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.
There is more than meets the eye when it comes to being a loan documentation specialist. For example, did you know that they make an average of $16.05 an hour? That's $33,392 a year!
Between 2018 and 2028, the career is expected to grow 5% and produce 72,100 job opportunities across the U.S.
There are certain skills that many loan documentation specialists have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed communication skills, math skills and organizational skills.
When it comes to the most important skills required to be a loan documentation specialist, we found that a lot of resumes listed 17.3% of loan documentation specialists included ensure compliance, while 12.3% of resumes included loan portfolio, and 10.8% of resumes included customer service. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan documentation specialist job title. But what industry to start with? Most loan documentation specialists actually find jobs in the finance and professional industries.
If you're interested in becoming a loan documentation specialist, one of the first things to consider is how much education you need. We've determined that 47.5% of loan documentation specialists have a bachelor's degree. In terms of higher education levels, we found that 8.5% of loan documentation specialists have master's degrees. Even though most loan documentation specialists have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a loan documentation specialist. When we researched the most common majors for a loan documentation specialist, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on loan documentation specialist resumes include high school diploma degrees or master's degree degrees.
You may find that experience in other jobs will help you become a loan documentation specialist. In fact, many loan documentation specialist jobs require experience in a role such as customer service representative. Meanwhile, many loan documentation specialists also have previous career experience in roles such as loan processor or administrative assistant.