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The differences between loan documentation specialists and loan services representatives 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 services representative. Additionally, a loan services representative has an average salary of $38,603, 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 services representative are customer service, loan payments, and outbound calls.
| Loan Documentation Specialist | Loan Services Representative | |
| Yearly salary | $35,946 | $38,603 |
| Hourly rate | $17.28 | $18.56 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,768 | 85,475 |
| 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 service representative is responsible for communicating and interacting with clients and serves as a back-up or reliever in a company. They are the first person that the client must go through if they want to apply for a loan. Loan representatives monitor and ensure that all data and information is properly documented using a loan processing system. Also, they are the ones who inspect and verify if a company is complying with the transaction rules as well as the loan procedures and regulations.
Loan documentation specialists and loan services representatives have different pay scales, as shown below.
| Loan Documentation Specialist | Loan Services Representative | |
| Average salary | $35,946 | $38,603 |
| Salary range | Between $28,000 And $45,000 | Between $15,000 And $98,000 |
| Highest paying City | Eugene, OR | Baltimore, MD |
| Highest paying state | Washington | New York |
| Best paying company | City National Bank | Jersey Shore State Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan documentation specialist and a loan services representative in terms of educational background:
| Loan Documentation Specialist | Loan Services Representative | |
| 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 services representatives' demographics:
| Loan Documentation Specialist | Loan Services Representative | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 26.8% Female, 73.2% |
| 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, 11.7% Unknown, 4.4% Hispanic or Latino, 17.0% Asian, 7.1% White, 59.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |