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The differences between loan documentation specialists and loan closers 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 loan closer. Additionally, a loan closer has an average salary of $39,093, 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 closer are customer service, excellent organizational, and TRID.
| Loan Documentation Specialist | Loan Closer | |
| Yearly salary | $35,946 | $39,093 |
| Hourly rate | $17.28 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,768 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 51% |
| 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.
A loan closer is primarily in charge of handling and closing loan documentation, ensuring accuracy and smooth transactions. A loan closer's responsibilities revolve around liaising with clients to guarantee that they adhere to every term in the contract, preparing necessary reports and documents, monitoring payment progress, and ensuring that they have a deep understanding of the obligations under the contract. Furthermore, it is essential to maintain records of all transactions and assist clients, all while implementing the company's policies and regulations.
Loan documentation specialists and loan closers have different pay scales, as shown below.
| Loan Documentation Specialist | Loan Closer | |
| Average salary | $35,946 | $39,093 |
| Salary range | Between $28,000 And $45,000 | Between $30,000 And $50,000 |
| Highest paying City | Eugene, OR | Bellevue, WA |
| Highest paying state | Washington | Washington |
| Best paying company | City National Bank | Tata Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan documentation specialist and a loan closer in terms of educational background:
| Loan Documentation Specialist | Loan Closer | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan documentation specialists' and loan closers' demographics:
| Loan Documentation Specialist | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 22.6% Female, 77.4% |
| 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, 12.9% Unknown, 4.3% Hispanic or Latino, 14.8% Asian, 7.0% White, 60.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |