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The differences between loan documentation specialists and specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan documentation specialist, becoming a specialist takes usually requires 1-2 years. Additionally, a specialist has an average salary of $58,013, 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 specialist are patients, customer service, and work ethic.
| Loan Documentation Specialist | Specialist | |
| Yearly salary | $35,946 | $58,013 |
| Hourly rate | $17.28 | $27.89 |
| Growth rate | -3% | 10% |
| Number of jobs | 11,768 | 358,433 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 49% |
| Average age | 42 | 42 |
| Years of experience | 4 | 2 |
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.
Specialists are employees who are responsible for specific tasks or activities in the department they are assigned to. The actions or tasks they work on are related to their educational background or work experiences. They are usually highly skilled in specializations related to the work they are assigned to. Specialists are also highly trained on the competencies that are required of their specialty. As such, they are focused on the skills and competencies that are needed to enhance their experience in their specific field further.
Loan documentation specialists and specialists have different pay scales, as shown below.
| Loan Documentation Specialist | Specialist | |
| Average salary | $35,946 | $58,013 |
| Salary range | Between $28,000 And $45,000 | Between $32,000 And $104,000 |
| Highest paying City | Eugene, OR | Jersey City, NJ |
| Highest paying state | Washington | New Jersey |
| Best paying company | City National Bank | The Citadel |
| Best paying industry | Finance | - |
There are a few differences between a loan documentation specialist and a specialist in terms of educational background:
| Loan Documentation Specialist | Specialist | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 49% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between loan documentation specialists' and specialists' demographics:
| Loan Documentation Specialist | Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 47.5% Female, 52.5% |
| 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, 11.4% Unknown, 5.4% Hispanic or Latino, 16.4% Asian, 10.5% White, 55.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 11% |