What does a loan documentation specialist do?
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.
Loan documentation specialist responsibilities
Here are examples of responsibilities from real loan documentation specialist resumes:
- Manage successful audit with FHLMC.
- Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
- Review file and enter in information into the loan origination system LIS.
- Review the loan for compliance with RESPA tolerances, TILA.
- Generate and review, HUD, financial statements, fiscal analyses and other financial reports for property acquisition.
- Process fees and prepare documents for closing; go over HUD-1 with clients for cash to/from close during signing.
- Draft typical loan documents with add provisions to comply with SBA along with SBA provide documents need for closing.
- Request status from VA, vendors, and processors regarding FHA/Conventional/VA appraisals, final inspections, and flood certificates.
- Perform as a liaison between the team and the Hud-1 team about closing issues and provide title review for the team
- Prepare closing documents for SBA loans, commercial real estate, home equity residential real estate, and vehicle loans.
- Attend calls and meetings to assist in training sales partners on closing updates as well as RESPA and HERA/HOEPA updates.
- Perform all closings while utilizing conventional, FHA and VA loan regulations, as well as state and federal regulatory requirements.
- Review conventional, FHA, and VA loan documents to ensure mortgage transactions follow WF funding seller guidelines and investor requirements.
- Employ in boarding services department of a home equity loan origination center resolving issues with loan packages before and after funding.
- Maintain HUD standard regulatory requirements.
Loan documentation specialist skills and personality traits
We calculated that 19% of Loan Documentation Specialists are proficient in Customer Service, Loan Applications, and Real Estate Loans. They’re also known for soft skills such as Communication skills, Math skills, and Organizational skills.
We break down the percentage of Loan Documentation Specialists that have these skills listed on their resume here:
- Customer Service, 19%
Confirmed insurance certificate is valid, required coverage included on our file system by contacting insurance company customer service.
- Loan Applications, 8%
Worked directly with underwriters and credit managers to gather all documentation necessary to process both real estate and auto loan applications.
- Real Estate Loans, 5%
Reviewed commercial and real estate loans documentation for conformity to Credit Policy, legality of liens and compliance with Federal regulations.
- Underwriting Guidelines, 4%
Evaluated loan documentation to ensure transaction met all applicable underwriting guidelines and met regulatory compliance for state and federal requirements.
- FHA, 4%
Processed FHA and Conventional refinance loans
- Loan Products, 3%
Reviewed non-conforming loan products for data analysis and validation in compliance with mortgage regulatory requirements and Wells Fargo Home Mortgage policies.
"customer service," "loan applications," and "real estate loans" are among the most common skills that loan documentation specialists use at work. You can find even more loan documentation specialist responsibilities below, including:
Communication skills. To carry out their duties, the most important skill for a loan documentation specialist to have is communication skills. Their role and responsibilities require that "financial clerks should be able to explain policies and procedures to colleagues and customers." Loan documentation specialists often use communication skills in their day-to-day job, as shown by this real resume: "maintained regular and consistent communication with both the customer and the home mortgage consultant (hmc). "
Math skills. Many loan documentation specialist duties rely on math skills. "the job duties of financial clerks includes calculating charges and updating financial records.," so a loan documentation specialist will need this skill often in their role. This resume example is just one of many ways loan documentation specialist responsibilities rely on math skills: "utilized the bureau of labor statistics and accurint websites to ensure borrower's employment/income status and any undisclosed real estate owned. "
Organizational skills. Another skill that relates to the job responsibilities of loan documentation specialists is organizational skills. This skill is critical to many everyday loan documentation specialist duties, as "financial clerks must be able to arrange files so they can find them quickly and efficiently." This example from a resume shows how this skill is used: "ensured compliance with both internal organizational banking standards as well as state and federal regulations. "
The three companies that hire the most loan documentation specialists are:
- Columbia Bank16 loan documentation specialists jobs
- First Community Bancshares11 loan documentation specialists jobs
- Bank of the Ozarks4 loan documentation specialists jobs
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Compare different loan documentation specialists
Loan documentation specialist vs. Post closer
Post closers require an associate degree or certification in addition to 1-3 years of related experience. Skills in customer support, document review, loan processing, quality assurance processing, and loan software are also necessary for this career. Port closers assist with the mortgage loan closing process by reviewing loan documents for compliance, completeness, and accuracy. They also find missing information, prepare files and provide internal and external customer support.
There are some key differences in the responsibilities of each position. For example, loan documentation specialist responsibilities require skills like "customer service," "real estate loans," "underwriting guidelines," and "loan products." Meanwhile a typical post closer has skills in areas such as "post-closer," "va," "escrow," and "mers." This difference in skills reveals the differences in what each career does.
Post closers tend to make the most money working in the insurance industry, where they earn an average salary of $40,625. In contrast, loan documentation specialists make the biggest average salary, $38,666, in the finance industry.post closers tend to reach similar levels of education than loan documentation specialists. In fact, post closers are 2.3% less likely to graduate with a Master's Degree and 0.4% more likely to have a Doctoral Degree.Loan documentation specialist vs. Mortgage processor
A mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
Each career also uses different skills, according to real loan documentation specialist resumes. While loan documentation specialist responsibilities can utilize skills like "loan applications," "real estate loans," "loan products," and "commercial loans," mortgage processors use skills like "strong customer service," "va," "property appraisals," and "origination."
On average, mortgage processors earn a higher salary than loan documentation specialists. Some industries support higher salaries in each profession. Interestingly enough, mortgage processors earn the most pay in the professional industry with an average salary of $46,049. Whereas loan documentation specialists have higher pay in the finance industry, with an average salary of $38,666.mortgage processors earn similar levels of education than loan documentation specialists in general. They're 0.9% less likely to graduate with a Master's Degree and 0.4% more likely to earn a Doctoral Degree.Loan documentation specialist vs. Closing coordinator
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
The required skills of the two careers differ considerably. For example, loan documentation specialists are more likely to have skills like "real estate loans," "underwriting guidelines," "loan products," and "comprehensive knowledge." But a closing coordinator is more likely to have skills like "escrow," "hoa," "lender approval," and "open communication."
Closing coordinators make a very good living in the finance industry with an average annual salary of $45,518. On the other hand, loan documentation specialists are paid the highest salary in the finance industry, with average annual pay of $38,666.closing coordinators typically earn similar educational levels compared to loan documentation specialists. Specifically, they're 1.8% less likely to graduate with a Master's Degree, and 0.6% less likely to earn a Doctoral Degree.Loan documentation specialist vs. Mortgage loan processor
A mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
Types of loan documentation specialist
Updated January 8, 2025
