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The differences between loan documentation specialists and mortgage loan 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 mortgage loan specialist. Additionally, a mortgage loan specialist has an average salary of $41,186, 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 mortgage loan specialist are customer service, FHA, and escrow accounts.
| Loan Documentation Specialist | Mortgage Loan Specialist | |
| Yearly salary | $35,946 | $41,186 |
| Hourly rate | $17.28 | $19.80 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,768 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 56% |
| 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.
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
Loan documentation specialists and mortgage loan specialists have different pay scales, as shown below.
| Loan Documentation Specialist | Mortgage Loan Specialist | |
| Average salary | $35,946 | $41,186 |
| Salary range | Between $28,000 And $45,000 | Between $27,000 And $62,000 |
| Highest paying City | Eugene, OR | Uniondale, NY |
| Highest paying state | Washington | West Virginia |
| Best paying company | City National Bank | The PNC Financial Services Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan documentation specialist and a mortgage loan specialist in terms of educational background:
| Loan Documentation Specialist | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan documentation specialists' and mortgage loan specialists' demographics:
| Loan Documentation Specialist | Mortgage Loan Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 33.9% Female, 66.1% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |