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The differences between loan documentation specialists and funding specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a funding specialist has an average salary of $43,459, 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 funding specialist are data entry, excellent organizational, and ACH.
| Loan Documentation Specialist | Funding Specialist | |
| Yearly salary | $35,946 | $43,459 |
| Hourly rate | $17.28 | $20.89 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,768 | 47,806 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 61% |
| Average age | 42 | 44 |
| Years of experience | 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.
A Funding Specialist is in charge of facilitating the funding procedures of a company. They mainly function by identifying the funding needs of projects and programs, conducting extensive research and analyses, and developing plans and strategies to secure funding, all while adhering to the company's policies and regulations. Moreover, aside from planning, a funding specialist is also responsible for liaising with internal and external parties, establishing budget guidelines, preparing and processing documents, and resolving issues promptly and efficiently should any arise.
Loan documentation specialists and funding specialists have different pay scales, as shown below.
| Loan Documentation Specialist | Funding Specialist | |
| Average salary | $35,946 | $43,459 |
| Salary range | Between $28,000 And $45,000 | Between $30,000 And $62,000 |
| Highest paying City | Eugene, OR | Urban Honolulu, HI |
| Highest paying state | Washington | Hawaii |
| Best paying company | City National Bank | Northern Trust |
| Best paying industry | Finance | Finance |
There are a few differences between a loan documentation specialist and a funding specialist in terms of educational background:
| Loan Documentation Specialist | Funding Specialist | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Western Carolina University |
Here are the differences between loan documentation specialists' and funding specialists' demographics:
| Loan Documentation Specialist | Funding Specialist | |
| Average age | 42 | 44 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 36.9% Female, 63.1% |
| 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, 6.4% Unknown, 4.6% Hispanic or Latino, 9.4% Asian, 8.8% White, 70.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 11% |