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The differences between loan documentation specialists and loan administrators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan documentation specialist, becoming a loan administrator takes usually requires 4-6 years. Additionally, a loan administrator has an average salary of $42,859, 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 loan administrator are customer service, data entry, and loan administration.
| Loan Documentation Specialist | Loan Administrator | |
| Yearly salary | $35,946 | $42,859 |
| Hourly rate | $17.28 | $20.61 |
| Growth rate | -3% | 4% |
| Number of jobs | 11,768 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 58% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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 Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Loan documentation specialists and loan administrators have different pay scales, as shown below.
| Loan Documentation Specialist | Loan Administrator | |
| Average salary | $35,946 | $42,859 |
| Salary range | Between $28,000 And $45,000 | Between $31,000 And $59,000 |
| Highest paying City | Eugene, OR | Seattle, WA |
| Highest paying state | Washington | Hawaii |
| Best paying company | City National Bank | BNY Mellon |
| Best paying industry | Finance | Finance |
There are a few differences between a loan documentation specialist and a loan administrator in terms of educational background:
| Loan Documentation Specialist | Loan Administrator | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan documentation specialists' and loan administrators' demographics:
| Loan Documentation Specialist | Loan Administrator | |
| Average age | 42 | 45 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 23.2% Female, 76.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |