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The differences between loan documentation specialists and transaction coordinators 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 transaction coordinator. Additionally, a transaction coordinator has an average salary of $41,792, 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 transaction coordinator are customer service, MLS, and escrow companies.
| Loan Documentation Specialist | Transaction Coordinator | |
| Yearly salary | $35,946 | $41,792 |
| Hourly rate | $17.28 | $20.09 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,768 | 16,804 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 54% |
| 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 transaction coordinator is responsible for performing administrative and clerical duties for the clients regarding their real estate contracts and transactions. Transaction coordinators sometimes do fieldwork to inspect the property area, write findings reports, perform cost and expenses analysis, and inform the clients of required documentation. They also identify resources and other alternatives that would most likely fit the client's budget limitations and interests. A transaction coordinator must have excellent organizational and communication skills, especially in coordinating with other organizations to process the client's requirements for property acquisition.
Loan documentation specialists and transaction coordinators have different pay scales, as shown below.
| Loan Documentation Specialist | Transaction Coordinator | |
| Average salary | $35,946 | $41,792 |
| Salary range | Between $28,000 And $45,000 | Between $30,000 And $57,000 |
| Highest paying City | Eugene, OR | White Plains, NY |
| Highest paying state | Washington | New York |
| Best paying company | City National Bank | JPMorgan Chase & Co. |
| Best paying industry | Finance | Finance |
There are a few differences between a loan documentation specialist and a transaction coordinator in terms of educational background:
| Loan Documentation Specialist | Transaction Coordinator | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 54% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan documentation specialists' and transaction coordinators' demographics:
| Loan Documentation Specialist | Transaction Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 19.0% Female, 81.0% |
| 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, 9.7% Unknown, 4.3% Hispanic or Latino, 19.3% Asian, 6.8% White, 59.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |