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The differences between loan documentation specialists and closing coordinators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan documentation specialist and a closing coordinator. Additionally, a closing coordinator has an average salary of $39,066, which is higher than the $35,946 average annual salary of a loan documentation specialist.
The top three skills for a loan documentation specialist include customer service, loan applications and real estate loans. The most important skills for a closing coordinator are customer service, escrow, and HOA.
| Loan Documentation Specialist | Closing Coordinator | |
| Yearly salary | $35,946 | $39,066 |
| Hourly rate | $17.28 | $18.78 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,768 | 19,203 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 50% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan documentation specialist is primarily in charge of assisting clients in preparing and processing their loan applications, ensuring convenience and client satisfaction. Their responsibilities typically revolve around liaising with clients to identify their needs, explaining the extent of procedures, gathering and verifying requirements, and maintaining records of all transactions. They must also help staff in analyzing documentation and participate in training new workers. Furthermore, as a loan documentation specialist, it is essential to devise strategies to optimize documentation services, all while adhering to the company's policies and regulations.
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
Loan documentation specialists and closing coordinators have different pay scales, as shown below.
| Loan Documentation Specialist | Closing Coordinator | |
| Average salary | $35,946 | $39,066 |
| Salary range | Between $28,000 And $45,000 | Between $29,000 And $52,000 |
| Highest paying City | Eugene, OR | Kirkland, WA |
| Highest paying state | Washington | Washington |
| Best paying company | City National Bank | HarbourVest |
| Best paying industry | Finance | Finance |
There are a few differences between a loan documentation specialist and a closing coordinator in terms of educational background:
| Loan Documentation Specialist | Closing Coordinator | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan documentation specialists' and closing coordinators' demographics:
| Loan Documentation Specialist | Closing Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 20.8% Female, 79.2% |
| Race ratio | Black or African American, 11.8% Unknown, 4.4% Hispanic or Latino, 12.3% Asian, 8.2% White, 62.9% American Indian and Alaska Native, 0.4% | Black or African American, 12.7% Unknown, 4.7% Hispanic or Latino, 15.8% Asian, 6.3% White, 59.9% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 7% | 7% |