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The differences between loan documentation specialists and loan doc specialists 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 doc specialist. Additionally, a loan doc specialist has an average salary of $38,480, 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 doc specialist are customer service, organization, and origination.
| Loan Documentation Specialist | Loan DOC Specialist | |
| Yearly salary | $35,946 | $38,480 |
| Hourly rate | $17.28 | $18.50 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,768 | 31,243 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 47% |
| 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 document specialist is a person who gathers loan documents from the client to help them with the approval of their mortgage, credit, and lease application for a business, home, and school needs. They are responsible for combining the data that is needed and then reviewing and compiling it according to loan requirements and guidelines. A loan document specialist also communicates with the client if there are any problems and additional documents that are needed. Furthermore, the specialist is a person who knows how to manage loans and has organizational and management skills.
Loan documentation specialists and loan doc specialists have different pay scales, as shown below.
| Loan Documentation Specialist | Loan DOC Specialist | |
| Average salary | $35,946 | $38,480 |
| Salary range | Between $28,000 And $45,000 | Between $25,000 And $58,000 |
| Highest paying City | Eugene, OR | Jersey City, NJ |
| Highest paying state | Washington | West Virginia |
| Best paying company | City National Bank | Valley Children's |
| Best paying industry | Finance | Finance |
There are a few differences between a loan documentation specialist and a loan doc specialist in terms of educational background:
| Loan Documentation Specialist | Loan DOC Specialist | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan documentation specialists' and loan doc specialists' demographics:
| Loan Documentation Specialist | Loan DOC Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 29.0% Female, 71.0% |
| 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, 11.2% Unknown, 4.5% Hispanic or Latino, 14.5% Asian, 8.6% White, 60.8% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |