documentation Specialist Education

Schools

University of Phoenix

16.1%

Des Moines Area Community College

7.9%

Iowa State University

7.4%

University of Alabama

7.1%

University of Alabama at Birmingham

5.0%

Kaplan University

5.0%

University of Northern Iowa

4.7%

Arizona State University

4.4%

Strayer University

4.0%

Central Piedmont Community College

3.9%

Lincoln Land Community College

3.9%

University of Minnesota - Twin Cities

3.8%

University of Iowa

3.8%

Saint Cloud State University

3.8%

Auburn University

3.5%

University of Illinois at Springfield

3.3%

Metropolitan State University

3.2%

University of Louisiana at Monroe

3.2%

Ashford University

3.1%

Grambling State University

3.1%
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Majors

Business

35.4%

Accounting

10.8%

Finance

8.9%

Psychology

4.5%

Criminal Justice

3.9%

Management

3.7%

Communication

3.6%

General Studies

3.5%

Health Care Administration

3.1%

Marketing

2.7%

Legal Support Services

2.5%

English

2.4%

Political Science

2.3%

Liberal Arts

2.2%

Education

2.1%

Human Resources Management

1.9%

Economics

1.9%

Medical Assisting Services

1.6%

General Education, Specific Areas

1.6%

Real Estate

1.5%
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Degrees

Bachelors

47.1%

Other

23.6%

Associate

12.9%

Masters

9.5%

Certificate

4.2%

Diploma

1.3%

License

0.7%

Doctorate

0.7%
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