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Loan Documentation Specialist Careers

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.

What Does a Loan Documentation Specialist Do

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.

How To Become a Loan Documentation Specialist

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.

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Average Salary
$33,392
Average Salary
Job Growth Rate
5%
Job Growth Rate
Job Openings
19,539
Job Openings

Loan Documentation Specialist Career Paths

Top Careers Before Loan Documentation Specialist

Top Careers After Loan Documentation Specialist

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Loan Documentation Specialist

Loan Documentation Specialists in America make an average salary of $33,392 per year or $16 per hour. The top 10 percent makes over $39,000 per year, while the bottom 10 percent under $27,000 per year.
Average Salary
$33,392

Best Paying Cities

City
ascdesc
Average Salarydesc
Portland, OR
Salary Range37k - 44k$41k$40,957
Rochester, NY
Salary Range34k - 40k$38k$37,519
Spokane, WA
Salary Range33k - 39k$36k$36,296
Carrollton, TX
Salary Range32k - 38k$35k$35,149
Charlotte, NC
Salary Range31k - 37k$34k$34,073
Richmond, VA
Salary Range31k - 37k$34k$34,073
$26k
$44k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Loan Documentation Specialist 4-Texas Refinance Team
Loan Documentation Specialist 4-Texas Refinance Team
Wells Fargo
Wells Fargo
01/28/2021
01/28/2021
$35,00001/28/2021
$35,000
Loan Document Specialist
Loan Document Specialist
Aerotek
Aerotek
01/23/2021
01/23/2021
$33,53801/23/2021
$33,538
Loan Document Specialist
Loan Document Specialist
Robert Half
Robert Half
01/21/2021
01/21/2021
$31,30501/21/2021
$31,305
Loan Document Review Specialist
Loan Document Review Specialist
Randstad
Randstad
01/15/2021
01/15/2021
$37,56601/15/2021
$37,566
Loan Document Specialist
Loan Document Specialist
Randstad
Randstad
01/06/2021
01/06/2021
$31,30501/06/2021
$31,305
See More Recent Salaries

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Loan Documentation Specialist Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Loan Documentation Specialist. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Loan Documentation Specialist Resume

At Zippia, we went through countless 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.

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Loan Documentation Specialist Demographics

Gender

female

66.8 %

male

29.5 %

unknown

3.8 %

Ethnicity

White

67.8 %

Black or African American

10.3 %

Hispanic or Latino

9.8 %

Foreign Languages Spoken

Spanish

52.9 %

French

10.8 %

Hmong

5.9 %
See More Demographics

Loan Documentation Specialist Education

Majors

Business
36.3 %
Finance
7.8 %

Degrees

Bachelors

47.5 %

Associate

16.9 %

High School Diploma

16.0 %

Top Colleges for Loan Documentation Specialists

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Public

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Public

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Public

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info
Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills For a Loan Documentation Specialist

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 17.3% of loan documentation specialists listed ensure compliance on their resume, but soft skills such as communication skills and math skills are important as well.

Best States For a Loan Documentation Specialist

Some places are better than others when it comes to starting a career as a loan documentation specialist. The best states for people in this position are Oregon, Connecticut, Colorado, and New Jersey. Loan documentation specialists make the most in Oregon with an average salary of $39,653. Whereas in Connecticut and Colorado, they would average $38,382 and $37,945, respectively. While loan documentation specialists would only make an average of $37,519 in New Jersey, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Colorado

Total Loan Documentation Specialist Jobs:
410
Highest 10% Earn:
$44,000
Location Quotient:
1.11
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. North Dakota

Total Loan Documentation Specialist Jobs:
67
Highest 10% Earn:
$40,000
Location Quotient:
1.16
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Oregon

Total Loan Documentation Specialist Jobs:
245
Highest 10% Earn:
$44,000
Location Quotient:
0.95
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Loan Documentation Specialist Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ loan documentation specialists and discovered their number of loan documentation specialist opportunities and average salary. Through our research, we concluded that Wells Fargo was the best, especially with an average salary of $35,000. JPMorgan Chase follows up with an average salary of $35,000, and then comes Robert Half International with an average of $29,740. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a loan documentation specialist. The employers include Wells Fargo, First Federal Savings & Loan Association of Mcminnville, and First Federal

1. Wells Fargo
4.7
Avg. Salary: 
$35,000
Loan Documentation Specialists Hired: 
3,300+
2. JPMorgan Chase
4.9
Avg. Salary: 
$35,000
Loan Documentation Specialists Hired: 
90+
3. Robert Half International
4.5
Avg. Salary: 
$29,740
Loan Documentation Specialists Hired: 
84+
4. U.S. Bank
4.7
Avg. Salary: 
$35,000
Loan Documentation Specialists Hired: 
68+
5. Aerotek
4.0
Avg. Salary: 
$76,294
Loan Documentation Specialists Hired: 
66+
6. Randstad USA
4.1
Avg. Salary: 
$33,392
Loan Documentation Specialists Hired: 
60+

Loan Documentation Specialist Videos

Updated October 2, 2020