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The differences between loan documentation specialists and mortgage 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 specialist. Additionally, a mortgage specialist has an average salary of $38,757, 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 specialist are customer service, residential mortgage loans, and origination.
| Loan Documentation Specialist | Mortgage Specialist | |
| Yearly salary | $35,946 | $38,757 |
| Hourly rate | $17.28 | $18.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,768 | 26,471 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 55% |
| 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.
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Loan documentation specialists and mortgage specialists have different pay scales, as shown below.
| Loan Documentation Specialist | Mortgage Specialist | |
| Average salary | $35,946 | $38,757 |
| Salary range | Between $28,000 And $45,000 | Between $29,000 And $51,000 |
| Highest paying City | Eugene, OR | Oakland, CA |
| Highest paying state | Washington | Washington |
| Best paying company | City National Bank | Citi |
| Best paying industry | Finance | Finance |
There are a few differences between a loan documentation specialist and a mortgage specialist in terms of educational background:
| Loan Documentation Specialist | Mortgage Specialist | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan documentation specialists' and mortgage specialists' demographics:
| Loan Documentation Specialist | Mortgage Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 39.3% Female, 60.7% |
| 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, 14.2% Asian, 7.5% White, 60.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |